Private Advisor Group's Advisor Protection Program Helping Advisors in the Event of Death

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Jul 01, 2014, 11:24 ET

MORRISTOWN, N.J., July 1, 2014 /PRNewswire/ -- Private Advisor Group, LPL Financial's largest branch office and a $5B RIA, launched an Advisor Protection Program at the beginning of the year. The program is available to any advisor within Private Advisor Group and will pay their beneficiary 2x's their trailing 12 month advisory revenue should the advisor die.

Today's hybrid solution for independent advisors. (PRNewsFoto/Private Advisor Group)

"We have found that so many advisors don't have a buy-sell agreement in place. We wanted to create a program that helps our advisors and their clients in the event of an advisor's death," said Patrick Sullivan, Managing Director of Private Advisor Group. "Advisors have worked so hard to build their practice and there should be value in that for their families."

The program has been extremely well received with many early adopters already signed up.

"I have been struggling with the idea of succession planning for awhile. It's one of those things that always falls off the side of my desk, but when Private Advisor Group came out with this program, I immediately jumped on it," said Kent Schmidt, from Syracuse, NY. "I feel so much better knowing that my family and my clients will be taken care of should something happen to me."

The Advisor Protection Program provides the advisor with extra time to determine what his or her longer term succession plan will be. "If an advisor determines, at some later date, they want to enter into a partnership agreement with another advisor as part of a longer term succession plan, this agreement can be replaced," said Pat. "We are really trying to help our advisors that don't have any protection or plan in place."

"The Advisor Protection Program was actually one of the reasons I decided to come to Private Advisor Group." said Bob Hollmann, an advisor from New York City. "As I was completing the transition over to Private Advisor Group, I was simultaneously executing the agreements for the Program. It's a true benefit that they are willing to take on the risk."

About Private Advisor Group

Private Advisor Group (www.privateadvisorgroup.com) is today's hybrid solution built to support successful independent financial advisors. Our unique organization is designed to provide world class customer service, in depth risk management and forward thinking solutions. Advisors can expect extraordinary, personal support backed by the industry's largest independent broker-dealer -- enabling them to stay focused on their business.

Media Contact:
Abby Salameh
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Phone (973)-867-1354

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SOURCE Private Advisor Group