Lincoln Financial Advisors Review

Types of Clients

Lincoln Financial Advisors serves both wealthy clients and those with an average net worth. In a smaller capacity, it also serves corporations, pension and profit-sharing plans, and charitable organizations.

Account minimums for the firm’s advisory services depend on the product you get. For its portfolio management accounts, you’ll need anywhere between $10,000 and $250,000. For financial planning, on the other hand, there is no minimum dollar amount to get in the door.

Financial Advisor Services

As mentioned, Lincoln Financial Advisors offers financial planning and portfolio management. Depending on the product you choose, the latter could be either on a discretionary or non-discretionary basis. Below is an overview of each product the company offers:

Financial Planning

One of the main types of services LFA provides is financial planning. With this, you’ll sit down with an investment advisor representative (IAR) and discuss various areas of your finances. This all works to give them a complete idea of who you are and where you want to go, which will be helpful as they put together a comprehensive plan.

According to the company’s Form ADV 2A, your expert will work closely with you to create a plan that suits your needs, and then deliver it to you in a physical or digital format within six months. You’ll be able to get a plan that centers around one or more of the following aspects:

• Retirement
• Your estate
• Investments
• Education for yourself or your family
• Risk management
• Business ownership (employee benefits, executive compensation, succession, etc.)

As mentioned in the previous section, Lincoln Financial doesn’t have an account minimum for financial planning. This is a great benefit, especially given that some companies require substantial assets before you can meet with an advisor or receive extensive expertise.

Advisor-Directed Portfolio Management

Lincoln Financial Advisors also offers a wide variety of investment advisory programs. This includes advisor-directed and separately managed portfolio management services. LFA’s advisor-directed programs break down under two primary products, Premier and WealthLinc. Both include discretionary products where you entrust a financial advisor to handle your investments and ensure your portfolio stays on track. The former involves five programs, each with varying investment strategies. The latter includes four options, also with different approaches.

Per the company’s client brochure, the investment managers under these products work through a third party called Envestnet Portfolio Solutions, Inc., which is an RIA. This means its representatives must manage your portfolio with your best interest as a priority.

Fee Structure

Lincoln Financial Advisors uses a wrap fee for its advisory programs, which includes fees for investment recommendations, management, and trading costs. The fee you’ll pay is a percentage of the assets under management (AUM) you have with the company.

Fees vary by product (Premier or WealthLinc) and program. In its Form ADV, the company says that advisory fees are on a determined basis with your respective advisor; however, they cap at 3.0% AUM. Because you figure out unique fees with your professional, you might be able to negotiate rates and get a better deal.

Planning and Investment Philosophy

A company’s investment philosophy can be one of the most critical factors in your decision to work with them. This can help you get a better handle on the type of guidance you may receive, as well as the products an investment manager might prioritize when building and maintaining your portfolio.

Lincoln Financial Advisors explains its planning and investment strategies in its client brochures for each of its products. With planning, the firm says that it works to understand client needs and objectives, and its IARs have “latitude to determine how best to develop the advice and recommendations that they present to clients.” This means that your LFA advisor will use their expertise, along with what you’ve given them to create the most effective plan that they can.

For investing, the company uses a variety of different assets tailored to your goals and the approach your program takes. This includes everything such as equities, like mutual funds and exchange-traded funds, to fixed-income securities, like bonds, annuities, and certificates of deposit (CDs).

Disclosures

Lincoln Financial Advisors is registered both with the SEC as an RIA and the Financial Industry Regulatory Authority (FINRA) as a broker-dealer. Therefore, it must disclose all disciplinary actions, criminal proceedings, and arbitrations to the public.

According to FINRA’s BrokerCheck, Lincoln Financial Advisors Corporation has 21 total disclosures. 14 are regulatory events, while 7 are arbitrations. The company’s filing with the SEC shows that, at some time in the last ten years, either it or an advisory affiliate has been charged with a felony and misdemeanor; however, neither the firm nor an affiliate has been convicted.

Customer Service

There are various ways to contact a customer service representative to schedule an appointment or get support from Lincoln Financial:

• By phone for help with investment services – (800) 237-3813
• By email for account help – LFNServiceCenter@LFG.com
• On its website

Tips for Choosing a Financial Advisor Firm

When you’re searching for a financial advisor, there will be a lot of choices in front of you. To help pick the right one, look for ones that follow a fiduciary duty and only charge you based on the services you receive. These will often be firms that employ experts with professional designations such as Chartered Financial Analyst (CFA), Certified Financial Planner (CFP), and Chartered Financial Consultant (ChFC).

It’s also a good idea to consider companies that offer the services you need. Some may specialize in portfolio management, while others may specialize in planning. Then, there may be companies, often larger ones such as LFA, that offer a mix of services.

Account minimums are another important factor. If you don’t have a certain net worth, you might not be able to even work with a given company. Consider that firms with high minimums often serve more affluent clients, while others are more open.

To find an advisor in your area, we recommend comparing experts using matching tools. Once you’ve answered a short list of questions, this one will present you with up to three local experts.

Methodology

This review is based on publicly available information directly from Lincoln Financial Advisors’ website, the SEC, and FINRA. Neither the firm nor its representatives have any say on what we’ve included on this page.

Frequently Asked Questions

Is Lincoln Financial Advisors a fiduciary?

As a firm registered with the SEC, all advisors who work for Lincoln Financial Advisors must carry out a fiduciary standard when working with clients. However, be aware that some professionals at the firm may make money from commissions. This could, in some cases, present conflicts of interest that they should disclose to you.

Is Lincoln Financial a reputable company?

The parent organization of LFA, Lincoln Financial Group is a large company that has been around for a long time. It also scores highly in customer satisfaction surveys. In J.D. Power’s 2023 Investor Satisfaction Study, the firm ranked fourth place with a score of 739 out of 1,000, just behind other major players such as Fidelity, UBS, and Charles Schwab.

How do I open an account with Lincoln?

Unfortunately, Lincoln Financial Advisors’ website doesn’t specifically outline a straightforward or quick way to schedule an appointment or locate a nearby advisor. The most direct way to open an account with the firm is by going to its website and either going through its contact form or calling this phone number: (800) 237-3813.

How much money do you need for Lincoln Financial Advisors?

The company has very accessible advisory products, with account minimums as low as $10,000 for portfolio management. LFA also doesn’t require you to have any amount of money to receive planning services. So, whether you’re a wealthy client with a more complex portfolio or someone just looking for help putting together a retirement plan, you should be able to get in the door and work with a professional from the firm.