LPL Financial announced Monday that all its advisors were now members of the Financial Services Institute, an advocacy group for independent broker-dealers and financial advisors. The advisors’ first-year membership was offered for free by LPL Financial, according to the company.
“This augmented advocacy partnership between the two organizations was undertaken in order to bolster the industry’s advocacy muscle in Washington, D.C., and throughout the nation,” LPL Financial said in a statement. “The move brings FSI’s financial advisor membership to more than 27,000–dramatically expanding FSI’s grassroots power and advocacy strength.”
Bill Dwyer, president of national sales and marketing at LPL Financial, is the current chairman of FSI.
“Ensuring that the collective voice of the independent broker-dealer and independent financial advisor community is heard, especially in times of great regulatory change, is absolutely critical to our ongoing success as an industry,” Dwyer said in a statement. “FSI is vital to our space because no other organization is so focused on the industry-wide advocacy needs of independent financial advisors. Together, our expanded advocacy partnership will enable us to further protect our advisors’ ability to deliver unbiased and conflict-free financial advice to the millions of Main Street American households who need it.”