You may be able to use the PARSENAME function but that depends on the data.
😎

USE TEEST;
GO
SET NOCOUNT ON;

DECLARE @ChangeString VARCHAR(128) = '|LastName:Smith|Jones|FirstName:Bill|William';
;WITH REMOVE_LEADING_TOKEN(OUT_STR) AS
(
  SELECT REPLACE(SUBSTRING(@ChangeString,2,128),'|','.') AS OUT_STR
)
SELECT
  PARSENAME(REPLACE(PARSENAME(RLT.OUT_STR,4),':','.'),2) AS COL_01
 ,PARSENAME(REPLACE(PARSENAME(RLT.OUT_STR,4),':','.'),1) AS COL_02
 ,PARSENAME(RLT.OUT_STR,3)           AS COL_03
 ,PARSENAME(REPLACE(PARSENAME(RLT.OUT_STR,2),':','.'),2) AS COL_04
 ,PARSENAME(REPLACE(PARSENAME(RLT.OUT_STR,2),':','.'),1) AS COL_05
 ,PARSENAME(RLT.OUT_STR,1)           AS COL_06
FROM  REMOVE_LEADING_TOKEN  RLT;

Output

COL_01    COL_02  COL_03 COL_04     COL_05  COL_06
--------- ------- ------ ---------- ------- --------
LastName  Smith   Jones  FirstName  Bill    William