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Full back-office operational support through a remote team
LCG Financial Partners offers operational support for advisors through a remote team. This means that you can get the help you need with your day-to-day business interactions without having to take time out of your schedule—or worse, lose time with clients.
Our advisor support team can streamline your interactions with LPL, compliance, trading, and sponsor companies so you can keep your business running smoothly.
Your Back Office and Operations Team
As every advisor can attest, there is more to the business than simply meeting with clients. You also must deal with the time-consuming and complex process working with a broker/dealer: paperwork, compliance submissions, client communications, trading, and a lot more.
Reinvent your business by teaming with LCG Financial Partners and allowing our experienced staff to take care of any – or all – of these tasks for you.
We work with you and LPL to come up with a transition plan and help you execute it, so you can be back in business sooner.
Each transition will vary based on the complexity and size of your business, the responsiveness of clients to electronic signatures, and the direct business component, among other factors.
We will understand your business to map out timing, any potential obstacles that can be foreseen, and develop a strategy that’s best for you, based on your needs.
Guidelines for an average transition of 150 households, approximately 450 accounts, an equal mix of advisory, brokerage and annuities, with a smaller component of alternatives would typically include 60 days of planning prior to the move and four to six months for the transition of the accounts and assets.
We will coordinate legal counsel review of your situation, what data can be utilized, and other critical guidance during a transition.
If appropriate, we will ensure you have access to the historical details you may need once you have transitioned your business
Our team looks at your current book of business and maps over the current products you have to the range of products available at LPL. You will have access to each of the following:
- LPL’s full-service product line, including alternative investments, annuities, equities, ETF’s, fixed income, interval funds, mutual funds, structured products, and insurance
- LPL’s full-service retirement product line, including Traditional, Roth, Simple, SEP, Decedent IRA’s, 401k’s, Defined Benefit Plans, Self-trusteed plans and more
- Our in-house asset management: the investment and research team provides market commentary, financial outlook, and other resources
- Comprehensive unified managed account (UMA) platform including alternative investments and annuities
Additionally, our team will:
- Pull product data from your existing systems for product due diligence and mapping review
- Review advisory models and strategies to ensure the right fit
- Create strategies if a specific need is not met
- Execute discretionary Unified Managed Account (UMA) models and trading
- Understand specific taxable situations and determining how best to proceed (in kind transfers, map securities to models, set maximum gain levels over time, etc.)
Setting up thousands of accounts and sending out those repapering DocuSign’s can be time-consuming and stressful. Our team does the legwork so you can focus on contacting your clients. Here is just some of what we will do for you:
- Pull client data from your existing systems, mapping them to the LPL account requirements and importing data for account creation
- Review each household, enter additional information to create the account, account forms, transfer forms, money movement forms, broker/dealer change forms, financial planning forms, and send those client documents via electronic signature. Where electronic signature is not allowed, we will provide forms for mailing or in-person signing.
- Follow up to collect signatures, ensure signed paperwork is processed, assets received, annuities, 401k plans and 529 plans transitioned, alternatives re-registered, and each step of the account transition is completed for each household
If your book contains annuities, we know it can be a hassle to ensure each insurance carrier transfers your appointments to LPL. We can coordinate these changes for you so you can continue to receive compensation from annuity business. We also provide you with onboarding support to assist with insurance carrier forms, appointments and licensing.
Ongoing Operations Training
The team will provide the right training when needed during the transition, on a variety of topics:
- Best practices and how-to’s
- Quick start guides
- A Day in the Life of an advisor / assistant
- Operations and trading practices
- Compliance practices
- Commission Accounting support
- LPL and other platform technology
Ensuring you have support to remain compliant is critical when you change broker/dealers. Our team will provide you with training, support and coordination for a variety of compliance-related issues:
- Client grievances
- Outside business activities
- Branch examination preparation and interviews
- Marketing and advertising review and approvals
- Gifts and gratuities (cash-non/cash compensation) Reporting
- Continuing education
Technology Installation, Training and Support
As a wealth management firm built by advisors with the expressed purpose of serving our clients, and our technology has been hand selected to achieve this need. Our technology is optimized to streamline your business and fuel growth, with mobile and electronic signature technology that allows you to do business anywhere, anytime.
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