LPL Financial LLC, the nation’s largest independent broker-dealer, has added father/son financial advisors Tom and Bill Smothers to its broker-dealer and corporate RIA platforms, which leverage LPL as custodian.
The pair serve approximately $220 million in retirement plan, brokerage and advisory assets and join LPL from KMS Financial Services, part of the Advisor Group network of broker-dealers.
With a background in the retirement plan industry dating back to 1976, Tom Smothers acquired Employee Benefit Design in 1998, later changing the name to Pacific Northwest Retirement Planners.
Both of his sons also work at the firm; Bill is a financial advisor and Bryan is the firm’s office manager. The team is headquartered in Portland, Oregon, with most of their clients located throughout southeast Alaska.
For years, the team has worked closely with CPA firms and other small businesses to provide retirement plans. As those business owners grew closer to retirement age, the Smothers recognized the opportunity to expand their service to include wealth management and financial planning.
“Now, we’re starting to work with second and third generations of clients who are bringing their kids into the business. They see that my sons are working with me, and there’s an instant connection,” Tom Smothers said.
LPL Financial provides service to approximately $762 billion in brokerage and advisory assets as of June 30, 2020. The company provides proprietary technology, clearing services, practice management programs and training, and independent research to 16,973 financial advisors.