Page 38 - Investment Advisor - December 2023

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electronic communications stored on provide clients with a similar experience planning. About 70% of indie advisors in
personal devices or messaging apps and seamless transition,” he explained. the U.S. lacked a succession plan at that
that are not firm-approved. A company “With so many seasoned advisors time, according to LPL.
spokesperson declined to comment. expected to retire within the next 10 Liquidity & Succession is intended for
years, LPL Liquidity & Succession not advisors looking to monetize the busi-
exPAnded ProGrAM only helps ensure the continuation of nesses they built, either to retire or to just
LPL Financial’s Liquidity & Succession independence — it creates opportunities free themselves of their business-owner
program is now available to advisors to position the next generation of inde- duties to refocus on their clients and
not affiliated with LPL, the firm said pendent-minded advisors for success.” grow their businesses, LPL explained.
in the third quarter. The program was The LPL spokeswoman added: “Most Via a “market-competitive M&A trans-
launched internally in May 2022 as a test, of our products target advisors who are action,” LPL Liquidity & Succession pro-
according to a company spokeswoman. already here but this one is likely to be a vides advisors who are out to sell their
“We are really excited by the results driver to bring additional advisors to LPL.” practice the ability to maintain their
and are confident this program will The new program, she explained, is brand, investment philosophy and client
be a positive addition to the industry,” “very different from” LPL’s Assurance service model while benefiting from LPL’s
Jared Fingeret, senior vice president Plan, which she noted is ”for an strategic and operational support, it said.
of Liquidity & Succession, Strategic unplanned exit from the industry” due The focus is on advisors who plan to
Programs at LPL, said in a statement. to death or incapacitation. retire within three to seven years, but the
“Advisors who are nearing retirement LPL launched Assurance Plan in program is open to advisors at any stage of
are paired with other, philosophically 2020, as the advice industry struggled to their careers, the firm said. — Jeff Berman
aligned, independent advisors to help get more advisors to embrace succession contributed to this report.

Raymond James Names New Head of Indie Advisor Unit, Forms Partnership to
Use Tax-Smart Portfolio Tool
raymond James said in early November that the head of its assets under administration.
Independent contractor Division, Jodi Perry, will step down In mid-October, raymond James picked J.P. morgan Asset
Jan. 1 and take on a newly created role as head of advisor management’s 55ip technology to enhance its managed
recruiting for the firm. Northeast Division Director Shannon account platform with integrated tax management capabilities.
reid will become president of the firm’s independent advisors the arrangement is “an industry-first partnership” that should
and join raymond James’ Executive committee. help raymond James’ advisors make regular changes — like
“Jodi has generated outstanding results in every role she rebalancing and tax-loss harvesting — to clients’ managed
has held in her nearly 30-year career at raymond James — accounts, leaders of the two firms said at the time.
including considerable time as a top recruiter and during her the 55ip software, acquired in 2020 when J.P. morgan
more than five years leading IcD,” according to chair and bought the technology firm, is expected to be fully deployed
cEO Paul reilly. “I’m confident she will continue to strengthen by raymond James across its full suite of managed account
this key growth engine for the firm.” services by mid-2024.
As for reid, she joined the firm in 2009 from Goldman Overall, the deal underscores two trends in wealth manage-
Sachs and has served in a variety of senior leadership roles, ment: first, the growing demand for tax management capabili-
including head of retirement Solutions, vice president of ties and, second, the expanding need for industry players to
cash management and vice president of Private client work with third parties rather than build new tools alone, invest
Group Planning. in a complete overhaul or take other highly disruptive and
“Shannon has an impressive background and has been a expensive steps, according to executives from the two firms.
stellar leader in an important market for IcD,” said Private the raymond James’ managed account program cur-
client Group President Scott curtis in a statement. “I’m confi- rently has about $144 billion in assets, $71 billion of which
dent she will continue to grow the business on the trajectory are taxable; it also includes over 350 investment strategies.
Jodi set during her tenure.” According to J.P. morgan, 55ip assets have increased from
raymond James’ PcG business includes over 8,700 less than $2 billion in 2020 to more than $20 billion today.
financial advisors working with roughly $1.2 trillion of —Janet Levaux and John Manganaro

36 Investment AdvIsor December 2023 | ThinkAdvisor.com