"We are very excited about this merger, as it enhances our ability to provide services and support to a broader depth of advisors," said FRG President Bruce Miller, in a statement, adding that he's worked with Gladstone Wealth for the past four years.
FRG was started 10 years ago in Charlotte, North Carolina. Gladstone Wealth opened its doors in 2013 in Chester, New Jersey; the RIA has 32 offices. The two firms announced the deal Thursday, one day after LPL rolled out a new affiliation program for wirehouse and other employee advisors.
"We see this as a tremendous opportunity for our existing and future advisors," explained Gladstone Wealth founder Robert Hudson, in a press release.
"We are terrific complements, as we focus on attracting and servicing financial advisors or teams of financial advisors with over $100 million in assets under management and have our own RIA, while Financial Resources Group offers best in class infrastructure and resources for all advisors," Hudston added.
According to Gladstone CEO Richard Frick, advisors will be able to join the firm via four channels or affiliation models: one based in financial institutions, one for those working in both a financial institution and independently, and the remaining two for fully independent advisors affiliating with either LPL's corporate RIA or Gladstone's own RIA.