Clients, looking back over these decades together, the word “collaboration” is what comes to mind for me. I have worked with some of your households for years, and I am most proud of what you and we have created together. Successful investing requires effective attitudes and intentional actions with money. You, the best clients in the world, have been stellar partners in this regard. It has truly been a team effort.
But I’m realizing that “collaboration” will have even more meaning for our work in the years and decades ahead. The success we’ve enjoyed together has resulted in an enterprise that is now beyond my ability to run by myself (and not that I would want to—to my estimation, the gang and I seem to be having a pretty good time together!).
Greg Leibman became an integral part of the effort a long time ago; Caitie Leibman and Billy Garver bring us perspectives and skills we formerly lacked and now rely on.
Two of our core activities are investment research and portfolio management. With the increasing wealth you’ve brought to us, these activities are more important than ever. Our capacity to do them depends on the team we’ve assembled. It’s a collaboration that’s become vital to our daily work.
Even as we conduct our work as a team, however, I remain the regulatory head: as an Investment Advisor Representative of LPL Financial, I am the business structure. The others, on paper, are technically assistants working under my direction.
This regulatory structure is a vestige of the days when this was a one-person operation, and it no longer aligns with what we’re trying to do here. So, for the rest of the year, we plan to work toward restructuring our firm as a Registered Investment Advisor: this arrangement should more clearly reflect how we can best serve you in the years and decades ahead.
Friends, you know about my intention to work to age 92, and that is still the case. But I also believe that part of my responsibility to you is to help shape an enterprise that can outlast me. The mortality rate remains 100%, so sustainability is the watchword here.
A team format—four officers, working collaboratively—gives this entity some of the durability it deserves. Fortunately, LPL Financial has developed plans and processes for this exact scenario, which is not unique to us. I’ve not lost my sense of gratitude for what LPL Financial has meant to my family and me; your funds will continue to be custodied with them. Account numbers and history and online access and statements and all that will remain essentially unchanged.
There will be just a bit of paperwork to transition each account. Details will follow as we learn more.
It will take the balance of this year for us to continue this work and implement the new structure. Clients, we will be in touch with more detail about this journey as it unfolds—and we are excited to get things more aligned with the big picture.
Please email us or call with questions or comments. Thank you all again, for everything.
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