LPL has bolstered its advisory presence further in Illinois as a veteran pair from Stifel embark on a long-planned journey of professional independence.
LPL Financial announced Thursday that financial advisors Stephen Shevlin and Jonathan Joelner have launched an independent practice, 1818 Wealth Advisors, through LPL Financial’s broker-dealer, RIA, and custodial platforms.
The advisors previously served with Stifel, managing approximately $300 million in advisory, brokerage, and retirement plan assets.
The name 1818 Wealth Advisors reflects the duo's pride in their home state, as Illinois became the 21st state in 1818. The duo serves clients across approximately 30 states, maintaining a personal approach to financial planning.
Shevlin and Joelner are based in Swansea, Illinois, close to St. Louis, Missouri, and bring a combined 50 years of industry experience to their new venture. The team takes pride in their client-first philosophy, which emphasizes open communication, which occasionally includes difficult conversations, and client education.
"In this industry, it’s the people who make a difference in client engagement and outcomes," Shevlin, a three-decade industry veteran, said in a statement. "We treat our clients exactly how we would want to be treated, no matter their age, career or account size."
The advisors decided to move to LPL to achieve their longtime ambition of owning an independent business. Shevlin and Joelner plan to leverage LPL’s marketing resources to build their brand and develop new marketing strategies.
Joelner, who’s been registered with Finra for nearly 20 years, also highlighted LPL’s retirement tools’ potential to help them provide better investment guidance to their clients.
"We can choose our own path and make decisions that are in the best interest of our clients,” he said. “The harder we work, the more it will benefit them and our business."
The launch of 1818 Wealth Advisors in Illinois extends LPL’s recruitment rally in June, which most recently saw the wealth giant add a $500 million advisor duo from First Republic in California. Before that, LPL welcomed an ex-Corebridge advisor in Texas who launched his own independent practice.
Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.
Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.
Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.
Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.
Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
