May 29, 2019
Louis Diamond Quoted
By Ross Snel
LPL Financial last week unveiled plans for a new way for advisors to work with the firm. Instead of serving as independent contractors, they can be employees. Advisors and staff at Allen & Company of Florida, which LPL recently announced it would acquire, will become employees of the firm, a first step toward this new model.
But industry recruiters say there are plenty of questions advisors should ask if they’re considering LPL’s independent employee channel, Financial Advisor IQ reports.
“Are they still going to be able to own their client relationships like they would if they were independent?” Louis Diamond, executive vice president at Diamond Consultants, is quoted saying. “Or does LPL own the relationship similar to like the wirehouses do the client?”