LPL Secures Former Lincoln Financial Team Managing $800 Million
LPL Financial has successfully acquired a former Lincoln Financial team that manages approximately $800 million at Osaic, raising significant interest in the realm of financial planning and life insurance. This move signifies not just a strategic gain for LPL Financial but also highlights the importance of comprehensive financial planning services, including life insurance, for both individuals and businesses.
Life Insurance: A Strategic Financial Tool
Life insurance plays a pivotal role in financial planning, providing essential benefits that can support one’s family, career, and business. Life insurance is not just a safety net but a crucial component in building a robust financial strategy. Helming a team with such a vast portfolio, the former Lincoln Financial founders’ expertise underscores their understanding of life insurance’s broader implications.
According to lifetimeinsurance.org, life insurance can be segmented into various sub-topics, each with distinct benefits:
Business/Career Insurance
- Protects business interests and ensures continuity
- Safeguards against financial loss and debt
- Provides funds for succession planning and employee retention
Retirement Insurance
- Ensures a steady stream of income post-retirement
- Helps in maintaining lifestyle and covering healthcare costs
- Can be a powerful tool for estate planning
Marriage/Divorce Insurance
- Offers financial stability during major life changes
- Provides support for dependents in the event of a spouse’s death
- Facilitates fair asset distribution during a divorce
Other Aspects of Life Insurance
- Death benefits and living benefits for critical illness or disability
- College education funding for children
- Accumulative cash value that can be borrowed against
Rob McGill, a notable figure in financial advisory, commented, “This acquisition by LPL shows their commitment to holistic financial planning, which inevitably includes solid life insurance strategies.” Understanding the diverse needs from business continuity to post-retirement security, LPL Financial’s new team aims to offer clients comprehensive coverages and tailored financial solutions.
Sources:
- AdvisorHub article on LPL Financial and Lincoln Financial team
- Lifetimeinsurance.org for life insurance sub-topics and benefits