LPL Financial Welcomes Russell Wealth Partners

Rhea-AI Summary

LPL Financial announced that financial advisor Tom Russell and his sons, Brian and Charles, have joined LPL’s Linsco division to launch Russell Wealth Partners. The team, previously with Merrill Lynch, manages approximately $250 million in assets. They chose LPL for its advanced technology, autonomy, and support, allowing them to focus on personalized client services. LPL’s Executive VP Scott Posner highlighted the firm’s commitment to supporting advisors with comprehensive business solutions and innovative technology.

Positive

• Tom Russell and his sons manage approximately $250 million in advisory, brokerage, and retirement plan assets.
• Russell Wealth Partners benefits from LPL's advanced technology and enhanced service experiences.
• LPL provides freedom and autonomy for advisors to run their practices independently.
• Support from LPL includes a branch management team, marketing consultant, technology consultant, and service team.
• Russell Wealth Partners is expected to benefit from LPL's comprehensive business solutions and innovative technology.
• LPL's support is designed to help advisors achieve their goals and build their perfect practice.

Negative

• The PR does not mention any immediate financial gains or revenue increases for LPL Financial from this partnership.
• No specific details on how this move will affect LPL Financial's overall business performance or stock price.
• Potential integration risks as Russell Wealth Partners transitions from Merrill Lynch to LPL.

SAN DIEGO, June 17, 2024 (GLOBE NEWSWIRE) -- LPL Financial LLC (Nasdaq: LPLA) announced today that financial advisor Tom Russell, CFP®, and his sons Brian Russell and Charles Russell have joined LPL’s employee advisor channel, Linsco by LPL Financial, to launch Russell Wealth Partners. The family team reported serving approximately $250 million in advisory, brokerage and retirement plan assets* and joins LPL from Merrill Lynch. They will operate out of the Linsco suite at LPL’s San Diego campus.

With 38 years of industry experience, Tom Russell has always had a keen interest in market conditions and helping families work toward financial success. His sons Charles and Brian also recognized their passion for wealth management and followed their father’s footsteps after initial forays in engineering and law, respectively.

“It is so rewarding to have my sons by my side to continue the family legacy,” Tom Russell said. “They are both wonderful assets to the team and are helping us take it to the next level as we create more hands-on, boutique experiences for clients. We pride ourselves on taking the time to truly tailor investment plans and strategies for each client’s unique needs, goals and objectives.”

Looking to create their ideal practice of the future, the team turned to Linsco by LPL for its innovative technology and enhanced service experiences, as well as the freedom to operate with an increased level of autonomy that will allow them to focus on what’s best for their clients and business.

Linsco by LPL serves financial advisors who value the core tenets of independence, including owning their client relationships and having flexibility to run their practice, their way. With Linsco, advisors have access to LPL’s integrated wealth management platform and robust business resources, along with the additional benefits of having support from an experienced branch management team, dedicated marketing consultant, technology consultant and service team.

“LPL supports the entrepreneurial mindset and gives us the flexibility to build our business on our own terms so we can put clients’ best interests at the forefront of everything we do,” Tom Russell said. “We have support from a Fortune 500 company with a local presence and can operate without corporate mandates or outside influence. I’m confident this move will help ensure my sons will be set up for success right away and 20 years from now.”

LPL Executive Vice President Scott Posner, Business Development, said, “We welcome Tom, Brian and Charles to the San Diego Linsco community. We understand advisors want the freedom to nurture client relationships and build their business on their terms. At LPL, we meet advisors where they are in the evolution of their business to help them create their perfect practice. We remain committed to helping advisors achieve their goals while supporting and enabling their success through comprehensive business solutions and innovative technology. We look forward to supporting Russell Wealth Partners for years to come.”

Related

Advisors, find your perfect fit at LPL.

About LPL Financial
LPL Financial Holdings Inc. (Nasdaq: LPLA) was founded on the principle that LPL should work for advisors and institutions, and not the other way around. Today, LPL is a leader in the markets we serve, serving nearly 23,000 financial advisors, including advisors at approximately 1,100 institutions and at approximately 570 registered investment advisor ("RIA") firms nationwide. We are steadfast in our commitment to the advisor-mediated model and the belief that Americans deserve access to personalized guidance from a financial professional. At LPL, independence means that advisors and institution leaders have the freedom they deserve to choose the business model, services and technology resources that allow them to run a thriving business. They have the flexibility to do business their way. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors and institutions, so they can take care of their clients.

Securities and Advisory services offered through LPL Financial LLC ("LPL Financial"), a registered investment advisor. Member FINRA/SIPC. LPL Financial and its affiliated companies provide financial services only from the United States.

Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial.

We routinely disclose information that may be important to shareholders in the "Investor Relations" or "Press Releases" section of our website.

*Value approximated based on asset and holding details provided to LPL from end of year, 2023.

Connect with Us!

https://twitter.com/lpl

https://www.linkedin.com/company/lpl-financial

https://www.facebook.com/LPLFinancialLLC

https://www.youtube.com/user/lplfinancialllc

Media Contact:
Media.relations@LPLFinancial.com
(704) 996-1840

Tracking #590026

FAQ

What is the value of assets managed by Russell Wealth Partners?

Russell Wealth Partners manages approximately $250 million in advisory, brokerage, and retirement plan assets.

Why did Russell Wealth Partners join LPL Financial?

Russell Wealth Partners joined LPL Financial for its advanced technology, autonomy, and comprehensive business support.

What benefits does LPL Financial provide to Russell Wealth Partners?

LPL Financial offers advanced technology, autonomy, comprehensive business solutions, a branch management team, marketing consultant, technology consultant, and service team.

What is the significance of the move for LPL Financial (LPLA)?

The move enhances LPL Financial's advisor base and showcases its commitment to providing comprehensive support and innovative technology to financial advisors.

Who are the key members of Russell Wealth Partners?

The key members are Tom Russell, CFP®, and his sons Brian and Charles Russell.