LPL Financial has launched an employee-advisor affiliation model that offers advisors greater independence, including ownership of their book of business and the autonomy to run their business on their terms, according to a release by the company.
Linsco by LPL Financial also offers payouts ranging from 50% to 70% and no platform, transaction or administrative fees, the company said. The new model also provides advisors with offices, technology solutions that make it possible for them to work anywhere, anytime, seamlessly and a full suite of employee benefits, LPL said..
Rich Steinmeier, LPL Financial managing director and divisional president for business development, said the expansion of the employee advisor model is the next step in LPL’s delivery of an independent solution to meet the needs of advisors wherever they are in the lifecycle of their business. “With our new model, independent employee advisors have more flexibility in how they run their wealth management practice and in how they choose to serve their clients, while having the support they have come to expect and the payout they deserve,” he said.
The model provides independent employee advisors access to specialized services and growth resources such as business consulting services for strategic growth support, a dedicated marketing professional to help brand and market their business, experienced administrative support proficient with LPL systems and policies, and support and capital to grow or monetize their business, the release said.
LPL Financial, headquartered in Fort Mill, S.C., San Diego and Boston, is the nation’s largest independent broker-dealer.