LPL Financial’s SWS Unit Lands 20th Team

LPL Financial

marked its 20th team for its Strategic Wealth Services unit, a business that caters to wirehouses and other financial advisers looking to branch off and open independent practices.

Advisors Andy Walker and Christian Covey have joined LPL Financial in Orem, Utah. They were previously part of a Commonwealth Financial Network team overseeing around $350 million in advisory, brokerage and pension plan assets, according to LPL.

Walker and Covey had been registered with the Commonwealth since 2007 and 2019 respectively, according to BrokerCheck, a public database operated by industry self-regulator Finra.

LPL Financial

The time of dreams

A Commonwealth spokeswoman was not available for immediate comment.

LPL’s Strategic Wealth Services provide advisors with assistance in finding real estate and other aspects of opening an independent practice. The company also provides ongoing technology and investment services in exchange for compensation.

Moving in with Walker and Covey is Rebecca McEntire, who will serve as director of client services for their new practice, dubbed Walker Covey Wealth Advisors.

The advisers said in a statement that they signed on with LPL for its platform and resources. “LPL Strategic Wealth Services fills in the gaps so we don’t have to worry as much about things like HR or maintaining our website,” Covey said. “We’re still running a business, but this model helps us focus on what we do best.”

LPL Financial is the largest independent broker with over 19,000 financial advisors. The company launched the SWS unit in 2020 with the aim of attracting more advisors from its employee-broker rivals by providing these FAs with additional support and resources.

Another recent addition to the SWS unit was Hugh Lau, an adviser who managed $750 million at DA Davidson, a regional brokerage. Lau opened his new independent practice in Lincoln, Neb.

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