Running Wealth Management Group has joined LPL Financial’s broker/dealer and hybrid registered investment adviser (RIA) custodial platforms.
Running Wealth Management’s advisers served approximately USD245 million of client brokerage and advisory assets, as of 29 October 2016.
Established in 1998 by Nate Running, Running Wealth Management includes six advisers and five professional support staff, and operates exclusively as a fee-based advisory, with the exception of servicing a small percentage of commission-based legacy assets.
The firm was aligned with LPL from 2001 to 2012, and has returned to leverage LPL’s hybrid RIA custodial platform to support its growth plans.
Running says: “We found LPL to offer the best range of capabilities to support our firm and the needs of our clients in today’s changing regulatory and technological environment. And as we strive to continue to grow our business, we recognised the value of being connected with LPL’s vast network of advisers as we consider compatible practices for acquisition opportunities.”
Craig Kamis, LPL senior vice president of large enterprises and institutional recruiting, says: “We welcome the return of Running Wealth Management to LPL and the opportunity to support the team’s continued growth. They have an acquisition strategy to create scale in their business as a means to be able to thrive in the current environment. At this point in our industry, with an aging advisor population and the pressures of adapting to the new regulatory environment, there is an increased opportunity for firms interested in growth. LPL is positioned to be able to help to facilitate growth opportunities for firms entire adviser network, and look forward to supporting the Running Wealth Management team.”
