Difference between a place like ML and LPL
New to the forum. My first question as I am learning the industry:
I see a lot of small firms with their own business name that have an association with a bigger firm like LPL. Here are two examples:
www.cornerstone-advisory.com/new/cornerstoneadvisorgroup/ (says LPL in footer)
www.kempfm.com/new/kempcooke/ (says Schwab, SagePoint, and Loring Ward in description)
Are these advisors working for places like LPL in the same way that an advisor works for ML or MS with their own business plan and business name?
Do places like my examples above associate themselves with places like LPL to essentially "sub out" certain responsibilities, and if so, which ones?
Thanks in advance for the replies
My guess is they are teams in the independent channel of those larger firms, but I don't know for sure.
After a late night of finding the right words to search, I have answered my questions. thanks