This week, clients with investment accounts held through our relationship with Commonwealth Financial Network received important information about the transition of those accounts to LPL.
As you know, through our relationship with Commonwealth, we are able to offer investment and wealth management solutions to our clients. Last year, Commonwealth was purchased by LPL and this November will further integrate with it.
Accounts currently held at Commonwealth’s clearing firm, National Financial Services LLC (“NFS”), will be transferred to LPL, and LPL will replace NFS as your custodian. For any directly held accounts (mutual funds, annuities, etc) that are serviced by Commonwealth, your broker-of-record on your account will be updated from Commonwealth to LPL.
We will continue to serve as your financial advisors. We will provide the same level of service and support you have come to appreciate. You do not need to take any action to continue working with us.
This change means you will receive account statements that are different than those you currently receive and will access a different service for accessing account information. We will provide more information about this closer to the November transition.
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We previously shared our impressions after the purchase was announced and our decision to continue with Commonwealth/LPL, viewable here.
Our #1 concern is our ability to help our clients Achieve Simplicity™ in their lives. A partner that will support that mission is critical. After long deliberation, we felt confident that Commonwealth/LPL was the right choice and have moved forward with that intention.
We are happy to discuss any questions that you have about this change. We look forward to some new capabilities that this transition will provide.
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Here are some other things that caught our attention:
- Many of you know about our Miami roots. The transformation of Miami’s skyline and the reinvention of downtown as a destination for city dwellers has been fascinating. Miami will soon have multiple skyscrapers that are more than 1000 feet tall.
- A new college football season is around the corner and the payments to players continue to be a huge factor. The compensation for position starters may surprise you.
- Spider-Man: Brand New Day is a fun movie. Spider-Man is clearly the GOAT of the movie superhero box office.