Advisors who want to retire, or free themselves from the admin of running a business, now have a new option.
LPL Financial has launched a first-of-its-kind program that enables advisors to monetize the business they have built and retire, or free themselves from the responsibilities of business ownership to concentrate on working with clients.
The Liquidity & Succession offering provides a way to sell their practice but maintain their brand, investment philosophy, and client service model. It has been available to LPL’s existing advisors for the past year and is now open to independent advisors, whether they are affiliated or not.
“As their business grows managing the day-to-day business operations can keep advisors from being able to focus solely on their clients,” said Jeremy Holly, EVP of Strategic Business Development.
The program is aimed at those advisors that plan to retire within three to seven years – estimated to be a significant cohort – although this is not set in stone meaning that those at any stage of their business journey can be considered.
“Advisors who are nearing retirement are paired with other, philosophically aligned, independent advisors to help provide clients with a similar experience and seamless transition,” said Jared Fingeret, SVP, Liquidity & Succession, Strategic Programs.
LPL says it offers competitive valuations and a transparent payout structure to provide advisors with a good monetization option for the business they have built. Its support services and solutions help advisors offload business operating duties and provides strategies for the next phase of their business.
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