Leave the Wirehouse, Not the Support

Time for a Change

Advisors Tad Wilson and Marc DeCicco of North Bend Wealth Management in Parkersburg, West Virginia, had been with the same wirehouse firm for 30 and 23 years, respectively. They stayed the course through various mergers and acquisitions until it became too restrictive.

“In the beginning, they let us do our thing,” DeCicco explained. “But as time went on, they started getting more heavy-handed in the way our business and client relationships were run. Ultimately, they disincentivized us from taking care of clients that didn’t fit their mandate.”

For Wilson and DeCicco, the move toward higher-net-worth clients was a nonstarter. “We’re in a smaller community,” DeCicco said. “We couldn’t go to clients and say, ‘The firm doesn’t want us to take care of you anymore.’ That was the breaking point.” 

Fewer Restrictions, More Support

When assessing independent wealth management firms, the duo considered factors like size, location and accessibility of the home office staff, and capabilities. They wanted to find a solution that checked as many boxes as possible — and then they found LPL Financial’s Strategic Wealth.

A service model designed specifically for wirehouse advisors transitioning to independence, Strategic Wealth provides a comprehensive suite of business solutions. A dedicated team handles the business logistics while advisors drive the decisions. The value seemed immeasurable to DeCicco and Wilson.

“One thing that was really important in our Strategic Wealth decision was the virtual admin,” DeCicco explained. Each team in the model receives dedicated support from an administrative assistant who works remotely for the business. “It’s been priceless having an administrative team member who is dedicated to us.”

No entrepreneur expects a perfect first year, but few could anticipate one as relatively free of complication as Wilson’s and DeCicco’s. They attribute much of their success to the people and resources made available to them through LPL and Strategic Wealth.

“The difference from where we came from to here is a difference in modernization,” DeCicco said. “Before, we couldn’t use social media or video conferencing. We weren’t doing e-signature. We didn’t have all of these things that LPL made front and center for us.”

Another key differentiator was the ability to choose their technology stack. “We picked what we wanted to do,” DeCicco said. “That’s another nice thing — control and choices. We could pick what CRM tool we wanted, what financial planning software we wanted, etc. Where we came from, you got what you got.”

Looking Toward Growth

What’s been particularly exciting to Wilson and DeCicco are the growth opportunities these new-to-them digital tools offer. Whereas the wirehouse restricted social media activities, LPL encourages and facilitates them.

“When we were listening to all the perks and benefits of Strategic Wealth, I heard them talk about marketing, but I didn’t grasp all the things that piece was going to bring,” DeCicco said.  “We figured this marketing person would be someone we talked to once a year, but we have a conference call with her once a week. She’s generated leads. She’s coordinating many of these activities for us and taking the burden off us.”

Another essential team member is the business management partner, who helps Strategic Wealth teams hone their entrepreneurial instincts and roadmap their futures. Wilson said, “He helped us shift from looking at, ‘Where am I going to be between now and lunch tomorrow?’ and pushed us to take that view of the future and what needs to happen to get from point A to point B.”

DeCicco agreed, “We’re so caught up in the day to day, but he helped us to look out three to five years.” 

Seeing Major Differences 

Many advisors who leave the wirehouse experience a sort of culture shock when they go independent. Where once their every move was tracked and dictated, they now get to run their business — and client relationships — at their own discretion. Rather than serving their firm, they find themselves in the novel position of being served by their firm.

“I’ll sum it up in one way,” said DeCicco. “Before coming here, I’d never in my career had a compliance person say, ‘How can I help you?’ Where I came from, you felt like compliance was an obstruction to getting things done. Here, it’s, ‘How can I help you get that done?’ LPL is still coming back to us, checking on us, following up with us. They’re still there. They’re present. And that’s appreciated.”