Broker-dealer providing integrated platform for fee and commission business. Broker-dealer and clearing firm LPL Financial is targeting RIAs and dually registered -- or "hybrid"' --advisors with an investment and associated service platform. The idea is to give independent advisors an integrated approach to handling their clients' commission- and fee-based business.

"The LPL Financial platform is both flexible and scalable, making it possible for us to build out these RIA and hybrid capabilities while still maintaining one fully integrated platform," says Gary Gallagher, LPL's head of RIA Services. "I believe this expansion initiative offers great opportunity for both LPL Financial and our advisors."

Key growth driver

LPL hired Gallagher -- formerly a senior v.p. with Fidelity's Institutional Wealth Services, an RIA service agency -- specifically to run its RIA business.

In fact, LPL's new focus on RIA's and dual registrants puts it in direct competition with a number of RIA-service providers, including custodians like Fidelity, Schwab Institutional and Pershing's Advisor Solutions.

LPL's CEO Mark Casady sees the latest move "as a key growth driver for the LPL Financial business, and, especially, our advisors' businesses in 2008 and beyond."

In addition to providing an investment, technology and services platform LPL's RIA Services can help advisors move to an RIA or dual RIA-broker business model.

Boston and San Diego-based LPL provides investment products, research and wealth-management services to about 11,100 advisors. It has about $284 billion in assets under management. -FWR

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