In Lincoln, Neb., financial advisor is leaving DA Davidson to form a new independent practice with LPL Financial’s Strategic Wealth Services (SWS), the larger independent broker/dealer announced today.
Hugh Lau manages approximately $750 million in advisory, brokerage and retirement planning assets. Lau began his career in financial services in 2000 and Was with DA Davidson since 2009 Before forming Lau Financial Group. The partnership with Lau marks SWS’s first firm in the Midwest.
Lau said his firm’s goal was to build a foundation for creating multi-generational assets for clients.
“We live by the motto, ‘Take care of the customer and the rest will take care of yourself,'” Lau said.
When weighing their decision about moving into the indie space, Lau and branch operations manager Joan Kreitman sought a partner who could provide technical and back-office support. Kreitman said that the SWS option is what sets LPL apart. According to LPL, their SWS affiliation model initially bridges the divide in the independent space from the wirehouse world for consultants with broad support, including helping to address real estate needs, branding, as well as technical and human resource support, Contains prior to ongoing supply. Administrative, strategic and marketing support once the practice is established.
“We are a small team of two, so we need an extra layer of support from LPL Strategic Wealth Services,” she said. “It gives us very strong support, but the freedom to make the practice on our own terms.”
Since the launch of SWS in April 2020, a total of 19 teams have joined it, up from 13 teams last year. The affiliation model was originally set up for regional and wirehouse consultants managing more than $200 million in AUM, who were looking to make a change and were stunned by it. perceived limitations in employee channelIncluding less autonomy and lower wages, according to Richard Steinmeier, LPL’s managing director and head of business development.
With SWS, LPL has brought in teams from multiple locations like ubs And Wells Fargo, In June last year, LPL attracted a Maryland-based advisory team with approximately $1.3 billion in managed assets to leave Wells Fargo, Formation of 13 member firm Boggs & Co. money management.
Last September, SWS also Attracted to Chattanooga, Tenn.-based team To create Northshore Financial Strategies. Although the all-female team with approximately $230 million in assets joined the Wells Fargo Advisors Financial Network, it was the first team to join SWS, which was already an independently owned practice.