LPL Launches New Affiliation Model Strategic Wealth Services

Last Edited by: LPL Financial

Last Updated: April 22, 2020

LPL Launches New Affiliation Model Strategic Wealth Services

CHARLOTTE, N.C. – April 22, 2020 LPL Financial LLC, a leading retail investment advisory firm, independent broker-dealer and RIA custodian, has introduced a new affiliation model, LPL Strategic Wealth Services, designed to support the unique needs of established advisors in wirehouses and other employee-channel firms seeking to launch independent practices.

LPL Strategic Wealth Services is a comprehensive solution, offering hands-on support throughout all aspects of the transition experience as well as ongoing business management services to help advisors thrive as business owners. The solution is backed by LPL’s fully integrated brokerage and advisory custody platform, service commitment, investments in innovation and technology, and financial strength and stability.

“This new affiliation model provides established wirehouse-based advisors with more choice in how they serve their clients and more control over their own practice. With LPL Strategic Wealth Services, advisors own their business, but they don’t have to be encumbered by business operations. And there is no compromise to the level of service and support they receive or that they can deliver to their clients,” said Rich Steinmeier, LPL Financial managing director and divisional president, Business Development. “We are able to offer a new level of sophistication that will change the expectation for what it means to go independent.”

LPL Strategic Wealth Services brings together the most vital elements of running a business into a single, integrated solution that simplifies the business management experience and gives advisors the ability to stay focused on their clients.

  • Launch: A dedicated team supports the launch of the business, with zero out-of-pocket costs for the advisors. Services provided include financial budgeting, real estate sourcing and build out, technology set up, brand development, marketing strategy, payroll and employee benefits, and compliance readiness.
  • Transition: The new businesses receive onsite, personalized assistance through the three phases of their transition: planning, preparation and execution, and a fully digital process makes it easy to onboard new accounts.
  • Ongoing support: Once launched, the independent businesses receive ongoing, personalized support from LPL professionals for day-to-day operations as well as long-term business management. Each business has dedicated support from: a business consultant, providing strategic guidance and support to optimize the LPL relationship; a CFO, providing business planning, analysis and performance monitoring; a senior marketing partner, providing marketing strategy and ongoing campaign management; and one or more administrative assistants, based on practice size, providing remote support of administrative and office tasks. Businesses benefit from ongoing tech support, and a dedicated service team is committed to their care, providing coordinated service, compliance and supervision support to this unique segment of advisors.

Marc Cohen, senior vice president, LPL Financial Strategic Business Development, with responsibility for developing strategies to attract new markets, said, “LPL is uniquely positioned to be able to bring together integrated capabilities to serve independent financial advisors across the entire lifespan of business ownership. As more established wirehouse advisors seek independence, LPL’s platform serves to help them form a vision for their business and then gives them the ability to focus on expertly serving their clients’ needs, with the confidence that a professional management team is in place to execute on their vision.”


About LPL Financial

LPL Financial is a leader in the retail financial advice market and the nation’s largest independent broker-dealer*. We serve independent financial advisors, professionals and financial institutions, providing them with the technology, research, clearing and compliance services, and practice management programs they need to create and grow thriving practices. LPL enables them to provide objective guidance to millions of American families seeking wealth management, retirement planning, financial planning and asset management solutions.

*Based on total revenues, Financial Planning magazine June 1996-2019

Securities and advisory services offered through LPL Financial LLC, a registered investment advisor. Member FINRA/SIPC.