LPL Financial is expanding its succession program to include wirehouse teams and independent RIAs.

A report from research firm Cerulli Associates earlier this year indicated that approximately 37% of financial advisors managing a total of over $10 trillion in client assets anticipate retirement within the next decade.

Last year, LPL introduced its "liquidity and succession" choice to over 20,000 advisors within the firm. According to FinancialPlanning.com, that followed the launch of an "assurance plan" in 2020, which aimed to assist practices in the event of an unexpected death or permanent disability. Competing firms like Advisor Group, Cetera Financial Group, and Kestra Holdings' Bluespring Wealth Partners also have developed succession plans and services, illustrating how independent brokerages are vying with RIA consolidators.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.