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SAN DIEGO, Aug. 11, 2015 (GLOBE NEWSWIRE) -- LPL Financial LLC, the nation's largest independent broker-dealer*, a custodian for registered investment advisors (RIAs), and a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ:LPLA), today announced that 25-year industry veteran Michael Palace has joined Gladstone Wealth Group (Gladstone), an independent wealth management firm that provides fee-based business through Private Portfolio Partners, a hybrid RIA firm supported by LPL. In addition, Palace has joined LPL’s broker-dealer platform for his commission-based business. Palace reported that, based on prior business, he had serviced approximately $130 million of client assets, as of April 30, 2015**.
Palace will open a new Gladstone office in Red Bank, N.J., and plans to add a second advisor at this location. Palace provides customized financial planning for mass affluent and high-net-worth clients as well as pre-retirement and retirement planning, including income generation and wealth transfer strategies. His clients are located throughout the country, with the majority in New York and New Jersey.
“I am excited to join Gladstone Wealth Group and to have access to LPL’s open-architecture platform,” said Palace. “The opportunity will enable me to provide objective recommendations that are carefully matched to my clients’ individual goals and financial needs. With the support of Gladstone and LPL through the transition, I have been able to focus my energies on serving the needs of my clients, and I look forward to continuing to build my practice.”
Robert P. Hudson III, president of Gladstone Wealth Group, said, “We are very pleased to welcome Michael Palace to our firm. Gladstone is eager to provide a home for industry-leading independent financial advisors with outstanding reputations and exceptional records of performance and execution, and whose capabilities augment our ensemble practice. Michael is a wonderful fit for our growing organization.”
Gladstone is based in Bedminster, N.J., and has been supported by LPL since 2012 when it joined the hybrid RIA firm of Private Portfolio Partners. Gladstone began with only one advisor, and has since grown to be a team of eight independent advisors and two support staff. They also have the additional referral resources of a private banker, three insurance specialists, a CPA and an estate planning attorney. Gladstone seeks to provide its clients with objective and conflict-free advice, and to give them the necessary tools to pursue their financial objectives.
“In the short span of time that Gladstone has been on LPL’s hybrid RIA platform, it has grown substantially and brought on outstanding professionals,” said Steve Pirigyi, executive vice president of business development, LPL Financial. “We are happy to see them continue to grow by recruiting highly respected talent like Michael Palace, and to support them with the tools and resources that will enable them to help their clients pursue their financial goals.”
*Based on total revenues, Financial Planning magazine, June 1996-2015
**Asset numbers were reported by Michael Palace based on prior business and have not been independently and fully verified by LPL Financial.
About Gladstone Wealth Group
Based in Bedminster, New Jersey, Gladstone Wealth Group is a team of independent financial advisors providing holistic financial planning, investment management, insurance and tax planning. Its family office style of consulting utilizes a range of specialists, including financial advisors, accountants, and estate planning attorneys, to provide sound advice to help its clients manage their net worth and maximize their assets. Gladstone was founded in 2012 by Robert Hudson III, an industry veteran with both bank-based and wirehouse advisory experience. From its initial base of one advisor, today Gladstone has grown to a total of eight advisors. For more information, please visit www.gladstonewealth.com. Gladstone Institutional Advisory is a registered investment adviser. Gladstone does not offer banking, legal, or accounting services. Referral resources are not affiliated with Gladstone or LPL Financial.
About Private Portfolio Partners, LLC
Founded by Richard Dragotta, managing director, and based in Paramus, N.J., Private Portfolio Partners, LLC is an SEC registered investment advisor offering a turnkey hybrid RIA solution for independent advisors. For more information, please visit incadvisors.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 $486 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 14,100 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 1996-2015), is one of the fastest growing RIA custodians with $112 billion in retail assets served, and acts as an independent consultant to over an estimated 40,000 retirement plans with an estimated $120 billion in retirement plan assets served, as of March 31, 2015. In addition, LPL Financial supports approximately 4,300 financial advisors licensed with insurance companies by providing customized clearing, advisory platforms, and technology solutions. LPL Financial and its affiliates have 3,385 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.
LPL Financial, Gladstone Wealth Group and Private Portfolio Partners, LLC are separate entities.
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