Growing Forward into the Future | LPL's Month in Headlines

LPL’s Latest Joins

LPL Financial’s growth continues as several firms choose LPL’s services and tools to increase their practices’ efficiency.

The newest firms to join LPL include HPK Provident Advisors, which is currently managed by David Harper and Colin Harper (a father and son duo who took over the financial practice after original founder, Ron Zucchelli, retired). David Harper notes that LPL Financial’s services have drastically improved their firm’s efficiency. “The move has simplified so many of our day-to-day tasks, and we expect to get back a couple hundred, if not thousands, of hours per year so we can enjoy doing what we do best: helping our clients,” Harper said.

Harper also noted how the firm has prioritized simplicity and technology in an “investment landscape [that’s] grown incredibly complex over the years.” LPL has recently focused on investing in more technology to help advisors serve their clients in a more dynamic capacity in a time when office environments and client relationships are evolving. For HPK, client relationships remain a major component of their practice, evident in their “DREAM financial planning process.” Harper shared more on this process in his statement:

“We take a collaborative approach to helping each and every client to pursue their goals, working through our exclusive DREAM financial planning process: Discover, Reduce Stress, Expectations, Action Items and Moving Forward.”

Less than a month after HPK made the transition, LPL welcomed Lamont Financial Group (through its affiliation with JFC Advisor). Founding member Kris Lamont shared similar sentiments in regard to LPL’s services allowing their team the “opportunity to digitize and streamline operations.” In a recent Financial Advisor IQ article, Lamont mentioned the benefits of ClientWorks, LPL’s integrated advisor platform.

LPL’s Business & Affiliation Models

LPL Financial’s affiliation models appeal to two joining firms, one serving high-net worth clients and one focused on novice investors, and both seeking more independence.

A quest for independence encouraged Point 32 Investment Partners to join LPL Financial through LPL Strategic Wealth Services. And, per a recent article from Financial Advisor IQ, it inspired the firm’s name which alludes to the “32 points on a fully defined compass.” According to practice owner, Brian Nydegger, the name refers to the freedom the firm now has to better operate and support their clients. With Strategic Wealth’s support of his business, Nydegger noted he’d now have more time “to focus on [his] clients, children, and community outreach.”

Increased community outreach is a major goal for Harry Sherdil, founder of Humanity Wealth Advisors, which joins LPL through association with existing LPL firm Financial Services Network. As a hybrid RIA, Humanity Wealth Partners can now utilize LPL Financial’s broker-dealer services in addition to its custodial platforms. Their unique goals include pivoting to connect with underserved and first-time investors. Sherdil shared more on LPL’s anticipated role in helping him reach that goal, and his plans to mentor a more diverse generation of advisors in the future, in LPL’s press release detailing the firm’s move.

A trio of new office locations and recent joins, through Linsco by LPL Financial, signify advisors’ desire to operate authentically in a growing market.

Linsco by LPL Financial is in the news as more advisors begin seeking a balance of support and independence in their practices. Bob Trent will be the first Linsco by LPL advisor within LPL’s new office in Santa Rosa, Calif., operating as Trent Wealth Management of LPL Financial. He’ll be joined by his son, Oliver, who will focus on growing the practice by connecting with younger investors. Hundreds of miles north from Trent Wealth, Emery Foley Investment will operate in Portland, Ore., under Gene Foley — who notes “Emery” is an “homage to [Foley’s] own pioneering ancestor.” Meanwhile, Michael Markovich will begin operating Encompass Wealth Management at LPL Financial in a new LPL office location in Denver, Co.

In a recent press release announcing Markovich’s new venture, he noted his hopes to connect with others in LPL’s extensive professional network to “expand his practice and form tight-knit partnerships.” These three joins, through Linsco by LPL Financial, and expanding office locations, signal part of a bigger financial evolution as consolidation hits new records and advisors seek flexibility in growth that LPL provides. Through LPL’s business models, advisors have opportunities to embrace their values and better serve their clients. And, with LPL’s support and resources, advisors can operate independently without ever feeling that they are operating alone.

LPL’s Leadership & Future

LPL Financial looks back to celebrate decades of innovation and looks forward to keep advisors informed for their clients.

It has been 30 years since the launch of LPL’s successful and innovative platform, Strategic Asset Management (SAM). LPL Financial leaders and teams shared in celebrating the platform which “paved the way for [LPL’s] ongoing advisory innovation.” The inspiration for SAM came after simply listening to what advisors wanted in terms of capabilities and support. It was created to solve for advisors’ need to “house multiple mutual funds under once account” and “charge clients an annual fee rather than commissions.”

LPL executive vice president, Rob Pettman, spoke on how Strategic Asset Management influenced an industry shift and allowed advisors to personalize financial advice. And, he spoke on LPL’s future and continuation of commitment to advisors, in his statement:

 “Today, we maintain our commitment to advisor partnership, advisory innovation and leading into the future of advice. Our goal is to equip our RIAs, institutional programs and independent advisors with the industry’s most diverse and compelling suite of wealth management solutions, giving them the ability to differentiate their practices and deliver exceptional service to their clients. As we look ahead at 2022, we will showcase further innovation that offers our advisors more choice, convenience and control.”

For LPL Financial, “looking ahead” involves working hard to research, analyze, and examine trends in the industry. LPL’s recently published Outlook 2022 report shows findings and insights from that research. Apart from economic and market analysis, the report shared insights from LPL’s thought leaders including chief market strategist, Ryan Detrick. With a title theme of “Passing the Baton,” the report alludes to the economy being ready for “a handoff, back to a greater emphasis on the individual choices of households and businesses.”

Throughout this communication, the terms “financial advisors” and “advisors” include registered representatives and/or investment adviser representatives affiliated with LPL Financial LLC, an SEC registered broker-dealer and investment adviser. 

Advisor firms listed and LPL Financial are separate entities.

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