Award-Winning Wirehouse Breakaway Team, Led by Two Seasoned Advisors, Provides a Full Range of Financial Planning and Investment Advisory Services
San Diego, CA -January 13, 2014 - LPL Financial LLC, the nation's largest independent broker-dealer, an RIA custodian, and a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ: LPLA), today announced that Granite Financial Group, LLC, has joined the LPL Financial RIA custodial and broker-dealer platforms as an independent hybrid RIA firm. Granite Financial Group is led by veteran financial advisors Ellen M. Duhamel and Thomas J. Dornoff, who are both Certified Financial Planners™. As of December 18, 2013, Ms. Duhamel and Mr. Dornoff supported approximately $130 million of client advisory and brokerage assets. The two advisors are joined by a staff of two assistants, one of whom is a Certified Public Accountant (CPA).
Based in Brookfield, WI, a suburb of Milwaukee, Granite Financial Group provides a full range of financial planning and investment advisory services, including asset management, investment strategy, retirement planning and high-net-worth services. Ms. Duhamel and Mr. Dornoff forged Granite Financial into an independent hybrid RIA firm after the two had spent 26 years and 22 years, respectively, affiliated with major firms within the wirehouse space.
Over the years, Ms. Duhamel and Mr. Dornoff have earned multiple awards and formal recognition for advisory excellence, including the National Association of Board Certified Advisory Practices (NABCAP) National Premier Advisors award in 2013, 2012 and 2011, as well as recognition in multiple years - including this year - in Milwaukee Magazine's "Five Star Wealth Manager" list.
"We are excited about joining the LPL Financial RIA custodial and broker-dealer platforms, which will allow us to create a truly independent financial advisory firm," said Ms. Duhamel and Mr. Dornoff. "This move will give us the freedom to provide the unbiased financial advice that we believe is in the best interests of our clients and to do so at a lower cost structure than we have been able to do until now. It will also enable us to structure our business in the manner we envision to be most effective, in order to provide optimal client service.
"At the same time, we are pleased to be partnering with LPL Financial, whose established presence in our industry, with its solid reputation and financial foundation, provides a significant level of comfort for our clients as well as for ourselves. While we are very happy with our new-found independence, we feel secure in affiliating with one of the nation's largest firms in the financial industry. We also look forward to benefiting from their full complement of resources that will help us to grow our business and provide a top quality client experience," they said.
Ms. Duhamel and Mr. Dornoff concluded, "We believe that success in achieving financial goals starts with a comprehensive wealth strategy. Working with LPL Financial will deepen our ability to construct the most appropriate, customized financial plan for all types of investors, whether they are young families saving for their children's education, retirees planning for a future income stream, or older people thinking about their legacies and planning their estates."
Bill Morrissey, Executive Vice President of Business Development at LPL Financial, said, "We are thrilled to welcome Granite Financial Group to LPL Financial. We are delighted to be able to attract a firm led by such high caliber, experienced financial advisors, and to enable them to realize their aspirations to be independent and provide unbiased financial advice to help their clients achieve their financial goals."
About Granite Financial Group
Granite Financial Group, LLC, is based in Brookfield, WI, and provides a full range of financial planning and wealth management services, including asset management, investment strategy, retirement planning and high-net-worth services. It is led by veteran financial advisors Ellen Duhamel and Thomas J. Dornoff. As of December 18, 2013, Ms. Duhamel and Mr. Dornoff supported client brokerage and advisory assets of approximately $130 million.
2012 Five Star award based on 10 objective criteria associated with providing quality services to clients such as credentials, experience, and assets under management among other factors. Prior to 2012, award was based on client satisfaction. Respondents evaluated criteria such as customer service, expertise, value for fee charge and overall satisfaction. The overall score is based on an average of all respondents and may not be representative of any one client's experience.
NABCAP Award based on an evaluation of twenty different practice categories such as assets under management, fee structure and philosophy among other factors with additional emphasis placed on risk management, financial planning, customer service, client education, experience and credentials.
About LPL Financial
LPL Financial, a wholly owned subsidiary of LPL Financial Holdings Inc. (Nasdaq:LPLA), is the nation's largest independent broker-dealer (based on total revenues, Financial Planning magazine, June 1996-2013), an RIA custodian, and an independent consultant to retirement plans. LPL Financial offers proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to more than 13,500 financial advisors and approximately 700 financial institutions. In addition, LPL Financial supports more than 4,500 financial advisors licensed with insurance companies by providing customized clearing, advisory platforms and technology solutions. LPL Financial and its affiliates have approximately 3,000 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
Investment advice also offered through Granite Financial Group, a registered investment advisor and separate entity from LPL Financial.