A Portland, Ore.-based father-son team with about $220 million has joined LPL Financial’s broker-dealer and corporate registered investment advisor custodial platforms, LPL announced today.
Financial advisors Tom and his son, Bill Smothers, were formerly with KMS Financial Services, part of the Advisor Group network of broker-dealers. Also, a part of the team is Tom’s other son, Bill, who serves as the firm’s office manager.
Tom Smothers, who has a background in the retirement plan industry dating back to 1976, acquired Employee Benefit Design in 1998, later changing the name to Pacific Northwest Retirement Planners, the release noted. Most of their clients are located throughout southeast Alaska, the release said.
The team, the released said, has for years worked closely with CPA firms and other small businesses to provide retirement plans. But as those clients grew older, they expanded their service to include wealth management and financial planning. “Now, we’re starting to work with second and third generations of clients who are bringing their kids into the business. They see that my sons are working with me, and there’s an instant connection,” Tom Smothers said in a statement.
He said he felt LPL is the best fit to be their long-term partner as he considered his succession plan. “They are able to support the depth of expertise we provide to our existing clients, while matching that with a broad range of resources that make it possible to do more for clients today and into the future as their needs change,” he said “We want our clients to have confidence in knowing that our partner is committed to the qualified plan space and focused on serving our clients’ best interests.”
Rich Steinmeier, LPL Financial managing director and divisional president, business development, said LPL is inspired by the Smothers’ their thoughtful succession plan guided by their commitment to clients. “They have built a thriving business by helping employers and employees have access to retirement plans, while also helping clients with their lifelong financial plans so they can work toward their overall financial goals. We are honored they recognized LPL for the stability and growth support we can provide.”