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$14B advisory firm Sheridan Road to launch registered investment adviser

Northbrook, Ill.-based advisory firm Sheridan Road Financial has decided to leave Independent Financial Partners, a Tampa, Fla.-based SEC-registered investment adviser, to start its own registered investment adviser, InvestmentNews reported.

Sheridan Road, which has approximately 30 advisers and is managing nearly $14 billion in client assets, is said to be among the largest of the firms in Independent Financial Partners's network, according to the report.

Sheridan Road filed with the SEC for the new registered investment adviser, to be called Sheridan Road Advisors, on May 11. Sheridan Road CEO Daniel Bryant said the firm's decision to establish its own RIA was not related to Independent Financial Partners' recent announcement to leave LPL Financial Holdings Inc. and create its own broker/dealer.

Sheridan Road, which also has a retirement plan business, will continue to stay with LPL Financial as its broker/dealer, the news outlet noted.