LPL is recruiting UBS team worth US $ 215 million for strategic wealth services model


    A San Diego-based team led by financial advisor Chad Taylor is the latest company to join LPL Financial’s Strategic Wealth Services model. It’s the seventh team to fall under this premium membership model since it was launched a year ago. Taylor, whose team manages approximately $ 215 million in client assets, joins UBS Financial Services and will serve as Seapoint Wealth Advisors.

    “I’m going from being a W2 employee to owning a business where I have more control over how we manage customers and accounts,” Taylor said in a statement. “This step fulfills my goal of creating a company that offers a higher level of service and in which we can offer advice that is tailored to the specific situation of each customer.”

    LPL launched Strategic Wealth Services last April to help the firm pull consultants out of wirehouses and regional firms. It is designed to take on some of the more “entrepreneurial” tasks involved in starting and running a practice off the shoulders of these consultants. The company hired Kimberly Sanders, who previously headed the management consultancy at Schwab, to manage the division. The company now has seven teams, 20 consultants, and $ 2.6 billion in SWS.

    Of the consultants who have already moved into the model, they were able to convert 95% of their client assets within 60 days, Sanders said.

    “All independent consultants – they have to manage their space, brand, and furniture,” said Sanders. “They have to hire all of the vendors to do their marketing and payroll. This is the normal experience of an independent consultant. You come by for a consultant from Strategic Wealth Services and we manage your entire turnkey office without any expenses. We work as a general contractor to ensure that the space is expanded. We help negotiate these rental agreements for you. Make sure all the furniture is in place, the brand is built, the identity is built, all the marketing materials and the social media profiles. All of this is ready to go for her. “

    Instead of taking a haircut from the consultants’ payout, LPL charges a service fee to those who step into the model. The cost of furniture and the expansion of the office will be paid from the advisor’s transitional aid.

    “It’s becoming a really expensive business to break loose and start your own business,” said Sanders. “For Strategic Wealth Services, most of this is covered directly and we only pay it as part of their service fee.”


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