With custodian choice emerging as a key area of emphasis for independent advisors of all types, Ladenburg Thalmann’s corporate RIAs are growing by offering more such options.
The Ladenburg network includes three corporate RIA entities that each
Financial advisor Dianne Nolin of Argent Bridge Advisors, who
Nolin also aligned with Ladenburg’s second-largest IBD, Triad Advisors, which
Such RIAs help IBDs obtain or retain assets managed by advisors who might otherwise launch their own RIAs or go fully independent. It’s no small issue: Ladenburg has disclosed that its registered BD reps with their own RIAs
Hybrid Solutions has itself added $1.3 billion in AUM from Nolin and 30 other advisors who affiliated since January 2018. Most of the advisors were affiliated with other BDs before opting for Triad’s alternate corporate RIA, according to Hybrid Solutions CEO Michael Bryan.
“Industrywide, there's a search for scale,” Bryan says. “Advisors are feeling the need to really get a great professional resource for some of the more challenging aspects of the business these days.”
Nolin says that compliance, operations, human resources, marketing and websites comprise the main areas of support provided by Hybrid Solutions. The Vienna, Virginia-based team has $300 million in client assets, three advisors and four additional staff members.
Nolin joined Hybrid after parting ways from a business partner she had worked with for 24 years,
“I had a goal in mind when I made the move: I wanted the least amount of disruption for clients who made that move with me as I was launching a new firm,” Nolin says. “When it comes to people's money, they don’t want change.”
Nolin says Bryan’s team spent a day showing her around its Atlanta-area offices so she could meet the team members responsible for serving each part of the business.
At least four other teams are in the process of affiliating with 100-advisor Hybrid Solutions, a process Bryan says will be complete by the end of the year. The practices coming aboard since January 2018 ranged from $26 million in client assets to $590 million, according to Triad.
In contrast with the Securities America alternate corporate RIA having much less AUM than its main corporate RIA, Hybrid Solutions has double the AUM of Triad’s traditional corporate RIA. More than three-quarters of Triad’s 640 advisors
Triad “was hybrid before hybrid was cool,” Bryan says. “The key to success in providing services to independent advisors is to appreciate their fierce entrepreneurial spirit and to serve that spirit.”