The Perfect RIA The Future of Financial Advising with Shelby Nicholl [Episode 324]
Sep 1, 2025
Shelby Nicholl, a consultant who aids financial advisors in firm transitions, dives into the recent LPL acquisition of Commonwealth and its effects on the industry. She discusses the critical 'fit test' for advisors contemplating a move and the legal complexities surrounding ownership in advisory practices. Shelby highlights the emotional challenges tied to transitions and the necessity for effective communication with clients. She also stresses the importance of regularly evaluating business channels to ensure advisors align with their goals and maintain client well-being.
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Episode notes
Platform Consolidation Changes Advisor Choices
- LPL's acquisition of Commonwealth combines very different firm personalities and capabilities.
- This consolidation signals continued platform change that affects advisors across channels.
Platforms Thought Permanent Still Change
- Matthew and Shelby note you can never assume a platform will remain unchanged forever.
- Past permanence (like Commonwealth staying independent) proved wrong with LPL's acquisition.
Run A 'Fit Test' Before Considering Moves
- Use a structured 'fit test' to decide whether to move firms before exploring options.
- Evaluate functional needs, financial goals, and personality fit as separate criteria.