Mindy Diamond Shares How LPL Financial is Going Beyond the Traditional Broker/Dealer Model
LPL Financial is evolving to serve advisors a custodian, clearing firm, technology provider, back-office support, & business partner. Mindy Diamond talks with LPL’s Rich Steinmeier & Marc Cohen about this evolution and what’s still ahead.
The financial services industry continues to evolve. When LPL Financial’s Rich Steinmeier and Marc Cohen sat down with Mindy Diamond for her podcast in late 2019, LPL had just launched its own evolution in anticipation of the options and innovation today’s advisors seek. Here’s how Rich talked about that vision:
“We stand for serving independent minded advisors, supporting those advisors so they can support their clients. We’re committed to making consistent investments in our platforms, capabilities, and infrastructure. And what I think that culminates in is what I call uncompromised independence.”
Today’s LPL Financial
As a nationally-leading independent wealth management firm1 LPL Financial offers solutions to meet advisors where they are and where they want to go. With a flexible business model options, advisors can choose how they want to affiliate with LPL and how they want support tailored to their practice:
- Full-service concierge. Advisors own their business. LPL runs it for the advisor.
- Autonomous business owner. Advisors run operations their way. LPL provides the tools, platforms, and expertise to help advisors.
- RIA. LPL is the #3 custodian for Registered Investment Advisors3, providing products and services for the unique needs of RIAs.
- Employee model. Advisors join LPL as an employee advisor. They control their book and brand and receive a higher payout.
NEW: Strategic Wealth Services
You’ve never seen a model like this—because there hasn’t been one. With SWS, every detail is handled on your behalf.
Through our employee model, you’ll own your clients, receive a higher payout, & have access to all our resources.
1 Top RIA custodian (Cerulli Associates, 2019 U.S. RIA Marketplace Report); No. 1 Independent Broker-Dealer in the U.S (Based on total revenues, Financial Planning magazine June 1996-2020); No. 1 provider of third-party brokerage services to banks and credit unions (2019-2020 Kehrer Bielan Research & Consulting Annual TPM Report