Having had the opportunity to converse with many of the key players involved in the launch of LPL Financials new Enterprise Management Consulting Group which aims to help traditional producer groups evolve their businesses to add value in new ways to the advisors they serve I am more convinced than ever that the traditional Super-OSJ business model is in need of a complete transformation.
First, some context: In the past, Super OSJs (office of supervisory jurisdiction) have typically pulled together groups of very loosely allied independent advisors by offering compliance oversight support and the ability to negotiate as a bloc for more favorable pricing with broker-dealers, custodians and third-party vendors. Recent industry developments promise to make these efforts not just increasingly challenging, but less profitable and of less value to the independent advisor.
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