CG Advisor Network selected LPL Financial as its primary custodian and exclusive broker-dealer, LPL said Tuesday.
Haslett, Michigan-based CGAN, a division of registered investment advisor CG Advisory Services that serves CGAS' independent advisory reps, served about $3.1 billion in advisory and brokerage assets, previously at TD Ameritrade and Geneos Wealth Management.
TD Ameritrade parent company Charles Schwab declined to comment on losing CGAN to LPL.
CGAN was founded in 1998 by CEO Anthony J. Mazzali, a certified financial planner with 29 years of experience in the sector, according to his report on the Securities and Exchange Commission's website.
"After taking stock of the wealth management space, CGAN founders realized that many advisors were looking to run their practices more efficiently, more effectively and more independently," LPL said in a news release. "So they created a platform and back-office support system that would enable them to transition smoothly from a large firm to their own [operation]."
CGAN has grown to 74 advisors who serve clients across the U.S. The firm selected LPL "to enhance service experiences and further demonstrate its commitment to be a top-tier choice for advisors," it said.
