A network of advisors managing $3.1 billion in assets that previously had custodied with TD Ameritrade and was affiliated with Geneos Wealth Management has switched to using LPL Financial as its broker-dealer and primary custodian, LPL announced Tuesday.
CG Advisor Network, a unit of RIA CG Advisory Services, was founded in 1998 by CEO Anthony J. Mazzali and a group of advisors. It provides a platform and a back-office support system for advisors who are leaving a big firm to work independently.
Headquartered in Haslett, Michigan, CG Advisor Network now has 74 advisors.
Mazzali said in a statement that the move reflects CG Advisor Network’s efforts to make its advisors’ lives easier.
“We’re constantly striving to build the kind of future-proof platform that helps advisors eliminate back-office, technology and investment management burdens so they can spend more time where it really matters — growing their business,” he said. “LPL has a very good understanding of the advisor as a client and will help make us only stronger in this endeavor.”
“We will remain multi-custodian, with LPL being the primary custodian in our search for the best partner in the custody space,” Mazzali added.
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Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.
“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.
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