How Advisors Can Break Away From the Wirehouse & Become Independent

Last Edited by: LPL Financial

Last Updated: October 11, 2022

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A supported advisor model such as the one LPL Financial launched has been a long time coming and is a welcomed breath of fresh air in a financial services industry plagued by the old school, C-suite thinking of wirehouse firms.

- Frank LaRosa

A Guided Approach to Independence

While wirehouses used to provide a one-stop-shop for financial advisors looking for support, added barriers have left more and more business owners looking into going independent. Many have become frustrated with complicated and changing compensation grids, sales quotas, client restrictions and more that comes from working with a wirehouse. New “supported independence” models have made it easier to break free from the wirehouse and run your business on your terms.

Is it time to go?

Many financial advisors feel that client experience is the most important part of their business. However, when your wirehouse begins to get in the way of your advisor-client relationships it may be time to begin the transition process to going independent. Whether your clients are asking for solutions that you don’t have access to or can’t offer, or your feel overwhelmed and unsupported when it comes to human and/or technology resources, supported independence may be the solution. 

Benefits of leaving the wirehouse and going independent

As an independent financial advisor you can:

  • Control the products you offer your clients without worrying about quotas
  • Have full control over your clientele and choose who you do – and don’t – work with
  • Have clearer compensation grids that don’t change
  • Create a larger technology stack and have access to tech support
  • Grow as quickly as you desire with acquisition support
  • Plan a legacy that keeps your business in good hands
  • Outsource the running of your business and focus on your clients and company culture

With new options for financial entrepreneurs to work for themselves, former wirehouse advisors are finding success as independent financial advisors.

“A supported advisor model such as the one LPL Financial launched has been a long time coming and is a welcomed breath of fresh air in a financial services industry plagued by the old school, C-suite thinking of wirehouse firms,” said Frank LaRosa, President and CEO of Elite Consulting Partners.

What does supported independence look like at LPL?

If you’re interested in breaking away but not ready to take on the full responsibility of small business ownership, consider one of our soft landing options:

  • Independent broker-dealer employee: Through our Linsco by LPL Financial model, you can join LPL as an employee of the firm and still run an independent practice. You own your book. You manage your relationships. We support you with the full resources of a nationally-leading wealth management firm.
  • Full-service concierge: Let us run your business for you. With LPL Strategic Wealth Services, you get a dedicated team to handle technology, marketing, administration, accounting, and operations, both transition and on an ongoing basis. Your executive partner facilitates your teams and coaches you through the nuances of entrepreneurship.
  • Outsourced services (independent business owner): Join LPL as a fully autonomous business owner, and lean on us for as many support functions as you like, up to and including compliance via our Corporate RIA. Through LPL Business Solutions, you can get marketing, technology, HR, and accounting support. And, our internal consultants will help you mold and grow your business.

Ready to Make the Leap?

Once you’ve decided it’s time to break away from the wirehouse and go independent there’s a few more steps we recommend considering. First, talk to fellow advisors who have made the move and even other small business owners outside the industry about owning their own business. Then, make sure you understand your contractual obligation to your existing wirehouse and consider hiring an attorney to assist with the transition process. Finally, contact an LPL Financial recruiter for a confidential conversation about becoming a part of the LPL family.



The views and opinions expressed by LPL Financial Advisor(s) may not be representative of the views of other Financial Advisors and are not indicative of future performance or success. Neither LPL Financial nor the LPL Financial Advisor can be held responsible for any direct or incidental loss incurred by applying any of the information offered.

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