LPL Financial Introduces Independent Employee Advisor Affiliation Model

LPL redefines the employee advisor model by removing limitations and empowering advisors with freedom, client ownership and a payout they deserve

CHARLOTTE, N.C., Aug. 05, 2020 (GLOBE NEWSWIRE) -- LPL Financial LLC (Nasdaq:LPLA), a leading retail investment advisory firm, independent broker-dealer and RIA custodian, today introduced a new employee advisor affiliation model unlike anything currently available in the marketplace. LPL’s new affiliation model offers advisors the benefits of being independent—including ownership of their book of business and the autonomy to run their business as they see fit. And as employees, advisors benefit from the security and stability of working with the market leader of the independent channel.

“The expansion of our employee advisor model is the next step in our delivery of an independent solution to meet the needs of advisors wherever they are in the lifecycle of their business,” said Rich Steinmeier, LPL Financial managing director and divisional president, Business Development. “With our new model, independent employee advisors have more flexibility in how they run their wealth management practice and in how they choose to serve their clients, while having the support they have come to expect and the payout they deserve.”

Further differentiating the model is a highly-competitive payout, ranging from 50 to 70 percent, and no platform, transaction or administrative fees. LPL provides modern offices along with technology solutions that make it possible for advisors to work anywhere, anytime, seamlessly. LPL also provides advisors a full suite of employee benefits.

LPL launched the model with the acquisition of Allen & Company of Florida, LLC in 2019. The Florida-based firm provided input to help LPL design its differentiated independent employee advisor model. LPL has since opened an employee advisor office location in Boston, and the company plans to open offices nationwide based on the geographic locations of advisors who affiliate with the model.

LPL’s independent employee advisors also have access to specialized services and growth resources designed to empower their ability to be successful, including: business consulting services for strategic growth support, a dedicated marketing professional to help brand and market their business, experienced administrative support proficient with LPL systems and policies, and support and capital to grow or monetize their business.