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Practice Management > Building Your Business

LPL Welcomes Back $200M Team; Raymond James Adds $220M Wells Group

By Janet Levaux

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LPL Financial (LPLA) said Monday that NetVEST Financial, a team with about $200 million in client assets that left to affiliate with Ameriprise Financial (AMP) about a year ago, has rejoined the fold. Also, Raymond James said recently that it recruited a $220 million team from Wells Fargo.

Based in Scottsdale, Ariz., NetVEST is led by John Cartolano, who has 25 years in the business. The firm works with mass affluent and high-net-worth clients, with an emphasis on the use of different trust structures to support multigenerational wealth planning goals.

“We are delighted to see John and his team back to LPL,” said Bill Morrissey, executive vice president of business development at LPL Financial, in an interview with ThinkAdvisor.

“They have been growing their practice by leaps and bounds and came to an inflection point in terms of their growth and scale,” Morrissey said. “They wanted the right framework, talked to a few broker-dealers and ultimately decided to return to LPL, because we offer them the best platform to use to grow their business.”

The LPL executive says that it does its best to stay in touch with financial advisors that have left to affiliate with other broker-dealers. “It’s a small industry. We want to attract valuable advisors, and the best clients value what we do,” he said.

“I am delighted to affiliate with LPL Financial, a firm that has supported me for many years in the past, and which I am privileged to partner with once more,” said NetVEST President & CEO Cartolano, in a statement. “Central to this decision is my recognition of LPL Financial’s commitment to everything that is truly crucial for our sustained success within the financial advisory industry.”

While LPL doesn’t offer advisors the “lowest prices” in the industry, it does give them “the highest value,” according to Morrissey. Given NetVEST’s fast-paced growth and comprehensive wealth-management approach, he adds, the team needed “robust technology to scale its business and draw really efficient and comprehensive client support” and other services.

Raymond James’ Newest Team

Raymond James (RJF) said Thursday that it had added a team of three ex-Wells Fargo (WFC) financial advisors: Doug Noble, Greg Bowden and Rod Dahl of Georgetown, Texas, which is near Austin. The advisors, who all have the CFP designation, manage a combined $220 million in client assets and have yearly sales and commissions of $1.3 million.

The team, Goodwater Wealth Management Group, is now part of Raymond James’ Advisor Select channel for advisors who want more independence but also the stability of remaining employees of a broker-dealer.

“Doug, Greg and Rod are a wonderful addition to the Advisor Select platform,” said Chris Davitt, vice president and director of Advisor Select, in a statement. “Their desire to establish their own freestanding office and boutique practice while at the same time remaining W-2 employees of Raymond James made them a perfect fit for Advisor Select.

“We were looking for a firm with the same culture and values that we believed in and had experienced in our early days at A.G. Edwards,” said Noble, in a press release. (Noble, a West Point graduate, began his career in 2005 at A.G. Edwards.)

“We chose the Advisor Select business model,” added Noble, “because we wanted to control our own destiny in terms of how we run and grow our practice and the investments we make in our business. But we didn’t want to take on all the back-office headaches that come with total independence. The Raymond James independent employee model offered through Advisor Select was the perfect answer to our needs.” 

Bowden became an advisor with A.G. Edwards in 2006, while Dahl started his financial planning career with A.G. Edwards in 2000.

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