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Industry Spotlight > Broker Dealers

LPL's 'Supported Independent' Channel Hits Milestone

By Janet Levaux

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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. 

As for the independent team of Sheehan and Tighe, Sheehan has 25 years of industry experience and is a U.S. Marine Corps veteran. Tighe joined the industry in 2013. 

“Shawn and I work well together combining our intellectual capital,” Sheehan said in a press release. “We share conservative investment values and a financial planning background, along with a commitment to service.”

The advisors, who are based in Daniel Island, South Carolina, have many clients who are corporate executives and energy industry professionals.

“Ultimately, we want to provide more services to our clients and we believe LPL will enable us to grow our team and deliver more experiences and enhance how we do business,” Sheehan explained. “We also appreciate LPL’s integrated technology and open architecture, along with access to better planning tools and client reporting.”

The Sheehan Wealth Partners team also plans to use the LPL Private Client Services Network so it can offer investors clients a “personalized, full-service option,” according to LPL, as well as the network’s tax services for ultra-high-net-worth clients.

Janet Levaux

@Think_JanetL

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