LPL Financial, the country’s largest independent broker-dealer (IBD), said today that it had launched a government lobbying initiative to help its member advisors have more of a voice in Washington, D.C.
The program is called the “LPL 50 State Network.” In a recent video, the company calls this a “grassroots advocacy initiative,” and it aims to have LPL advisors and employees build relationships with lawmakers and regulators at both the federal and local levels to offer their perspectives on financial services industry topics.
These advisors will partner with LPL Government Relations. Peggy Ho is head of the government relations team.
“At LPL, we are in a position to use our industry leadership to contribute to critical policy discussions that impact our independent advisors and investors,” said Ho, an LPL Financial executive vice president, in a press release. “With support and input from our national network of 16,000 financial advisors, we can help policymakers better understand the value of the work they do and nurture a conducive environment to be able to thrive as independent business owners by serving the needs of investors.”
Advisors called “ambassadors” work with the government relations team in training and education and pushing forward topics important to them, such as small business items.
The network can then tap the network for help with advocacy on these topics.
“By serving as the ‘boots on the ground’ in their home states,” LPL said in a release, “advisors work to build relationships with federal legislators and state-level policymakers, serving as a resource to inform their drafting of policies important to financial advisors and their clients.”
Several years ago, LPL opted to leave the Financial Services Institute, the leading trade asssociation for IBDs. No reasaon was given, but FSI had adamantly opposed the Department of Labor's now-defunct fiduciary rule, while LPL supported it in principle.