LPL Financial has added an Austin, Texas–based father-son practice, specializing in financial planning for teachers and college educators, to its broker/dealer and corporate RIA platforms. Matt Meyers Sr. and Matthew Meyers Jr. of Crossroads Financial Services managed about $300 billion in client assets at Voya Financial Advisors.
The team joins The Financial Services Network, one of LPL’s large offices of supervisory jurisdiction.
Meyers Jr. came on board in 2012 after working for corporations and the federal government.
“When you are dealing with money, whether it’s yours or a client’s, it’s all about trust and who you feel comfortable with,” he said. “My dad and I have built a lifetime of trust and now have a wonderful relationship that has turned into an ideal business partnership.”
The new team plans to partner with LPL and The Financial Services Network to rebuild its technology approach and improve the client experience.
“It is a privilege to support their practice—a father and son team that provides investment advice and consulting services to the Austin community, as well as expertise with helping teachers navigate their 403(b) plan options,” said Daxs Stadjuhar, managing partner with The Financial Services Network, in a statement.
WealthManagement.com recently wrote that the K-12 403(b) plan system is broken, dominated by high-fee products pushed by high-commission sales agents, primarily from insurance companies. These brokers may appeal to well-meaning administrators to get themselves invited into teachers’ lounges, lunchrooms or even classrooms to pitch the investment products.
But a handful of advisors and technology companies want to undo the damage and bring low-cost fiduciary plans to K-12 educators.