LPL recruits the first independent team in a disruptive model


An all-female team in Chattanooga, Tenn., With approximately $ 230 million in client assets, moved to LPL Financial, affiliating through the Company’s Strategic Services, its premium affiliate model originally aimed at attract dissident advisers from regional communications agencies and brokerage firms. . NorthShore Financial Services, which comes from Wells Fargo Advisors Financial Network, is the first team to enter the model which is already an independent practice and the 14th to join SWS since its inception.

NorthShore advisors Carrie Turcotte and Crystal Walker said they chose SWS because they wanted to take off some of the more entrepreneurial tasks involved in running the business to spend more time with clients. This includes accounting, technology, marketing, human relations, and administrative duties. Walker said she does a lot of these things at Wells Fargo.

“It frees up 20% of my time so I can be an advisor,” Walker said. “I can really answer the call; I don’t have everything else on my plate.

At Wells Fargo FiNET, Turcotte was the branch manager, with responsibility for all compliance.

“For me personally, the burden of compliance grew heavier and heavier over the years, and the question became, ‘How can I reliably unload the burden of compliance so that I can continue to devote time to my clients and practice as I need? ‘ She said.

Walker said they also chose LPL because the company supports an hourly fee model, which Wells Fargo would only support if the customer had a significant level of assets with the company.

Additionally, she liked that LPL had a support group for certified kingdom counselors, a designation and membership community for Christian counselors.

NorthShore’s decision shows that LPL’s SWS model may have wider appeal beyond regional spinning and breakaways. The affiliation service, launched in April 2020, was initially aimed at advisers leaving the employee channel and sought to provide an additional level of support to advisers not used to running an independent business.

LPL provides SWS advisors with free transition services that include planning the exit of their current business to integrate clients into the LPL platform. Next, the IBD helps advisors secure real estate, install and integrate technology, become compliant, and grow the company’s brand. After the adviser transition, LPL provides ongoing support with a CFO consultant, senior marketing strategist, technical support, remote administrative assistants and a service team.

NorthShore will benefit from these ongoing services and a dedicated service module.

“What you are seeing are advisers like Carrie and Crystal who have already done the hard work; they’ve already invested in the sweat to develop these practices, ”said Kimberly Sanders, head of SWS. “They know what it means to have to deal with all the different elements, so they appreciate the ongoing service and support from SWS, rather than focusing so much on this transition story. That’s what the breakaways are focused on right now.

This transition to independence actually only takes about six months of an advisor’s life; after that, they need continued support, Sanders said.

“When we started our practice, if we had had that kind of support, we would be on a whole different level,” Turcotte said. “We did, but it would have been great to start with that. “

As recently as last week, LPL announced that it has added its 13th team to the SWS model, New Jersey-based Shoreline Wealth Management, a team of Wells Fargo Advisors with around $ 305 million in client assets.

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