$1B Group Joins LPL Financial From Osaic
Investment Advisors Financial Group has 22 advisors and is based in New Jersey.
The advisor team from Investment Advisors Financial Group, who reported serving clients with about $1 billion in advisory, brokerage and retirement plan assets, has joined LPL Financial’s broker-dealer, RIA and custodial platforms from Osaic.
Investment Advisors Financial Group, founded in 1979 and based in Eatontown, New Jersey, includes advisors with backgrounds in accounting, finance, tax and investments, LPL said Wednesday.
The group, led by founder Thomas E. Musumeci, James Flannery and Annie Silvestro — Musumeci’s daughter — comprises 22 advisors and eight associates and administrative staff. Musumeci, with more than five decades of industry experience, plays an active role at the firm as president. His son, Tom, is a top-producing advisor in the practice.
“I had the privilege of growing up in the business, and a big part of that was observing the relationships my father formed with a variety of clients,” said Silvestro. “My father created a practice where anyone who wanted help creating and building wealth could get it, regardless of the size of their accounts, and we are proud to continue his legacy today.”
The team desired more autonomy and to boost client experiences with integrated technology and extensive services, Flannery said.
LPL said it serves nearly 23,000 financial advisors, including those at 1,100 institutions and 570 registered investment advisor firms nationwide. The company reported that it reached $1.35 trillion in total advisory and brokerage assets at year-end 2023.
Osaic has more than $653 billion in assets under administration and 11,600 in affiliated financial professionals, according to its website.
Photo: LPL Financial