LPL financial moves into US independent adviser space

LPL Financial is expanding into the registered investment adviser (RIA) space in the US. The distributor is launching its own integrated adviser platform, with a full range of financial products, including structured products, set to be offered later this year. As part of the launch, Gary Gallagher has been appointed executive vice-president, head of RIA services, to oversee the project.

The firm is targeting both RIAs and hybrid advisors, who are dually registered with both the National Association of Securities Dealers and the Securities and Exchange Commission. Gallagher moved from rival financial services firm Fidelity Investments, where he was senior vice-president of Fidelity institutional wealth services. While at Fidelity, he was responsible for the launch of an alternative investment platform specifically designed for intermediaries and investment advisors.

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