How LPL’s Strategic Wealth Services Runs the Business for Indie Advisors

Brian Lynn wanted a better home for his clients. As a longtime advisor in a wirehouse firm, Lynn had begun to feel dissatisfied with the level of service he’d been able to provide.

“I’d never really thought about leaving the wirehouse,” Lynn said. “I always kind of said that I’m ‘happy with a lowercase h.’” But he had begun to feel pushed “further into a salesperson box” and wondered whether he should pursue independence. When his daughter left for college, he felt the time had come to explore his options. “I wanted a more client-forward model and to create a family practice, something rooted in the community here in South Jersey.”

He contacted a local recruiter, and they met in a popular sports bar. A few nights later, he returned to the same bar. “My son was giving me a hard time for going to Chickie’s & Pete’s without him, so we go back and what do I see? The same recruiter in the same booth and the same chair talking to Jim.” 

Jim Pacheco and Lynn shared a good friendship and – they quickly found out – the vision of a client-centric firm. “We both said we wanted to have a better client experience. That was our goal in this,” Lynn said. Together, with their colleague John Fessler, they set out to find a new home.

Becoming an Entrepreneur

Lynn’s biggest reservation about going independent was the business side of the equation. “The idea of doing payroll or being a human resources person is not what I want to do with my life. I want to be a financial advisor,” he explained. Those fears were alleviated when the team learned about LPL’s Strategic Wealth Services model. Each firm within the Strategic Wealth model gets a dedicated team of specialists who run the advisor’s business. The advisor is the owner and driver, and their Strategic Wealth practitioners function like a staff, handling logistics and working for the business to ensure every aspect is covered.  

“All of those business-centric things were scaring me,” Lynn said of back-office operations. Through Strategic Wealth Services, those functions are run on his behalf, and he and his partners are overseers. “It’s been very liberating to be able to work on the business in the way where we control everything and the details are handled for us.” 

True Partnership

“On a list of three, LPL was about fifth,” Lynn laughed. “Until the Strategic Wealth Services model rolled out. That was really the game-changer for us.” Through Strategic Wealth, Lynn and his partners would be able to control the decisions of their business, and their team of support professionals would bring their ideas to life. “The number one benefit of LPL’s Strategic Wealth Services model was we never felt we’d be alone.” 

“When you go independent, everyone can throw a payout at you,” Lynn said. “But the question is, what do you get? Everything you get from the Strategic Wealth model, from the technology to the transition assistance to the ongoing support – everything was included. We realized we were getting so much more here and getting that true partnership we were looking for.” Lynn, Pacheco, and Fessler made their decision on Valentine’s Day 2020 and were officially on their way to becoming Claritas Financial Partners. 

The Transition Was Fabulous

Lynn expressed enthusiasm rarely shown for transitions. “We had help every step of the process,” he said. “People really listened. They listened to my whacky 3 a.m. ideas and helped make it happen – not just in a figurative way but in a literal way.” 

One example was the design of the physical space. “We wanted an experience where the client is at the center, and they went into architectural detail so that the client is sitting in the center of our space,” Lynn recounted. “They handled everything, from sourcing the real estate and negotiating the terms of the lease, down to picking the fabrics on the chairs.”

“We were trying to build this conference room, and our consultant said, ‘I think you’re making a mistake here. I think you want no walls.’ He understood the open environment we wanted to create. Someone was taking the time to listen at that level.”

From signing the contract to opening the doors of their Marlton, New Jersey, office, the Claritas transition was a three-month process. “And they did this in the midst of a pandemic,” said Lynn. “That says a lot about the professionalism of the company.”

Adding a New Advisor

When first planning the office, Lynn’s recruiter cautioned him, “Don’t overbuild it.” After the office was decorated, the branding was ready, and the website was up, that same recruiter visited and toured their work. “He looked right at me and said, ‘You didn’t build it big enough,’” Lynn said. “He told us, ‘I think I know a guy who would be a good fit,’ and he introduced us to Peter Berlin.” 

Berlin was also looking to move to independence to find a better home for his clients, and the Claritas team welcomed him into their new firm. “It’s very evident he places his clients’ interests ahead of his own, and we were very happy to bring him aboard.”

“It’s a win-win for us,” Lynn explained. “Peter got the full support of Strategic Wealth Services, which is not something he would have gotten on his own. We already had the marketing, branding, and real estate done. Peter was able to come in and piggyback off that work so he could focus on transitioning and technology.” After nine months into their transition, the team was at $250 million of their $260 million transition goal. 

“I used to live my life at the wirehouse trying to hit a number,” Lynn said. “Now my number one concern is that my clients are being managed correctly. It’s a weight lifted off my shoulders to not be chasing production anymore. I’m chasing quality and it really does feel different. We’re all very happy to come in each day.”