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LPL Rolls Out Lobbying Initiative Aimed at Leveraging Individual FAs

By Alex Padalka February 11, 2019

LPL Financial has unveiled a new program it hopes will encourage more of its advisors to take part in lobbying the U.S. government, according to the company.

The LPL Financial 50 State Network aims to “empower” LPL’s advisors to collaborate with the firm’s government relations unit “and provide the voice of the advisor and their investors in efforts to shape policies that affect their business,” LPL says in a press release.

The company says the 50 State program was inspired by some of the LPL advisors who have already come forward to speak to legislators and regulators.

For example, LPL financial advisors Larry Leitch and Jamie Cox have talked with U.S. Department of Treasury officials, while Mike Brady has appeared for testimony in front of the IRS and the Treasury about the pass-through deduction changes in last year’s tax law overhaul, according to the press release.

And some LPL financial advisors have been active in Nevada and Maryland, which are both on their way to imposing a state-level fiduciary standard on brokers and advisors, the company says.

The new program will make LPL’s advisors into “boots on the ground” in each state, offering them training with the government relations unit to help foster relationships with federal and state lawmakers, according to the press release.

"There will always be issues that need to be addressed and we need to be out front providing key information to our respective state leaders and regulators," Tom Tye of the Tye Financial Group of Kentucky, another LPL advisor who’s been active politically for years, says in the press release. "I encourage everyone to get involved, to lend your voice, on matters important to your clients, our business, and our industry."