Case Study: BMG Advisors Join LPL for Greater Strength and Agility

Last Edited by: LPL Financial

Last Updated: December 14, 2018

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Finance, From a Physical Perspective

Jennifer Malone is an experienced and sought-after investment advisor with over 11 years of experience in the finance industry—she also happens to be an athlete, as are her partners, Andrew Rogers, Adam Hawley and Stephen Minshull. Although no one on the team was hired for their athleticism, it turns out that all are former college athletes who remain focused on teamwork and taking a collaborative approach to helping their clients. As Malone said, “Initially, we didn’t know this, but perhaps that’s why we were drawn to each other. It certainly has benefited us to have this common background over the long term.”

As Jennifer puts it, being an athlete requires motivation and grit. It also requires the willingness to work hard towards a goal, and always seek improvement along the way. These characteristics certainly describe the team at BMG Advisors.

Malone is quick to point out that, like all good athletes, each partner brought unique strengths and qualities that combined, made for a strong, cohesive team. And that was no accident. Ever since Malone left her job as a teacher to join her father in his financial practice, which, after his retirement, became BMG, building her dream team was part of the plan. But even a team like this can only do so much.

Growing the Dream as a Team

BMG had always operated independently, even at their previous firm. The team was closely aligned in their commitment to serving each client with a personal touch and always with the long term view in mind. Whether a client was new to investing or a seasoned veteran managing retirement income, BMG Advisors strived to offer the best wisdom, technology and research they could.

However, even with the team’s notable skills, they knew that the technology they had at hand could only do so much. As the industry continued to evolve, BMG knew they needed to change in order to continue to provide value to clients and to compete, long term, with other, more sophisticated firms. That drove the team to look for a partner firm that aligned with their values and respected their team structure, while also expanding their abilities and efficiencies.

After some research, LPL Financial looked like a likely contender. Initially the team was concerned by the size of the firm, fearing their team and clients would not receive the personalized attention they were accustomed to. Once the partners visited the LPL headquarters and experienced the company culture first-hand, they were convinced that this was the best move they could make, both for the sake of their partnership, their team, and their clients.

A Winning Combination

As Malone now says, “I’m glad we didn’t wait a day longer. Part of our criteria was that we wouldn’t have to change the experience of our existing clients—unless that was what they wanted—and we were comfortable that LPL would honor that commitment.”

Malone said clients have been very receptive and many of them are delighted with some of the new capabilities, like the ability to sign in once to see all activity in a streamlined dashboard. Her team was really impressed by the LPL Transition Team that worked with them to move their business. She added, “We felt very supported by LPL through the entire process, with weekly calls, help with new technology, solid training, and lots of communication over the phone as well as in on-site visits.”

A Change Worth Making

Malone and her team noticed improvements almost immediately once they aligned with LPL.

With new technology, many of their manual processes have been automated, making it easier to serve their clients effectively, no matter how big their practice grows.

The BMG team is confident they made the right choice with LPL. “When a client comes to us, we make a life-time commitment to serving them.  Now we are affiliated with a firm that has tools and foresight to effectively grow and evolve as the needs of our clients and practice change,” said Malone. “With the experience, resources and support we now get from LPL, we can effectively stand behind the commitment made to our clients and their families that we’ll be here for them, now, and far into the future.”

What Does the Future Hold?

When asked about future plans, Malone and her team look forward to taking advantage of the expanded resources at LPL and the many subject matter experts with specialized knowledge.

“We chose LPL because of the impressive technology and tools they offer that we believe can provide additional value to clients and help our business evolve,” said Malone. “We also found LPL’s localized support system to be a huge asset. Although initially concerned about LPL’s size, we now realize that’s what gives us access to all these resources without having to sacrifice personalized attention and support.”