June 22, 2021
Louis Diamond Quoted
By Andrew Welsch
LPL Financial’s service for advisors who want to leave wirehouses is gaining traction with recruits, having signed eight breakaway teams. Its most recent addition: a 13-person group that oversaw $1.3 billion at Wells Fargo Advisors.
The team, led by industry veteran Larry Boggs, launched an independent practice through LPL’s Strategic Wealth Services in Cumberland, Md.
It was a smart move by LPL to develop the service, says recruiter Louis Diamond, who has placed advisors with the firm.
Wirehouse breakaways “need a more turnkey structure to launch their businesses,” says Diamond, president of Diamond Consultants. “They often don’t know where to start when it comes to finding office space, employee benefits, coming up with a brand, setting up an LLC, setting up a 401(k), and buying furniture. This provides a lot of infrastructure—scaffolding—to help advisors who aren’t ready to do it on their own.”