A group of advisors affiliated with LPL Financial has launched an RIA that will share all profits with its partnering advisors.

Good Life Advisor Systems formed the "mutual RIA" to "distribute the proceeds of our model, after expense, to advisors, not only to principals," Conor Delaney, a co-founder of the firm, said.

"A principal or two principals might own a company that includes, say, 400 advisors, and the [bulk of the] profits would go to these two owners," explained Delaney. "In our model, the profits would be distributed to the advisors. It's very unique and not done often in the industry."

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Janet Levaux

Editor-in-Chief Janet Levaux has covered the financial markets since 1991, with a focus on financial advisors since 2005. After graduating from Yale and the Johns Hopkins School of Advanced International Studies (SAIS), where she studied global economics, Janet worked as a freelance financial and business writer in Japan, and then as a reporter and editor for Investor's Business Daily and the Bay Area News Group in California. She earned an MBA in 2007 and since then has helped lead key ThinkAdvisor projects like its Neal-Award winning reporting on Ken Fisher, Luminaries awards program and Women in Wealth newsletter.