Navigating securities regulations is expensive and time-consuming for financial advisers, but an independent New Jersey brokerage firm has made managing compliance and paperwork the cornerstone of its growth. Morristown Financial Group more than doubled its gross revenue in 2010 to $25.1 million by performing record-keeping, reporting and other tasks for independent wealth managers who affiliate with LPL Investment Holdings (LPLA.O), the biggest U.S. independent broker-dealer. Morristown, which also manages about $750 million of assets for its own clients through 27 advisers, is nominally LPL's largest branch since it holds the compliance reins of 170 advisers who manage about $3.8 billon of client assets. It added 70 new compliance clients last year and another 10 in the past two months.
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