LPL Financial says its channel for advisors who use the firm's ongoing business management services and support has recruited its 30th team since it was launched three years ago.
Financial advisors James Sheehan, CFP, and Shawn Tighe, CFP, are now affiliated with LPL's Strategic Wealth Services. They recently left Raymond James & Associates, where they worked with about $450 million in client assets.
According to LPL, the Strategic Wealth program initially appealed to wirehouse advisors, but now it's drawing independent advisors, too. "We're … seeing teams that have moved from other independent firms because they were looking to offload some of those responsibilities of business ownership," LPL said in a statement.
The Strategic Wealth group now includes 82 advisors from 30 teams in 17 states. Advisors have joined from firms such as Wells Fargo Advisors, Wells Fargo FiNet, UBS, RBC, Merrill Lynch, Morgan Stanley and Commonwealth Financial.
This affiliation model helps advisors with "simplified pricing, technology and dedicated support to launch their practice at LPL," the firm says. Later, they work with a support team that encompasses a business strategist, marketing partner, CFO and administrative assistant.
