Why did you start Madison & Elm Wealth Management?

I have always dreamed of being a business owner and having the freedom to run my business and serve my clients in the best way possible. I will offer a broad array of sophisticated investment strategies, advanced financial planning software, and enhanced trading capabilities to maximize client opportunities. I am passionate about helping clients pursue financial freedom and starting Madison & Elm has allowed me to do this to the best of my ability.

How does Madison & Elm Wealth Management interact with LPL?

LPL provides the back-end support and infrastructure: custodian for client assets, performance reporting, statements, client portal, client app, cybersecurity, and research.

Madison & Elm Wealth Management is a team led by Steve Davis, CFP® which provides client-facing services including: client meetings, phone calls, customized financial planning, investment management, etc. Clients can confidently partner with the team at Madison & Elm, knowing they are receiving robust support from LPL.

Do you have an Office in Arlington Heights?

Yes, the office is located at 3400 W. Stonegate Blvd in Arlington Heights near the racetrack.

Do you have a staff?

Yes, I have a team of administrative staff members provided by LPL to assist with behind-the-scenes paperwork processing so I can focus on advising clients.

Do I Need to Liquidate my existing holdings at my prior firm?

In 99% of cases you do not need to liquidate your existing holdings. Investments can be transferred "in kind" meaning that the exact same investments you hold at your prior firm will be transferred to LPL.

Will I have access to an online account/app where I can view my holdings?

Yes, LPL has an online portal where clients can view their holdings, performance, statements, and tax forms. There is also a client app that can be downloaded.

Are there penalties or  fees to move my money to LPL?

There are no penalties to move your funds but many firms charge a "transfer out" fee. This varies firm to firm but is typically in the neighborhood of $95-$150. I do not want this to be a factor in anyone's decision so I will cover any transfer fees related to moving your funds to LPL.

What is the general process to transfer my existing accounts?

I will need to collect some personal information and account statements from your existing firm. Then we will process account opening and transfer forms and you can e-sign via DocuSign (or paper sign if you prefer). Once transfer forms have been e-signed, your existing investments will transfer over to LPL (typically within 4-5 business days). You do not need to call your prior firm. LPL's home office will electronically pull the funds from your existing firm's home office.

I've never Heard of LPL Financial. Who are they?

LPL Financial (Nasdaq: LPLA) was founded on the principle that the firm should work for the advisor, and not the other way around. Today, LPL is a leader in the markets we serve,* supporting nearly 20,000 financial advisors, and approximately 800 institution-based investment programs and 500 independent RIA firms nationwide. We are steadfast in our commitment to the advisor-centered model and the belief that Americans deserve access to personalized guidance from a financial advisor. At LPL, independence means that advisors have the freedom they deserve to choose the business model, services, and technology resources that allow them to run their perfect practice. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors, so they can take care of their clients.

*Top RIA custodian (Cerulli Associates, 2020 U.S. RIA Marketplace Report); No. 1 Independent Broker-Dealer in the U.S (Based on total revenues, Financial Planning magazine 1996-2021); No. 1 provider of third-party brokerage services to banks and credit unions (2020-2021 Kehrer Bielan Research & Consulting Annual TPM Report); Fortune 500 Company as of June 2021. LPL and its affiliated companies provide financial services only from the United States.