October 3, 2017 RIA Announcement

October 5th, 2017 by Legacy Wealth Planning

To Our Clients and Friends,

We are very excited to announce that there will soon be changes to the structure of Legacy Wealth Planning as we evolve our business to a new, more client focused level.

What will we be doing? In the very near future we will be transitioning to a Hybrid Registered Investment Advisor (HRIA) model that incorporates our current business with our new business of a Registered Investment Advisor (“RIA”).

What is an RIA? An RIA is a professional financial advisor who offers advice for a fee and provide financial products from the entire market. We will be independently registered with the SEC and provide services to our clients charging an hourly, management or flat fee. We will continue to partner with LPL Financial Inc. as our custodian to hold assets, execute and settle trades, and provide other products and services. As one of the nation’s largest broker dealers*, this evolution takes our relationship with LPL Financial, Inc. to a new level.

Why is Legacy Wealth Planning making this change? There are many reasons:

Independence– As Fiduciaries for our clients, an RIA practice allows us to operate in the most autonomous way and to establish our business practice to best meet the needs of our clients. These practices include making flexible investment policies, implementing fee structures, and conducting outside business interests.

Philosophy – Closely tied to this independence is the philosophical reason of having total control of our business and mitigating any unnecessary restrictions. This allows Legacy Wealth Planning to operate the business in our client’s best interest.

From a practical perspective, in the ever-changing and more volatile world we live in, this change allows us to offer you, our valued client, access to a much broader range of investment products and solutions that can support a wider range of your investment needs. We feel that this move is necessary.

Being a Hybrid RIA is something that is only available to advisors who have the size, scale and experience to work directly with the SEC, and we are proud that over the last 11 years we have been able to distinguish ourselves, and be added to that list of advisors.

What is a Fiduciary? A Fiduciary is a person or organization that owes to another the duties of good faith and trust. The highest legal duty of one party to another, it also involves being bound ethically to act in the other’s best interests.

Are you changing your name? No – We will remain Legacy Wealth Planning, LLC

What does this mean to me, as your client? For many of you – nothing. But it does open up our conversations and the work we do for you to many more possibilities. I look forward to showing you our new capabilities.

For those of you who currently have advisory SAM, OMP, MWP or PWP accounts, you will receive forms in the mail addressed to your attention. At that time, we will speak with you directly regarding this change for our firm. Because the Registered Investment Advisor on your account will change from LPL to Legacy Wealth Planning, LLC (RIA), we will need to make sure you acknowledge this change with your signature. Your signature indicates your understanding that Legacy Wealth Planning, LLC is the new RIA on your account, not LPL Financial.

We welcome your questions about our expansion and look forward to discussing it with you in the future.

Finally – we could not have done this without you, so a big Thank You to our clients and friends, we greatly appreciate your business.


Phillip S. Mahoney, CFP Managing Partner Legacy Wealth Planning, LLC

*As reported by Financial Planning magazine, June 1996-2017, based on total revenue.

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