LPL announced Tuesday that Canal View Financial Advisors had joined its ranks of affiliated advisors. Richard Oaster, Chris Ginther, Kimberly Anderson, Vladimir Boulatnikov, John Kramer, Sandy Romeo and Ashley Standish make up the Canal View team of advisors. Collectively, they manage $350 million in assets under management.
Founded in 2009, Canal View concentrates on matters that include trust management, retirement, financial planning and executive compensation. The team, which is based in Pittsford, N.Y., will join LPL’s broker/dealer and corporate registered investment advisors. LPL has more than $209 billion in assets on its corporate platform and $381 billion in assets on the brokerage side, according to its third quarter earnings report. Last year, we reported how successful the corporate platform was doing, gaining 27% year over year. This year the difference was 13%, but this recent addition shows LPL is continuing to grow that arm.
The interest Canal View has in LPL lies in its tech and its M&A division. Specifically, the firm referred to LPL’s ClientWorks as a tech platform with “simplified processes” for onboarding clients and managing their accounts and its ability to plug into other software programs. The firm also wants LPL to help it grow through acquisitions.
“We’d like to see our business move to a billion dollar firm within the next 10 years,” said Oaster, one of the co-founders of the 10-year-old practice with Ginther.