LPL Financial has introduced a new affiliation model designed to support established advisors in wirehouses and other employee-channel firms seeking to launch independent practices, according a release from the company.

Called LPL Strategic Wealth Services, the model will offer support throughout advisors' transition as well as business management services, the release said.

Rich Steinmeier, LPL Financial managing director and divisional president of business development, said that the new affiliation model provides wirehouse-based advisors with more choice in how they serve their clients and more control over their own practice. “We are able to offer a new level of sophistication that will change the expectation for what it means to go independent,” he said in a statement.

The service will give advisors access to a professional management team that will assist in executing their vision, the release said. LPL outlined the support services as follows:

• Launch: A dedicated team will supports the launch of the business, with zero out-of-pocket costs for the advisors. The services include financial budgeting, real estate sourcing and build out, technology setup, brand development, marketing strategy, payroll and employee benefits, and compliance readiness.
• Transition: The new businesses receive onsite, personalized assistance through the three phases of their transition: planning, preparation and execution, with a digital process that makes it easy to onboard new accounts.
• Ongoing support: Once launched, independent businesses receive ongoing, personalized support from LPL professionals for day-to-day operations as well as long-term business management. Each business will have dedicated support from a business consultant who provides strategic guidance and support; a CFO who provides business planning, analysis and performance monitoring; a senior marketing partner who provides marketing strategy and ongoing campaign management; and one or more administrative assistants, depending on practice size, who provide remote support of administrative and office tasks.

LPL Financial, with headquarters in Ft. Mill, S.C., San Diego and Boston, is the nation’s largest independent broker-dealer with more than 16,000 advisors.