LPL Financial Advisors Strengthen The Roots of a Family Tree

Longtime LPL Financial advisor Mark Shepherd, founder and CEO of Shepherd Financial Partners, can trace his multigenerational approach to financial planning to his own family tree. His grandfather and father — both engineers — had assets tied up in family businesses, which caused some financial complications when his grandfather died. Because Shepherd had experience as a tax accountant, his family turned to him for help.

The experience he gained in his former career — and then as a family member guiding his own relatives through tough times — provided him with valuable insights that have helped him serve generations of clients since founding the firm in Winchester, Mass. in 1988. It also shaped his approach to building a sustainable practice, one that can help secure his own legacy as well as his clients.

Who’s the Boss?

What started as a solo business has blossomed into an ensemble practice with nine advisors. One of those advisors is his son, Sam Shepherd, whom Mark affectionately calls “the boss.”

Sam grew up observing his dad's intense level of commitment to his clients. “I saw how big an impact an advisor has on clients and how much of a difference you can make. I grew up working at the office, watching his business grow. Seeing how dynamic the business is made me really excited to make this my career, too.”

“I’m very fortunate that Sam joined the firm three years ago,” Mark said. “He is being groomed to take over, making it possible to build a legacy business that will far outlast me — sustainable and generational.”

Sam, who works with the firm's investment team, graduated magna cum laude from the University of Pennsylvania in 2014, with a major in urban finance and economics. He worked as a financial services consultant at one of the big four accounting firms before joining Shepherd Financial Partners. "Our long-term plan was always for me to come work in the family business, but it made sense to get some experience elsewhere and then come back and apply that experience to the firm,” he said.

"We both do a really good job of keeping the father/son aspect out of our working relationship. He's done a good job of acting like a peer. We have a very close relationship, but, in the sense of having a working relationship, it has exceeded my expectations."

All In on Technology

Sam Shepherd said, "A big thing we try to emphasize at the firm is building an advisory practice for the future, and a key part of that is embracing technology.”

Technology will play an increasingly critical role in the future of their firm, they said, increasing efficiency so they have more time to serve their clients’ holistic financial needs and creating a better overall experience for their clients.

Sam Shepherd said ClientWorks, the technology workstation that serves as the hub of an LPL advisor’s business, is intuitive. “(LPL has) been very mindful to develop it for the end user. The new workflows they’ve developed, such as opening accounts and moving money, make it quick and easy to perform critical functions.”

"I've been a big proponent of technology for a long time," Mark Shepherd said. "I think it's the differentiator we have to have in our office. Our clients have to see that we’re modern."

“We're all in on technology,” Sam Shepherd said. “We are excited that LPL is investing in that. It aligns with our view and vision for the firm, and the industry."

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Important Disclosures

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.

Shepherd Financial Partners and LPL Financial are separate entities.