April 23, 2020
Louis Diamond Quoted
By Alyson Velati
LPL Financial is attempting to lure wirehouse breakaway advisors with a new independent affiliation model.
The new offering, called LPL Strategic Wealth Services, targets advisors who are employees of wirehouses or other brokerages who want to go the independent route. Under this program, advisors will own their own businesses, but will be able to custody their assets with LPL and have access to its brokerage platform.
The program that LPL has rolled out is similar to what other RIA platforms and aggregators like Dynasty Financial Partners and Focus Financial provide, and is typically not offered by other independent broker-dealers, says Louis Diamond, executive v.p. and senior consultant at Diamond Consultants, a recruiting firm.
