Advisor leaves Ameriprise for LPL after 25 years, citing greater freedom

Advisor leaves Ameriprise for LPL after 25 years, citing greater freedom
Jason Johnson founded 509 Wealth Management in 1998 and manages approximately $400 million in assets.
JUL 11, 2023

A wealth advisor who started his firm when he was just out of college is looking ahead to the next phase of his business’ evolution.

Jason Johnson started 509 Wealth Management in 1998 and has grown it organically over almost a quarter of a century with Ameriprise but has decided to become the latest firm to join LPL Financial’s broker-dealer, RIA and custodial platforms.  

Johnson, who reports serving approximately $400 million in advisory, brokerage and retirement plan assets, says that he decided to switch as the franchise model was not how he wanted to manage the next phase of his business.

The firm has registered offices in Spokane and Kennewick, Washington, and Coeur d'Alene, Idaho, and Johnson’s team includes three support staff.

FREEDOM AND INDEPENDENCE

Johnson says he will benefit from LPL’s innovative capabilities and back-office support to elevate his services. And he says it’s important that LPL does not sell proprietary investment products, giving him greater flexibility.

“Ultimately, I have a greater layer of independence and freedom to work with each individual client, understand their goals and come up with my own strategies to help take care of their unique financial needs,” he said.

Scott Posner, executive vice president of business development at LPL Financial, added that his firm’s philosophy is that independent advisors should have the ability to run their businesses on their own terms.

“We are committed to meeting advisors where they are in the evolution of their practice by providing them with differentiated tools and integrated capabilities to help them deliver meaningful, customized services to their clients,” he said.

Latest News

JPMorgan tells fintech firms to start paying for customer data
JPMorgan tells fintech firms to start paying for customer data

The move to charge data aggregators fees totaling hundreds of millions of dollars threatens to upend business models across the industry.

FINRA snapshot shows concentration in largest firms, coastal states
FINRA snapshot shows concentration in largest firms, coastal states

The latest snapshot report reveals large firms overwhelmingly account for branches and registrants as trend of net exits from FINRA continues.

Why advisors to divorcing couples shouldn't bet on who'll stay
Why advisors to divorcing couples shouldn't bet on who'll stay

Siding with the primary contact in a marriage might make sense at first, but having both parties' interests at heart could open a better way forward.

SEC spanks closed Osaic RIA for conflicts, over-charging clients on alternatives
SEC spanks closed Osaic RIA for conflicts, over-charging clients on alternatives

With more than $13 billion in assets, American Portfolios Advisors closed last October.

William Blair taps former Raymond James executive to lead investment management business
William Blair taps former Raymond James executive to lead investment management business

Robert D. Kendall brings decades of experience, including roles at DWS Americas and a former investment unit within Morgan Stanley, as he steps into a global leadership position.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.