$1 billion practice joins LPL Financial

LPL Financial LLC has announced that the advisors of Investment Advisors Financial Group have joined LPL Financial’s broker-dealer, registered investment advisor (RIA), and custodial platforms. According to a company statement, the group, previously with Osaic, manages approximately $1 billion in advisory, brokerage, and retirement plan assets.

Founded in 1979 by Thomas E. Musumeci and headquartered in Eatontown, N.J., Investment Advisors Financial Group comprises a diverse team with expertise in accounting, finance, tax, and investments. The group, led by Musumeci, James Flannery, and Annie Silvestro, Musumeci’s daughter, includes 22 advisors and eight support staff.

Musumeci, with over five decades of industry experience, remains active in the firm as president, providing fiscal advice and mentoring junior advisors. His son, Tom, also a top advisor in the practice, continues the family’s involvement in the business. Recently, the group welcomed a new intern, reflecting Musumeci’s commitment to developing future talent.

“I had the privilege of growing up in the business, and a big part of that was observing the relationships my father formed with a variety of clients,” Silvestro said. “My father created a practice where anyone who wanted help creating and building wealth could get it, regardless of the size of their accounts, and we are proud to continue his legacy today.”

The group’s move to LPL Financial, per the company statement, was driven by a desire for greater autonomy and the goal of enhancing client experiences through integrated technology and comprehensive services.

“At Investment Advisors Financial Group, we are a full-service organization that takes an innovative team approach that aims to help clients meet their financial goals and advisors to be as successful as they want to be,” Flannery said. “Four decades ago, Tom established a practice that has become a legacy for its advisors, staff, and clients. Partnering with LPL and utilizing their extensive services and platform will help us take our next-level client experience further.”

Scott Posner, LPL executive vice president of business development, welcomed the group, stating, “We welcome Thomas, James, Annie, and the entire Investment Advisors Financial Group to LPL and look forward to supporting the continued growth and evolution of their firm. At LPL, we applaud their strategic and team-focused approach to helping their clients work toward their financial objectives, and we are proud to support them with differentiated technology, business solutions, and innovative wealth management platforms designed to create a heightened client experience.”

LPL Financial Holdings Inc. serves nearly 23,000 financial advisors across approximately 1,100 institutions and 570 registered investment advisor (RIA) firms in the US. LPL emphasizes providing advisors with the independence to select their business models and resources while managing client relationships according to their expertise.