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I am pleased to announce my move to LPL Financial.
Spring is weeks away and exciting changes are in the works for my practice, Squareknot Advisory Partners. In December, LPL Holdings, Inc. (LPL Holdings) and Macquarie Management Holdings, Inc. announced an agreement whereby LPL will acquire the wealth management business of Waddell & Reed Financial, Inc. I wanted to send a quick note about what this means for you specifically.
I am currently an independent financial advisor affiliated with Waddell & Reed Inc., but as you know, your relationship is primarily with me. First and foremost, I want to reassure you that I will continue to serve you and guide you toward your goals.
After the close of the acquisition and subsequent transition of my practice to LPL Financial LLC (LPL) later this year, I will become an independent advisor affiliated with LPL. If you’re not familiar with LPL, let me tell you a little about them.
As the nation’s largest independent broker-dealer, LPL is recognized for its superior tools, technologies and services. In 2020, LPL was ranked the #1 independent broker-dealer1 for the 25th consecutive year.* The firm invests heavily to improve technology and provide extraordinary service. This should enable me to spend more time helping you pursue your financial goals and elevate your overall experience.
What happens next?
As we get closer to the transition to LPL, there are a few things you can be looking out for:
1. You will receive a letter for each of your accounts from Waddell & Reed that outlines the anticipated change of ownership to LPL. These letters will all be the same and are scheduled to arrive by March 15. You do not need to take any action if you plan to continue working with me. During and after the transition to LPL, you will have full access to your accounts and I will continue to service them.
2. You will receive additional letters on or around May 24 that provide detailed information about your accounts converting to LPL. These letters will highlight some of LPL’s advisory programs, which allow me to exercise discretion over mutual funds and exchange-traded funds (ETFs) to meet your investment needs. We can discuss how this benefits you.
3. As other key dates approach, and if there’s anything I need from you—such as additional information that LPL may need to ensure your client records are up to date—I will let you know.
Thank you for your continued business and trust. I will keep you up to date during the transition to LPL and, of course, if you have questions in the meantime, please give me a shout.
Christopher E. Gavin CFP®, CRPC®, CMFC®
President & Lead Advisor
* Based on total revenue, Financial Planning magazine, June 1996-2020.