LPL in the News: Affiliation Flexibility & Recruiting Post-Covid

LPL Financial

Learn about LPL Financial’s various affiliation models, which are designed to offer advisors the flexibility to run their practice on their terms, and also how the firm’s post-Covid recruiting strategy is helping woo prospects.

LPL’s tech spend is a true differentiator. It’s evident that LPL is a fintech firm that supports its advisors with personalized, innovative solutions that empower us to deliver elevated services to our clients.

- Chris Albright, Astra Wealth Advisors

LPL Financial’s Flexible Options for Advisors

A few broker-dealers are making sure that advisors interested in moving to their firms have a variety of different affiliation options to choose from. LPL Financial is no exception. A recent Financial Advisor IQ article highlighted all six affiliation model options that LPL Financial currently offers:

In the article, Gary Carrai, LPL Financial’s executive vice president of business lines strategy, spoke specifically about the benefits of LPL’s RIA solutions vs. other custodians. He said, “We have matching capabilities and can deliver value differently than what they can—their solution is largely a custody-like solution where we can offer other wealth management capabilities, and we expect to see some acceleration as a result of that.”

Attracting Advisors in a Post-Covid Environment

Long are the days when advisors looking to change firms are just seeking financial incentives, according to a recent Financial Advisor Magazine article. Advisors are also weighing cultural fit and services. And while the pandemic wasn’t the sole reason for this shift, it definitely played a part.

LPL Financial is one firm that is aware of this shift, said Scott Posner, LPL’s executive vice president of business development, who cited that while advisor movement has slowed since the pandemic industrywide, LPL’s advisor movement has increased.

How? Posner points out that LPL Financial has improved its wealth management and service capabilities, is reimagining its offerings, and continuing to create new affiliation models. LPL wants to “suit all types of firms from high-growth to those that are more mature,” Posner added.

That strategy is attracting advisors of all sizes, but particularly larger firms. Following are some of the latest moves to LPL that hit the headlines:

  • Florham Park, New Jersey-based Bodnar Financial Advisors, founded by John Bodnar, has joined LPL Financial’s broker-dealer, RIA, and custodial platforms, as reported by The DI Wire.
  • Ridgewood, New Jersey-based Resonate Wealth Partners was launched by Alexander Guiliano, a 10-year veteran who affiliated with LPL’s supported independence model, Strategic Wealth Services, as reported by Barron’s.
  • Decatur, Alabama-based The Albany Group was launched by Beau Jones, Chris Story, Taylor Roberts, and Joseph Montgomery, as reported by The DI Wire. The team chose to affiliate with LPL’s Strategic Wealth Services.
  • Boca Raton, Florida-based advisor Chip Marcus joined LPL Financial’s employee advisor channel, Linsco by LPL Financial, as reported by Financial Advisor Magazine. He launched his firm Chip Marcus Wealth Management Powered by LPL Financial with a goal to grow his business.
  • Clarks Green, Pennsylvania-based Astra Wealth Advisors, led by Chris Albright, joined LPL Financial’s broker-dealer, RIA, and custodial platforms, as reported by The DI Wire.

When asked why he made the move to LPL Financial, Astra Wealth Advisors’ Chris Albright answered, “LPL’s tech spend is a true differentiator. It’s evident that LPL is a fintech firm that supports its advisors with personalized, innovative solutions that empower us to deliver elevated services to our clients. As market compression continues in the industry, it’s crucial to partner with the firm with the best technology. It gives us a competitive edge.”

Evolution of LPL Financial Research

Jason Hoody, senior vice president of Research at LPL Financial, is committed to adding to Research’s recommended list of strategies and continuing to bring valuable information and insights to the advisors LPL serves.

In an interview with Citywire, Hoody spoke about his team’s strategy to revamp their large growth and emerging markets offerings, while continuing to add new small cap managers. Among recent additions were Delaware Ivy Large Cap Growth, Fuller & Thaler Behavioral Small Cap Growth, and Baird Core Plus Bond.

“We had a lot of moderate risk strategies, and I think now what we’re coming into is a lot of those were done similarly,” said Hoody. “So now we’re trying to see if there’s more differentiation amongst the managers so that we can have managers better distinguished that we had in the past.”

Looking for more updates, insights, and perspectives? Read more News and Insights or visit the LPL Newsroom.

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The views and opinions expressed by the 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.

Any Advisor firms mentioned are a separate entity from LPL Financial.

Value of advisors’ assets are approximated based on asset and holding details provided to LPL from year-end 2021.

Please refer your clients to the fund prospectus. Investors are asked to consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. The fund prospectus contains this and other information. Please remind your clients to read the prospectuses carefully before investing.