INSIGHTSNEWS, ARTICLES AND FINANCIAL UPDATES
Financial Advocates Celebrates 25 Years in Business, Expands Marketing Consulting Services to Support Financial Advisors in 2021
The company’s high-touch service continues to strengthen the arsenal of tools independent advisors need for success in 2021
Olympia, WA — March XX 2021— Financial Advocates, LLC (FA), a leading provider of superior, concierge-level services to independent advisors, reported it closed out 2020 serving more than $10.8B in brokerage and advisory assets as it helped its network of independent financial advisors navigate the pandemic. The company now celebrates 25 years of business and is on track to increase AUM by 20+ percent by the end of Q1 2021.
In early 2020, Financial Advocates supported its clients through one of the most difficult economic years since the recession by providing IT consulting services, virtual events, and expanded resources via partnerships. With businesses shut down and in-person meetings restricted, the company revised its business strategy to bring best-in-class equipment and training so advisors could continue to serve clients virtually. As a result, Financial Advocates added on average 2-3 new advisors each month to its advisor network in 2020.
“Due to the rapid changes forced on the financial services industry in 2020, we expect to see a significant increase in the number of advisors prioritizing digital marketing tactics to reach millennial investors,” said Financial Advocates President and CEO Angela Vlach. “Financial Advocates will continue this momentum into 2021 by fortifying the educational resources available to our network and focusing our efforts on providing the quality of service necessary to effectively support these advisors and their businesses.”
Financial Advocates expanded its leadership team with the addition of Executive Vice President and Chief Growth Officer Elvis Medica. In his role, Medica will drive the firm’s focus on growth in the areas of Business Consulting, Business Development, Marketing, and Portfolio Management. To aid in this endeavor, FA has partnered with a financial planner and CFP to provide an additional layer of quality control and allow FA advisors to provide comprehensive financial plans to their clients.
Financial Advocates received honors last year as a result of their growth. FA was named to Barron’s* prestigious list of the top 100 RIA firms in the United States and ranked in the top tier among 379 firms representing Washington state’s money managers. Additionally, CEO Angela Vlach was named by LPL Financial as a new member of the LPL Advisor Council. Vlach is one of 24 members selected from among more than 17,000 LPL advisors nationwide to serve as a sounding board for LPL Financial.
The company plans to continue its two-pronged approach of consulting and recruiting more independent advisors. The company also looks forward to welcoming many more advisors to the Financial Advocates family, including those joining as a result of the recent acquisition of Waddell and Reed by LPL Financial.
In the coming year, the firm has plans to provide more than 20 educational events, workshops, and networking opportunities for financial advisors through a hybrid model of in-person and online events.
To learn more, visit financialadvocates.com.
About Financial Advocates
Financial Advocates, LLC (FA) and their Hybrid RIA, Financial Advocates Investment Management (FAIM), provide servant leadership in the financial advice market and serves as a financial advisor’s primary ally through the transition, growth, and ongoing management of an independent practice. FA’s experienced and diverse staff delivers intensive support to advisors as they transition to an Independent Broker-Dealer, a Hybrid RIA, or pure RIA model to achieve greater independence. Advisors then enjoy concierge-level service in business development, regulatory compliance oversight, operations, IT, marketing and investment management. Financial Advocates and Financial Advocates Investment Management provide services to more than 200 independent financial advisors, several banks and credit unions, and more than 100 support staff.
Financial Advocates, Financial Advocates Investment Management, and its affiliates have 35 home office employees with office locations in Olympia, WA and Tacoma, WA. For more information, please visit www.financialadvocates.com.
*The Barron’s rankings Formula, based on a detailed questionnaire and other factors, included several new metrics this year, such as technology spending, staff diversity and succession planning.
Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice and financial planning offered through Financial Advocates Investment Management, a registered investment advisor. Financial Advocates Investment Management, Financial Advocates, and LPL Financial are separate entities.