Bloomberg Surveillance · Monday, September 28, 2026
Financial advisors often leave large wirehouses like Morgan Stanley and Merrill Lynch to join platforms like LPL Financial primarily seeking independence, the ability to own their business, and greater flexibility. These advisors operate as 1099 independent contractors, running their own small businesses.
“Yeah, usually you're looking for independence. You're looking for making your own call. You're looking for owning your own business.”
“Think about this. Our advisors, by and large, are 1099s. And so that means that they're running their small business.”
“There's greater flexibility in how you actually your business and how you deliver advice.”