What to Know When Your Financial Advisor Moves to LPL Financial

Your financial advisor has told you they’re moving to LPL and you probably have questions.

We've got answers.

LPL is a leading wealth management firm,* founded on the belief that everyone needs objective financial advice. We work with financial advisors and institutions to provide back-office support for compliance, trade execution, and other services. Here’s more information about LPL’s independence and heritage, and how that benefits you as an investor:

• LPL did independence first. As early as 1989, the founders of LPL anticipated the growing desire for advisors to run independent practices. That’s why they decided to create a model that would flip the industry upside-down—one where the firm worked for the advisor instead of the advisor working for the firm.
• LPL does independence best. Today, LPL lives as the archetype of independence – because we believe the future is advisor-led. As advisors continue to stay innovative and agile, LPL supports their ability to scale their service to clients and pursue their business goals.
• LPL gives advisors the freedom and tools to enhance your experience. Your advisor is empowered to make decisions regarding investment strategies and products that are in your best interests.

Is my money safe?

LPL is a Financial Industry Regulatory Authority (FINRA) member firm subject to the federal securities laws and the rules of industry regulatory organizations. LPL works hard to carry out its obligations to protect client assets in its custody with the utmost care and scrupulous adherence to financial protection rules, including those governing the segregation of advisor assets.

Learn about our SIPC protection and other securities protection

Why did my advisor move to LPL?  

LPL offers a wide variety of resources to help enable your financial advisor to better serve you.

While your advisor has specific reasons why they switched, here are a few reasons advisors have said they decided to move to LPL:

• Independent research and objective recommendations instead of proprietary products. This gives advisors the freedom to provide guidance to you that is truly focused on your financial goals so you can make informed decisions.
• Tools, technologies, regulatory expertise, back-office support, and more. They’re all designed to simplify account management, boost practice efficiency, and free up advisors’ time so they can provide you even greater personalized service.
• Strong company culture. LPL values transparency, diversity, working ethically, and focusing on clients and is committed to continuous improvement.

What does this move mean for me?

First of all, your relationship with your advisor won’t need to change. They will continue to give you sound advice based on your financial goals – only now, they can give you more choices. You’ll also have: 

• Independent research for objective guidance
• Access to a wide range of non-proprietary products 
• Account View access to your account information, your documents, etc.
• Multiple levels of security to keep your accounts safe

In most cases, all your accounts should be easily transferable with minimal paperwork. You might even take this time to talk to your advisor about trying a new kind of account. Once your accounts are opened, you can sign up for the online portal Account View. To learn more about how you can sign up for Account View, please refer to this how-to guide to walk you through the process.

Here are some questions you might want to ask your advisor:

• Will I have to pay a transfer fee for the move?
  No, there are no fees to you with transitioning your accounts.
• Will all my holdings transfer?
  Yes, virtually all of your holdings will transfer over. 
• What do I have to do during the transfer?
  Your financial professional may have additional questions and you may have to fill out additional paperwork if you have multiple accounts. In most cases, all forms can be completed with eSignature and you will not have to go into your advisor's office to finalize the transfer of your accounts.

LPL welcomes you and your advisor's business. We serve independent financial advisors because we believe they’re best positioned to serve the investor. They bring a personal approach, and we bring the resources of a nationally leading wealth management firm.

Disclosures

*1-8 Data as of November 2024 

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.