LPL loses custody business of RIA managing $1.3 billion

Fragasso Financial Advisors, a Pittsburgh, Pa.-based RIA managing $1.3 billion, is moving its custodial relationship from LPL Financial to TD Ameritrade. The firm also said it will move its small, legacy brokerage business to Private Client Services, an independent broker-dealer based in Louisville, Ky. "The new relationship is the result of a detailed evaluation and a careful search process for a partner" who would support the firm's growth goals and align with its RIA business model, the firm said in a release. The moves are effective August 2. (More: InvestmentNews​ Advisers on the Move database) Fragasso has been a registered investment adviser since 1996, when it began its custodial and broker-dealer relationship with LPL. Fragasso now employs 50 professionals and has more than 1,200 clients.