Platforms & Progress: LPL Financial’s Month in Headlines

LPL’s Business Models

First Independent Practice recruited through LPL Strategic Wealth Services.

Offering advisors the chance to break away from the traditional wirehouse model has made LPL an appealing landing spot with products and services for financial professionals seeking an independent practice path to utilize. The wirehouse “break away trend,” according to a recent article from “Financial Advisor Magazine,” has seen a resurgence during the pandemic. For NorthShore Financial Strategies, led by Crystal Walker and Carrie Turcotte, independence was a path they had already been successfully navigating for some time.

NorthShore shared more about their decision to join LPL through LPL Strategic Wealth Services in WealthManagement.com recently. Through this association, NorthShore will have access to a catalogue of resources (which includes marketing, tech, and admin personnel), to help them continue growing. Turcotte notes their practice “would be at a completely different level” had they had access to the kind of services LPL offers when they began their independent practice journey.

While NorthShore Financial Strategies holds the status as the first all-women team and the first independent practice to join LPL through LPL Strategic Wealth Services, they share a decision made by a growing number of firms in the past year. LPL Strategic Wealth Services sees continued momentum as financial professionals seek more independence and flexibility to reach and connect with today’s investors. 

LPL’s Newest Associations

LPL Financial’s RIA platform reels back in a dynamic duo that got away.

Paul Krumenacker and David Jenkins received a warm re-welcoming as they rejoin LPL through Gladstone Wealth Partners' alignment. The decision to move back comes after their recent and exponential growth. Krumenacker shared more about the move to LPL and Gladstone in a larger statement which included recognition of new offerings and resources available through LPL’s hybrid RIA platform.

LPL’s RIA platforms continue to appeal to RIA-focused financial professionals. LPL’s appeal comes at a time when the number of RIA-focused professionals is growing exponentially and seeking custodians readied for “growth and added complexity.” Both industry growth, and new custodial expectations were hot topics at this year’s InvestmentNews RIA Summit. And, both have been driving factors behind LPL Financial’s RIA-related initiatives. March Cohen, executive vice president of advisor solutions at LPL, says LPL has focused on “consulting and practice management and working with RIA’s of a variety of stripes.”

With these resources and support through LPL and Gladstone, both Krumenacker and Jenkins look forward to eliminating excessive admin and compliance tasks from their operational to-do lists. With more time, the duo can re-focus on “what [they] enjoy doing, which includes individual portfolio management and building wealth for [their] clients.” 

LPL’s Leadership, Diversity, & More

Sean Khaligh goes indie with LPL and reflects on early industry challenges he faced as an Iranian-American.

Following over a decade with a large wirehouse firm, Sean Khaligh is continuing his ongoing success as a financial professional by utilizing LPL’s services to operate a new hybrid enterprise. In a recent article from Financial Planning, details about Khaligh’s new association were shared alongside statements from Khaligh regarding the challenges he faced as a youth emigrating to the U.S. and the prejudices he faced early in his professional career.

Although the financial industry has grown to include more diverse financial professionals, there is still a lack of advisor diversity overall. Minority advisors still face unique challenges and for Khaligh, those challenges included a colleague’s comment about his last name. Khaligh notes he used his colleague’s comment as his “motivation” to continue succeeding in the industry. However, his story still represents what many feel is a reality of the industry.

LPL has dedicated efforts aimed at closing diversity gaps, and bringing more opportunities for visibility. Through LPL’s Diversity and Inclusion initiative, and its growing council of diverse leaders, diverse financial professionals can find the resources and support to grow independently and connect with those with similar journeys.

Watch: Around the Table Episode 7: One of the Few to hear LPL leaders and advisors share thoughts on how their presence in the industry is perceived and the progress being made. 

LPL’s Products & Platforms

LPL’s Strategic Market Solution Plus helps advisors offer small-business clients more planning options.

LPL continues giving independent advisors more opportunities to grow their business their way, and better serve their clients. With the availability of LPL’s Strategic Market Solution Plus, powered by Lincoln Financial Group's recordkeeping platform, advisors have a suite of options to better serve small businesses with their financial goals. LPL Financial’s EVP of Wealth Management Solutions, Rob Pettman, expands on the impact of this development for small business clients, in Think Advisor.

“Small businesses cite costs and complexity as the most common barriers to offering a retirement plan,” Pettman says, adding “… providing American workers access to employer-sponsored plans is imperative to retirement readiness.” This past summer, Rob Pettman shared more of his industry insights in his article, “Financial Planning in the New Normal” via Investment News. He explains why it’s a crucial time to encourage clients to reassess their financial health (including retirement goals) and the opportunity it gives advisors to “deepen their value with clients.”

Many small businesses faced their most challenging months during the pandemic and have a fear of new economic challenges arising in the future. LPL Research’s Weekly Market Commentary shared some bullish insights into inflation fears and market fluctuations that are visible, and common, at the end of the year. LPL’s Market Signal’s podcast’s latest episode ‘Rally Time?’ includes evidence for upcoming economic growth that contrasts Twitter CEO, Jack Dorsey’s, most recent predictions.

Regardless of the natural ebbs and flows of the market, clients will always require experienced planning for their retirement goals from their trusted advisors. Now, with more retirement options available, advisors can continue building trust and confidence with their small business clients. 

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.

NorthShore Financial Strategies, Gladstone Wealth Partners, Lincoln Financial Group, and LPL Financial are separate entities.