Private Advisor Group’s New Affiliation Model Faces Competition
Louis Diamond Quoted
By Diana Britton
Private Advisor Group, a hybrid registered investment advisory and office of supervisory jurisdiction of LPL Financial, recently introduced a new affiliation model aimed at luring financial advisors out of the wirehouses and making it easier for them to move to true independence, with an assist along the way powered by PAG. While the model may be a departure for LPL and sets the firm apart from other OSJs in its network, observers say the changes bring it up to par with what some others are already doing in the RIA space.
Louis Diamond, executive vice president of recruiting firm Diamond Consultants, says the new model is unique under LPL, and it positions the firm as an RIA-friendly broker/dealer, similar to Purshe Kaplan Sterling or Triad, which don’t charge a fee for supervising the RIA. The move brings PAG up to speed with the rest of the RIA industry, he said.