(New York)

LPL has debuted a new model for breakaway advisors. The firm has decided to act on something long known—the logistics for setting up a new independent business are a major hurdle for wirehouse advisors who are considering breaking away. Accordingly, they have set up Strategic Wealth Services, which will handle all office set-up logistics for LPL and make sure there are zero out-of-pocket costs.

FINSUM: Kestra has also launched a similar service. Honestly, sounds like a smart play to smooth the transition, but watch for the “catch”, which isn’t apparent yet in what we’ve seen on this.