LPL Expands Liquidity And Succession Support

LPL has been making a big push on the recruiting front over the last few months. The firm has been revamping its offerings in non-traditional ways as a means to attract new advisors and assets. 

Their latest efforts include the offering of liquidity and succession support to financial advisors three to seven years away from retirement. The program, which launched 18 months ago for firms affiliated with LPL and expanded last month to include non-affiliated firms, buys 100% of advisor practices with revenue over $1.5 million, which equates to roughly $200 million in AUM.

Thus far, the program has completed about 30 transactions with mostly internal advisors, but there are a few external firms in the pipeline. There have been some hints that this program is just the beginning and there’s more to come. Jeremy Holly, LPL’s executive vice president for business development has made it clear that they’re eyeing other demographics for similar treatment. 

LPL anticipates that its next target with the liquidity and succession program will be mid-career advisors. The firm has been getting interest from advisors that fit into that demographic, but the firm is still working through exactly what that program concept would look like. 

With the current program, once a practice is acquired, it gets folded into the Linsco by LPL channel, which allows the advisor to retain its brand and client relationships, while LPL provides strategic and operational support. Holly has said that he sees a version of this program for advisors still focused on growth but are looking to get back to focusing on working with clients. 

While the mid-career-focused version of the program is still just a concept, it’s something to keep an eye on, as it could be a great opportunity for mid-career advisors looking to make a change.

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