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Financial Advocates Expands Footprint and Welcomes New Advisors Following LPL’s Acquisition of Waddell & Reed

by | Sep 28, 2021 | Press Release

Financial Advocates, LLC (FA), the largest Office of Supervisory Jurisdiction (OSJ) with LPL in the Pacific Northwest, a leading provider of superior, concierge-level services to independent advisors, welcomes a new wave of financial advisors to its network following the acquisition of Waddell & Reed by LPL Financial.

Now supporting over 250 independent financial advisors, Financial Advocates provides a wide range of capabilities for advisors including business consulting, marketing, model portfolio management, internal hiring and recruiting, social media and web support, information technology consulting, compliance counsel, and business financial planning.

“We are excited to welcome these new advisors into our organization and look forward to supporting them to effectively manage and reach their business goals,” said Financial Advocates President and CEO Angela Vlach. “The Financial Advocates team is dedicated to ensuring a seamless transition and taking administrative pressure off advisors so that they can focus on providing their clients with the highest quality of service.”

“The addition of these advisors to the Financial Advocates family represents a 30%+ growth in our advisor count and 64%+ growth in AUM,” said Financial Advocates Chief Growth Officer and Executive Vice President Elvis Medica. “We are extremely proud to welcome these advisors to our family and look forward to celebrating their continued success.”

The fourth-largest OSJ at LPL Financial, Financial Advocates helps ease the complexities and transition period for independent advisors. The new group of advisors will have access to Financial Advocates’ industry professionals to support their audit preparedness, marketing, operations, and technology efforts, along with leading technology for a more integrated and improved practice management experience.

“My team and I considered several RIA and broker-dealer firms before we concluded that the strong technology and investment platforms offered at LPL Financial allowed us to better serve our clients,” stated Greg Schmautz, financial advisor at Waddell & Reed. Greg is a CERTIFIED FINANCIAL PLANNER™, a Chartered Mutual Fund Counselor (CMFC), and an Accredited Wealth Management Advisor (AWMA). He started with Waddell & Reed 39 years ago. “Financial Advocates is an ideal fit for us to be able to call on their experienced team during the transition as well as helping with ongoing client service and practice management.”

“Financial Advocates provides a small-town feel within a very large company,” said Shari Jenkins, financial advisor at Great Puget Sound Solutions. Shari is a CERTIFIED FINANCIAL PLANNER™ and started with Waddell & Reed 37 years ago. “I am also excited to work with folks I have enjoyed and respected for years. Tim Goering and Brian Fields lead an all-star cast within Financial Advocates as they keep Waddell & Reed colleagues together. I could not be happier with our decision to join Financial Advocates.”

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 250 independent financial advisors, several banks and credit unions, and more than 150 support staff.

Financial Advocates, Financial Advocates Investment Management, and its affiliates have 43 home office employees with office locations in Olympia, WA and Tacoma, WA. For more information, please visit http://www.financialadvocates.com.

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