I’m No Tom Brady… but We Can All Be Joshua Chamberlain

A message from Managing Partner Daxs Stadjuhar

I have never won a Superbowl. I would never even pretend I’ve walked in Tom Brady’s shoes or know the experiences he’s had, nor the influence he’s held throughout his career.

My point is that your client’s have also never walked in your shoes. They have not sat down and helped hundreds of families make good, thoughtful, methodical decisions when it comes to their savings, how they invest their money, and continue to make sound financial decisions even during difficult times. 

We have done this before: we have been through down markets; we know how to guide our clients. Is this tough? Darn right it is. What we all need right now is a moment to reflect and double down on our own confidence.

I know that each of us are calling our own trusted advisors – our peers – and validating our shared experiences. Are there still unknowns? Absolutely. Nevertheless, you have the experience and expertise to help your clients make the right decisions and guide them through these markets. Please do not second guess yourself or doubt your ability to lead your clients through this volatility. I can assure you there were thousands of passes Tom Brady threw before he stopped second guessing the outcome.

To say we are in an unprecedented time is not an exaggeration, but we’ve seen times like this before. A couple of weeks ago, I mentioned that most of us are probably working on weekends talking to clients or digging into research to better communicate the steps we are taking on behalf of them. I want to encourage you to continue to be available, even when you might be having circular conversations. 

Many of us are going to start doing things we haven’t had to for over a decade. We are going to work long hours while taking a big pay cut. You may have small business owners who will need to request SBA loans or even declare bankruptcy.  You’re going to have clients ask you if they should stop contributing to their 401(k) plan or where do they cut expenses. The reality of our business right now is that it is going to be heart-wrenching, but I also believe it will be rewarding, because these crisis moments is when our greatest value shows up.

I know it’s difficult. I know that there are times where you’re not going to know the answers, and that is fine. Contrary to popular belief, your clients just want you to “be there,” not necessarily be a psychic.

In closing, I’ll included this article on Joshua Chamberlain. Chamberlain was in a difficult situation and used his brutal honestly and courage to overcome multiple obstacles. At its core it’s about leadership and I hope provides a little boost.

Our team is here. We’re right alongside you through this.

Facts, Assumptions, and Fear: The Coronavirus Virus and Risk

A Message from Managing Partner Daxs Stadjuhar

As we wrapped up our I-Forums this week, the conversation turned more and more to COVID-19. 

When I was a strategic planner in the Army, we used to have a saying, “Facts are facts, and assumptions are facts for planning purposes.”  I am not going to propose how COVID-19 is going to play out; however, if you and your clients are going to assume a certain scenario (good or bad), then you will need to use those assumptions as facts for planning what you do with your investments.  I only make these comments because they may help you articulate to your clients how you are going to be making decisions in this volatile market.

I assume you are getting the same emails as I am from every money manager on the planet with their historical perspective on SARS and MERS.  While these comments can be helpful, I do suggest a slightly different strategy at this point which I will outline below.

  1. Please consider calling all of your clients and engaging them to get their feeling on the risk in their portfolio.  It never hurts to provide historical context and if needed, change their investment allocation due to their appetite for risk.   Please call all of your COI’s and offer your help to their clients as well.  I have a feeling we will all be working weekends the next couple months.  Remember that your CPA friends are working weekends this time of year, drop by (bring donuts) and ask them which clients you can help.  You will help them make their meetings shorter and they have too many tax returns to prepare to talk about stock portfolios with their clients. 
  2. Start switching your conversation to tactics on how clients can take appropriate action to protect themselves and their family.  I hope COVID-19 doesn’t spread like everyone else, but the fact is we as a population are going to have a part in this and there are some common sense things we can do. Below are three great resources to help people approach this logically and appropriately. 

I know these are difficult times to lead your clients.  If you need anything, reach out to us.  Our leadership team at the Network will be assessing how this is going to impact our business as well and how we deal with the impact to our team and their families.  

Take care and stay safe.

LPL Financial Welcomes Burns, Toussaint & Associates

LPL Financial LLC, a leading retail investment advisory firm and independent broker-dealer, today announced that financial advisors Wesley Burns and Antoine Toussaint have joined LPL Financial’s broker-dealer and corporate registered investment advisor (RIA) platforms, aligning with The Financial Services Network, an existing LPL large enterprise. The advisors reported having served approximately $180 million in brokerage and advisory assets*. They join from Northwestern Mutual Investment Services.

The two are best friends and college roommates who teamed up last year to form Burns, Toussaint & Associates. Both fathers of little girls, their goal is to build a lasting legacy as successful African-American wealth managers. “Neither of us came from money, and we really pushed each other to get to where we are today,” Burns said. “Generational wealth in the black community is rare, but we want to break that mold and build something that’s bigger than ourselves.”

Their Seattle-based practice includes office support from Joleen Powell and Dajeanne Washington. “We want our team to reflect the city we live in. It helps having women and different cultures represented on our team,” Toussaint said. They are highly active in organizations that empower their community, with Toussaint volunteering with Big Brothers/ Big Sisters and Burns on the board of Safe Crossing Foundation.

LPL Financial Provides More Independence

The team chose to move to LPL and The Network seeking more independence in how they operate their business. “We know LPL and The Network are dedicated to helping their advisors grow and provide the support and resources to help us run our business as we see fit,” Toussaint said. The advisors also noted LPL’s integrated technology as a key factor in their decision to move their business. Burns added, “We pride ourselves on our white glove service, and LPL will strengthen our offering. We are now able to leverage technology that is relevant to our needs, with ClientWorks connecting it all.”

Daxs Stadjuhar, managing partner with The Financial Services Network, said, “The Network is delighted to partner with Wesley and Antoine. In addition to the valued services and advice they provide their clients, they have formally mentored and trained a community of young financial professionals coming into the industry to help develop the next generation of advisors. We are privileged to support their business, clients and efforts within their community.”

Rich Steinmeier, LPL Financial managing director and divisional president, Business Development, said, “We welcome Antoine and Wesley and their team to the LPL family. Their commitment and belief in each other is inspiring. We are proud they have chosen to partner with LPL as they work toward creating a business that can help their clients build lasting wealth. We are highly committed to leveraging our scale to invest in technology and resources to help advisors support the growing needs of their clients. We look forward to supporting Burns, Toussaint & Associates for years to come.”

Read about other firms that recently joined LPL in the LPL Financial News and Media section of LPL.com.

Learn more about LPL’s commitment to diversity and inclusion. Advisors, find a recruiter near you.

About LPL Financial

LPL Financial is a leader in the retail financial advice market and the nation’s largest independent broker-dealer**. We serve independent financial advisors and financial institutions, providing them with the technology, research, clearing and compliance services, and practice management programs they need to create and grow thriving practices. LPL enables them to provide objective guidance to millions of American families seeking wealth management, retirement planning, financial planning and asset management solutions.

Securities and Advisory services offered through LPL Financial, a registered investment advisor. Member FINRA / SIPC.

Burns, Toussaint & Associates and LPL Financial are separate entities.

*Based on prior business and represents assets that would have been custodied at LPL Financial, rather than third-party custodians. Reported assets and client numbers have not been independently and fully verified by LPL Financial.

**Based on total revenues, Financial Planning magazine June 1996-2019

The Financial Services Network Energizes Portfolio Team with Orion Tech

The Financial Services Network (The Network), a leading LPL Financial Enterprise Office, announced today that they will be partnering with Orion Advisor Technology, LLC (“Orion”), a division of Orion Advisor Solutions and the premier provider of financial advisor technology and investment solutions, to support the organization’s Portfolio Consulting services arm.

The Portfolio Consulting team offers customized research, trading and overlay portfolio management through their Enterprise Office/Multi-custodial Hybrid RIA with partnerships that include LPL Financial, Schwab, Fidelity and TD Ameritrade. The Network found a kindred spirit in Orion’s mission to innovate their platform, disrupt the status quo and help financial professionals win by realizing their unique vision for success, while fulfilling their fiduciary responsibilities.

“We could not be more excited to align ourselves with Orion. With this partnership, we are rounding out our research and technology suite, including factorE, Morningstar Direct, Bloomberg and Wilshire Investments, and demonstrating our commitment to investing in top technology as we enhance our ability to support our advisors and help them take their businesses to the next level,” says Jeremy Olen, Managing Partner and Chief Investment Officer with The Network.

Orion gives advisors the technology and next-generation client experience to stand out in a competitive marketplace, winning clients with best in class solutions for reporting, billing and trading, along with an intuitive client portal and tools to leverage business intelligence and risk management strategies. The platform’s extensive integrations with industry leaders like eMoney, Redtail, AdvicePay and others let advisors tailor their tech stacks to drive the unique value of their businesses.

“The Network has its eyes on the future, and it understands how the right technology can transform an advisor’s practice and accelerate their growth,” says Kyle Hiatt, Orion’s Chief Revenue Officer. “we’re proud to support their Portfolio Consulting team with our platform and can’t wait to see the success they’ll enjoy with our solutions.”

“With the firm’s ability to provide an integrated platform, Orion has a unique capability to bring the right financial technology to support our back office operations and ultimately our advisor’s client facing activities” says Olen. “The ability to scale our operations, and in turn those of our advisors, will positively drive client outcomes, which is the goal towards which we consistently strive.”

The Financial Services Network (The Network) – http://www.fsnweb.com, is a national enterprise office (OSJ) and multi-custodial hybrid RIA with over $16B under advisement across the organization. Assets are custodied at their affiliated broker/dealer – LPL Financial, and/or their custodial partners, including LPL Financial, Schwab, Fidelity, and TD Ameritrade. Strategic Wealth Advisors Group (SWAG) is The Network’s wholly owned RIA with over $3.5B in assets under management. The Network supports advisors who are independent and affiliate traditionally with an independent broker/dealer (for both brokerage and advisory business through the corporate RIA) through their OSJ model. The Network’s hybrid RIA, SWAG, also supports advisors who manage a Fee Only/RIA Only business as well as those in need of a Hybrid RIA.

Portfolio Consulting is a service provided through The Network that provides customized portfolio solutions for advisors that are proprietary to each independent advisor’s practice. The service includes customized model creation, investment research and due diligence, monitoring, trading/rebalancing, tax harvesting, concentrated stock management, investment committee meetings, as well as trade logs, rationale and documentation modeled after an institutional investment process. Overseeing nearly $2B in assets, the firm is currently providing services to select group of advisors with assets custodied at LPL Financial, Schwab, Fidelity, and TD Ameritrade.

The consultants of The Financial Services Network are registered representatives with, and securities are offered through, LPL Financial, member FINRA/SIPC. Fee-based investment advisory services may be offered through Strategic Wealth Advisors Group (SWAG) or LPL Financial. Neither SWAG nor The Financial Services Network are affiliated with LPL Financial. Schwab, Fidelity and TD Ameritrade are separate entities from LPL Financial.

About Orion

About Orion Advisor Tech
Orion Advisor Technology, LLC, exists to help fiduciary minded advisors realize their unique vision for success. Our innovative technology includes client experience tools, tax-intelligent rebalancing, efficient billing, integrated planning, and automated compliance monitoring, all aimed at empowering advisors to improve their firm’s productivity, strengthen client relationships, and disrupt traditional ways of thinking. With more than $930+ billion in AUA and 3.3 million accounts on our platform, we have the experience and expertise necessary to help advisors grow and win more than their fair share. For more information, visit http://www.orion.com.

LPL Financial Welcomes Financial Advisor Stacey Williams

CHARLOTTE, N.C. – Dec. 23, 2019 – LPL Financial LLC, a leading retail investment advisory firm and independent broker-dealer, today announced that financial advisor Stacey Williams has joined LPL Financial’s broker-dealer and corporate registered investment advisor (RIA) platforms, aligning with The Financial Services Network, an existing LPL firm. She reported having served approximately $160 million in brokerage, advisory and retirement plan assets*. She joins from Bank of Hawaii’s Bankoh Investment Services.

Williams joins her husband, longtime LPL advisor Rob Williams, at ARA Wealth Management Group in Hilo, Hawaii. With more than 28 years of banking experience and 20 years in the financial services industry, her primary focus is retirement planning. She is eager to begin the next stage of her career as an independent financial advisor.

“It’s been a goal and dream to work with my husband, using our individual strengths to grow our business together,” Stacey Williams said. “The move was part of a succession plan so that Rob and I can get to know each other’s clients. We believe the team approach will help us better serve our clients.”

LPL Will Help Better Serve Clients

Williams added, “I’m so excited to partner with LPL and The Financial Services Network. Their innovative technology, resources, services and product access will help enhance the client experience. Already, their transition support has been outstanding.”

The mother of five and grandmother of two is passionate about educating youth in financial literacy. In her spare time, Williams volunteers for various organizations and schools. She serves as director for Junior Achievement of Hawai`i Island and is on the advisory board for The Salvation Army Hilo Temple. She’s also a board member for E.B. de Silva Elementary School.

“We are honored to welcome Stacey Williams to The Network,” said Christopher Mercado, managing partner and chief investment strategist with The Financial Services Network. “We are privileged to be a part of her integration as she joins her husband Rob Williams to enhance an already successful wealth management practice.”

Rich Steinmeier, LPL Financial managing director and divisional president, Business Development, said, “We welcome Stacey to LPL as she begins the next chapter of her career, and congratulate The Financial Services Network on expanding its network of quality advisors. The independent business model gives advisors the freedom and flexibility to provide objective financial guidance to their clients. We will continue leveraging our scale to offer the technology, service and other wealth management resources that deliver value and help address the evolving needs of America’s investors.”

*Based on prior business and represents assets that would have been custodied at LPL Financial, rather than third-party custodians. Reported assets and client numbers have not been independently and fully verified by LPL Financial.