LPL Advisors Remain with LPL After OSJ Leaves for Cetera
Sierra Ridge Advisor Group, an office of supervisory jurisdiction (OSJ) under LPL Financial with $2.1 billion in assets under administration, recently moved to Cetera and plans to launch its own RIA on the Blueprint platform. Despite this shift, 28 advisors representing approximately $825 million in AUA have decided to stay with LPL by affiliating with Gateway Financial Partners, a hybrid RIA also affiliated with LPL. Ryan Bell, one of the staying advisors, cited Gateway's strong value proposition and support for practice growth as key reasons. Gateway offers an equity ownership program where it takes 15%–20% revenue from advisor practices in exchange for cash and company equity. The firm has over 200 advisors across 27 states with $10.5 billion AUA. Sierra Ridge's leadership cited a need for more aggressive growth strategies, which they felt LPL could not support. Cetera’s Blueprint platform is described as modular infrastructure supporting multi-custodial operations and advisor-led RIA launches.
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Topics: advisor retention Cetera LPL Financial RIA platforms