The duo reportedly moved their business to LPL Financial to take advantage of the firm’s enhanced platforms and technology, while also finding value in the firm’s self-clearing capabilities and its transparency as a publicly traded company.
“LPL brings a depth of service and technology that will take us to the next level,” Lewelling said.
He also said that LPL’s client statements are simple and easy to understand, which he and Krpalek believe will be a differentiator for the two businesses.
“This business and industry is driven by technology, and LPL has made a tremendous commitment in that area,” Krpalek said. “The ability to do business digitally, versus stacks of paperwork, is a win for us, making it easier for us to help meet the relevant expectations that clients have.”
Rich Steinmeier, LPL Financial managing director and divisional president of business development, said that his company looked forward to a long-term partnership with both financial advice practices.
“We are inspired by their foresight to develop a thoughtful plan that is guided by their commitment to their clients,” he said in a news release. “As their partner, we are committed to delivering the differentiated capabilities, technology and service that helps them be successful today and into the future, as the needs of their clients and their business evolve.”
LPL Financial, with headquarters in Fort Mill, S.C.; San Diego; and Boston, is the nation’s largest independent broker-dealer.