Fragasso Financial Advisors Changes Custodian to TD Ameritrade Institutional
Pittsburgh, July 11, 2018 —Fragasso Financial Advisors announces it has entered an agreement with TD Ameritrade Institutional to serve as Custodian, effective August 2, 2018. The new relationship was the result of a detailed evaluation and a careful search process for a partner who would support Fragasso’s growth goals and align with their RIA business model.
Fragasso’s main business focus is fee-based advisory, investment management and financial planning. Brokerage accounts contribute to a small percentage of assets. With that, a new partnership is being established for this line of business as well. Private Client Services (PCS) will serve as the firm’s new broker-dealer, also effective August 2, 2018.
Fragasso Financial Advisors has been a registered investment advisor since 1996, which is when their custodial and broker-dealer relationship began with LPL Financial. Since then, the firm has grown to employ approximately fifty professionals and manage over $1.3 billion in client assets under management, other advisory and legacy brokerage. Fragasso has over 1,200 clients, who range from individuals to retirement plan sponsors and non-profit institutions.
“Our relationship with LPL has been highly valued, and it has spanned over two decades. But, we have found several advantages available with a new custodian that will benefit our clients at Fragasso,” says Robert Fragasso, chairman and CEO of Fragasso Financial Advisors. “These new relationships with TD Ameritrade and PCS have the firm properly positioned to enter the next evolution of our business.
“The industry is in a state of transition, and we are actively seeking acquisition opportunities,” Fragasso continued. “With the significant enhancements we’re implementing in cost, technology, compliance and operational efficiencies, advisors and practices who are burdened with these functions of their business should consider joining Fragasso Financial Advisors, now more than ever.”
Daniel Dingus, president and executive director of portfolio management, explains, “Our goal at Fragasso has always been to provide our clients with an exceptional level of service. Now with business relationships that are aligned with our objectives, values, and the needs of our clients, we see the potential to enhance the client/advisor relationship even further. The solid infrastructure and software systems arranged over recent years at Fragasso coupled with TD Ameritrade Institutional’s advanced technology platform enables seamless third party integrations and efficiencies.”
“TD Ameritrade Institutional welcomes the opportunity to support Fragasso Financial Advisors, their clients, and the firm’s continued growth goals,” said Kevin Coughlin, Vice President of Institutional Sales for TD Ameritrade. “With our integrated technology platform and dedicated service, Fragasso’s clients and advisors alike will enjoy many new benefits.”