SAN DIEGO, Nov. 11, 2014 (GLOBE NEWSWIRE) -- LPL Financial LLC ("LPL Financial"), the nation's largest independent broker-dealer*, an RIA custodian, and a wholly owned subsidiary of LPL Financial Holdings Inc. (Nasdaq:LPLA), today announced that Goss Wealth Management has transitioned to the LPL broker-dealer and hybrid RIA custodial platform. Goss Wealth Management has a total of four financial advisors and four support staff, as well as a chief financial officer. The firm previously supported client brokerage and advisory assets of approximately $520 million as of June 20, 2014.
Based in Baton Rouge, LA, with a sister office in New Orleans, Goss Wealth Management provides customized, holistic financial planning to mass-affluent and high-net-worth clients, and also serves retirement plans, estates, and endowments. Founded by Jerry Goss, an industry veteran with over 33 years of financial advisory experience, Goss Wealth Management practices tactical asset allocation combined with active portfolio monitoring and readjustment, and manages several discretionary portfolios designed to match a range of investment objectives. It also utilizes third-party managers to provide its clients with exposure to specific niche areas, in order to complete their comprehensive, individualized investment needs.
Fundamental to its transition to LPL Financial was Goss Wealth Management's decision to establish its own registered investment advisory (RIA) and pursue its vision to bring the independent hybrid RIA advisor, or "super-OSJ", model to the Gulf South region. Goss Wealth Management's goal is to enable experienced advisors to enjoy the advantages of independence while benefiting from the full support and top-tier working environment traditionally available at a wirehouse branch office. Providing back-office assistance, compliance support, state-of-the-art technology systems and other high quality resources, as well as the collegiality of working alongside other advisors in a Class A office space, Goss Wealth Management endeavors to attract successful, experienced advisors, including advisors contemplating an eventual succession strategy.
Steve Pirigyi, Executive Vice President of Business Development at LPL Financial, said, "We are pleased to welcome Goss Wealth Management to LPL Financial. We are happy to help them fulfill their vision of bringing the independent hybrid RIA advisor model into the Gulf South, which is a geographic region that we believe, the model has not yet substantially penetrated and where we are eager to see them succeed. We are delighted they have recognized both our leadership experience within the hybrid RIA firm industry and the potential advantages we can provide their group members and end-client investors. We are pleased that LPL's business strategy and organizational structure will enable them to feel particularly at home in establishing their new RIA firm."
Jerry Goss, founder and CEO of Goss Wealth Management, said, "We look forward to working with LPL and growing our business with their support. We believe that the future of the financial advisor industry lies in the independent channel, but not with individual advisors going out on their own. Rather, we believe that as part of a network of advisors that can give them full service and support, independent advisors will be able to devote their energy to the areas where they are most effective. Essentially, we think that that we can offer the best of both the independent and branch wirehouse worlds – a 'wirehouse-lite' solution.
"We found many specific advantages to affiliating with LPL. We were impressed with their dedication to finding the best available technologies and making them accessible to its independent advisors, while at the same time LPL's open-architecture structure allows its advisors the freedom to choose the systems they wish to adopt. Also, we believe that partnering with a broker-dealer that also serves as the custodian for our RIA assets will simplify our reporting and compliance requirements," Mr. Goss concluded.
*Based on total revenues, Financial Planning magazine, June 1996-2014
About Goss Wealth Management
Based in Baton Rouge, LA, with a sister office in New Orleans, Goss Wealth Management is a team of experienced financial planners dedicated to customized, holistic financial planning for mass-affluent and high-net-worth families and individuals, and also serves retirement plans, estates and endowments. Founded in 1981 by its CEO, Jerry Goss, a CERTIFIED FINANCIAL PLANNER™ Professional, Chartered Financial Consultant and Chartered Life Underwriter, Goss Wealth Management has helped clients across the Gulf South and beyond to develop sound investment plans. Goss Wealth Management practices tactical asset allocation combined with active portfolio monitoring and readjustment, and manages several discretionary portfolios designed to match a range of investment objectives, from conservative income to aggressive growth. It also utilizes third-party managers to provide its clients with exposure to specific niche areas, in order to complete their comprehensive, individualized investment needs. As an independent hybrid RIA advisor group, Goss Wealth Management provides independent financial advisors with quality practice support and a top-tier office working environment. For more information, please visit www.gosswealthmanagement.com.
About LPL Financial
LPL Financial, a wholly owned subsidiary of LPL Financial Holdings Inc. (Nasdaq:LPLA), is a leader in the financial advice market and serves $465 billion in retail assets. The Company provides proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to more than 13,900 independent financial advisors and more than 700 banks and credit unions. LPL Financial is the nation's largest independent broker-dealer since 1996 (based on total revenues, Financial Planning magazine, June 1996-2014), is one of the fastest growing RIA custodians with $84 billion in retail assets served, as of September 30, 2014, and acts as an independent consultant to more than 40,000 retirement plans with approximately $110 billion in retirement plan assets served. In addition, LPL Financial supports approximately 4,400 financial advisors licensed with insurance companies by providing customized clearing, advisory platforms and technology solutions. LPL Financial and its affiliates have 3,397 employees with primary offices in Boston, Charlotte, and San Diego. For more information, please visit www.lpl.com.
Securities and Advisory Services offered through LPL Financial. A Registered Investment Advisor, Member FINRA/SIPC
Investment advice offered through Goss Wealth Management, a registered investment advisor and separate entity from LPL Financial.
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