More than a decade and a half after a colleague told him he’d never make it in the industry with an Iranian last name, a financial advisor launched an independent firm with LPL Financial.
Sean Khaligh of Palos Verdes, California-based EQ Private Wealth Advisors emigrated from Iran with his parents when he was 12 and spoke no English. Khaligh’s family lost much of their money during the transition. Early in his financial services career, Khaligh became “more determined than ever to make something of myself,” after a colleague told him he “would never be successful as a financial advisor simply because of my last name and the stigma associated with Iran,” said Khaligh.
Years later, like other minority advisors who
“The industry that we work in today is much different than the one I was hired into 17 years ago in many aspects,” Khaligh said in an email. “Our clients are in need of expert advice, more individualized attention and care more than ever before. We need to spend as much time proactively advising our clients and the next generation about their goals and help them navigate through these fast-changing economics and legislative environments prudently and objectively.”
Representatives for Wells Fargo Advisors declined to comment on the team’s move.
Wells Fargo has
“I’m proactively talking about it; what I didn't know is it was on a majority of their minds along the way,” Verma said. “The conversation was welcome.”
Verma and Khaligh advise any teams considering an independent move to take their time and ask lots of questions of prospective firms in order to find the right fit. In Khaligh’s case, he chose one of the larger enterprises at LPL, with more than 100 registered representatives and $6.38 billion in assets under management
“For me reputation is very important, so LPL and the Network met that criteria,” Khaligh said. “I also came from a large firm where I was used to a certain amount of resources and I wanted to make sure that was available for me and my clients to run an effective and efficient practice. … I did not want my reputation and brand to be in the hands of someone else or a group of people where I had zero input or, if I did have one, it would take months to be heard and possibly get executed.”
LPL’s headcount has been heading in the opposite direction of Wells Fargo’s. After recruiting advisors with $80 billion in client assets over the past 12 months, LPL’s advisor force jumped 13% year-over-year to an industry-leading 19,114 in the second quarter,
“We are inspired by Sean’s story and journey to independence,” Scott Posner, executive vice president of business development, said in a statement. “He has built a highly successful business serving his clients, and we are honored Sean turned to LPL and The Network as he seeks new ways to elevate his practice on his own terms.”
