What You Need to Know
- The 10-member team from UBS managed about $1.2 billion in advisory and brokerage assets.
- The team, now called Puzzle Wealth Solutions, is based in Schaumburg, Illinois, and has nearly 400 clients.
- It focuses on financial planning, estate planning and portfolio management.
LPL Financial has added a 10-member team from UBS Financial Services that managed about $1.2 billion in advisory and brokerage assets.
The newly created Puzzle Wealth Solutions has joined LPL’s broker-dealer, hybrid RIA and custodial platforms, LPL said on Tuesday. The team is aligned with Gladstone Wealth Partners, which supports LPL-affiliated advisors.
Puzzle is led by CEO John Klaas, who is registered with LPL as a broker and with Gladstone as an advisor, according to his report on the Financial Industry Regulatory Authority’s website.
Klaas started in 1988 as a solo practitioner and his firm has grown into its current 10-person team. He was registered as a broker and RIA with UBS since 2007 and before that was with Morgan Stanley since 1990.
“In a wirehouse environment, advisors are often strongly encouraged to use internal products or solutions,” Klaas said in the announcement. “Now, as independent advisors, we can offer improved transparency and operate in our clients’ best interests. That freedom is powerful and very refreshing.”
UBS declined to comment on losing the advisor team to LPL and Gladstone Wealth Management.
The Puzzle name is new, but the Schaumburg, Illinois-based firm has a long history in the Chicago area and has a client base of almost 400 corporate executives, business owners, families and affluent individuals, according to LPL.