LPL Financial's Liquidity & Succession program is now available to advisors not affiliated with LPL, the firm said Wednesday.
The program was launched internally in May 2022 as a test, a company spokeswoman said on Thursday.
"We are really excited by the results and are confident this program will be a positive addition to the industry," Jared Fingeret, senior vice president of Liquidity & Succession, Strategic Programs at LPL, said in a statement.
"Advisors who are nearing retirement are paired with other, philosophically aligned, independent advisors to help provide clients with a similar experience and seamless transition," he explained. "With so many seasoned advisors expected to retire within the next 10 years, LPL Liquidity & Succession not only helps ensure the continuation of independence — it creates opportunities to position the next generation of independent-minded advisors for success."
The LPL spokeswoman told ThinkAdvisor on Thursday that "most of our products target advisors who are already here but this one is likely to be a driver to bring additional advisors to LPL."
The new program, she explained, is "very different from" LPL's Assurance Plan, which she noted is "for an unplanned exit from the industry" due to death or incapacitation.
