Financial Resources Group and Gladstone Wealth Group announced on Thursday that they are merging to form Gladstone Financial Resources Group. Launching on May 15, the LPL-affiliated firms will have 670 registered representatives, over 155 employees, more than $24 billion in brokerage and advisory assets, and more than $141 million in revenue. Financial Resources Group will provide oversight and support for Gladstone’s corporate LPL advisors.
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Financial Resources Group provides support to independent advisors and financial institutions registered through LPL. Gladstone Wealth Group assists advisors making the transition to independence. The new firm is expected to be the largest by revenue and assets on LPL’s corporate RIA platform.
“We are very excited about this merger, as it enhances our ability to provide services and support to a broader depth of advisors,” Financial Resources Group President Bruce Miller, said in a statement. He noted that he and Gladstone founder Robert Hudson have had a working relationship since 2016. “In that time, we have developed a great personal relationship and share a common vision of support for financial advisors.”
Hudson said, “We see this as a tremendous opportunity for our existing and future advisors. … We felt now was the opportune time for us to leverage one another’s business.”
Hudson cited Gladstone’s experience servicing advisors with over $100 million in assets under management and operating its own RIA as ideal complements for the merger, adding that “Financial Resources Group offers best-in-class infrastructure and resources for all advisors.”
Richard Frick, CEO of Gladstone Wealth Group, noted that with the merger, the new firm will be able to provide multiple platforms to advisors in various channels, including “financial institution-based advisors, combination financial institution-based and independent advisors, and fully independent advisors either through the LPL Corporate RIA or Gladstone’s RIA.”
“We are proud to partner with Financial Resources Group to become a premier destination for independent advisors,” he said.
Danielle Andrus works as an editor for The Financial Planning Association® (FPA®). Over the past 15 years, she has worked in various capacities, including writing and editing. Andrus has worked for several notable publications and outlets and spent more than seven years as the executive managing editor at ALM Media, publisher of Investment Advisor magazine and ThinkAdvisor.com. Before that, she was online editor for Summit Professional Networks, where she oversaw newsletter development for four magazines, including Benefits Selling, Senior Market Advisor, Boomer Market Advisor, and Bank Advisor.
