A team of advisors based out of Virginia managing about $185 million in advisory, brokerage and retirement assets will be joining Linsco by LPL Financial, the firm’s employee advisor model, the independent broker/dealer announced this week.
Tracy Applewhite and Sean Tyll will be rebranding their practice as Applewhite Tyll Retirement Planners, and will be joining LPL from Wells Fargo Advisors. In doing so, the new advisory team will become the first tenants in a new Richmond, Va., office for Linsco.
The office, which will have additional space for new advisors and teams, will be the second Linsco location unveiled this summer, after one opened in Raleigh, N.C., in July.
The two advisors joined forces in 2017 and work with clients considering retirement, or those who have already retired. They specialize in navigating investments, liability management, risk management and estate planning strategies. According to Tyll, the reason the team made the switch to Linsco was to gain more control over their business.
“We took a look at our practice and how the market is changing, and strategically this move gives us the resources to do more for our clients,” Tyll said.
Applewhite said Linsco stood out because it offered the duo the chance to retain ownership of its practice and client relationships, while benefiting from LPL’s support in fulfilling operational needs.
LPL first began recruiting to its employee advisor channel in August of last year, with a model offering a payout structure higher than traditional employee firms. Advisors joining with Linsco also get brand autonomy, as well as access to LPL’s integrated wealth management platform and additional resources, including a marketing consultant, administrative services and branch management support.
The IBD first announced it was implementing a new employee advisor model in April 2019 and made its first acquisition in support of it in August of that year. In 2021 alone, LPL has partnered with a number of firms that will affiliate with Linsco, including Tiger Blackwell, a Baton Rouge, La., advisor with about $100 in managed assets, in February.
Advisors Kyle Smith and Michael Sandlin joined the employee advisor model from Truist Investment Services, where they collectively managed about $740 million, in July, while Dennis Durocher, a Wisconsin-based advisor with about $90 million in AUM, left Wells Fargo for Linsco in April.