Financial advisor Buddy Favor has joined LPL Financial’s broker-dealer, RIA, and custodial platforms to launch Favor Financial Group, an independent practice based in Indialantic, Fla., the company said.
Favor was formerly affiliated with VALIC Financial Advisors, the broker-dealer for AIG Retirement Services, where he reported managing about $115 million in client assets.
According to a news release, Favor entered the financial services industry in 2015 after shadowing a senior advisor to get his feet wet. Once he made the leap from apprentice to professional, Favor developed a blueprint he could apply in strategizing each stage of a client’s financial life, regardless of his or her net worth or profession.
Viewing the process of putting together the components of a financial plan as a jigsaw puzzle, Favor said he realized he could take the seemingly disparate elements that comprise a client’s financial life and fit them together to form a cohesive solution in planning it. Once a client has a plan in place to finance each goal, that person is better prepared for a positive outcome in reaching it, he said.
Favor also volunteers his time helping adults and high school students develop a basic understanding of financial literacy so they can do the same.
“Its important that everyone has the knowledge necessary to take an active role in their finances in order to help build their financial future,” he said in the news release.
In LPL Financial, Favor said he found a partner that could provide the same managerial expertise to running his newly independent business so he could spend more time helping clients.
“What LPL offers its partners is essentially an ‘easy’ button,” he said in the release. “LPL’s integrated systems will allow me to open new accounts quickly and easily, while its streamlined tools will help me answer my clients’ questions thoughtfully, thoroughly, and quickly. I am confident that working with LPL will help me do my job more efficiently while providing an elevated client experience.”
Headquartered in Fort Mill, S.C., San Diego, and Boston, LPL Financial supports more than 21,000 advisors nationwide.