Gateway Financial Partners, a large office of supervisory jurisdiction that's affiliated with LPL Financial, has acquired another LPL super OSJ, Advisors’ Pride. Terms of the acquisition were not disclosed.
Gateway, based in Glastonbury, Connecticut, and Advisors’ Pride, based in Appleton, Wisconsin, managed $2.7 billion and $1.3 billion, respectively. The LPL-affiliated advisers at the firms have $3.2 billion in brokerage assets.
David Wood, founder and chief visionary officer of Gateway, will continue in that role and Eric Hall, the former president of Advisors’ Pride, has been named president of the combined firm, which will operate as Gateway Financial Partners.
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“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.
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