LPL Makes Moves On Mid-Career Advisors

Are you a mid-career advisor looking to get back to the parts of your business that you enjoy the most?

Then it is worth noting that LPL, flush with capital, is shifting its gaze in your direction with some interesting moves. 

In fact, LPL is jumping in with both feet to recruit such professionals, according to an article in Financial Advisor Magazine. The company is joining the likes of Mercer Advisors, Focus Financial and Hightower Advisors, all of whom are offering advisors a way to extend their capabilities as well as outsource those administrative tasks that have historically kept them from servicing their clients.

Further enhancing LPL’s value proposition is its Liquidity & Succession program, which was recently expanded from just LPL affiliates to include non-affiliated firms.

Jeremy Holly, LPL’s executive vice president for business development, told the magazine, that the program could focus on those advisors in the “middle of their career.” 

 “They’re still focused on growth but want to get back to what they love most, which is working with clients.” Holly said. “We’re already getting interest from advisors that I would put in that category.”

Chris Stacey, the COO of 3XEquity, the industry leader in facilitating career transitions within the wealth management space, suggested another compelling aspect of LPL’s approach is that through Liquidity & Succession, the company acquires 100% of advisor practices with revenue greater than $1.5 million.

FA reported that once acquired, “the practice is folded into the Linsco by LPL channel, an employee-advisor relationship where the advisor keeps its brand and client relationships and LPL supplies all of the necessary strategic and operational support.”

Holly noted that “whether it’s an existing independent LPL advisor or an external practice, we’re buying the business, moving it into our employee channel, and making them employees of LPL. And the reason we do that is we can provide the most support that way.” Holly added that he expects LPL to lower the threshold for acquisition as the program matures.

3XEquity’s Stacey noted that this could be appealing to large-team advisors across several segments. “This is such a unique offering across many segments,” he said. “Consider wirehouse advisors, who are used to sunset programs. LPL’s offering could represent a significant economic advantage. This is definitely something we’ll be watching closely at 3XEquity.”

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