LPL Nabs $1.3B Team From Wells Fargo

A new independent advisory practice has launched in Cumberland, Maryland, through an affiliation with LPL Financial’s Strategic Wealth Services after breaking away from Wells Fargo Advisors, where it served about $1.3 billion in advisory, brokerage and retirement plan assets, LPL said Monday.

Boggs & Company Wealth Management is led by 47-year industry veteran Larry Boggs, who was registered as an advisor with Wells Fargo from 1990-2021 and as a broker with Wells Fargo since 1999, according to his report on the Financial Industry Regulatory Authority’s BrokerCheck website.

Boggs built a 13-member multigenerational team that includes his three daughters: financial advisor Mirjhana Buck and Dagenais Boggs and Koosie Boggs, who both support the team’s business operations.

“We like to think of it as our family taking care of your family,” according to Larry Boggs, who noted that the team develops relationships with each client to provide personalized advice, making a point to help them understand the reasoning behind their recommendations.

The Boggs team provides comprehensive financial advice, retirement planning, business services, education funding, estate planning strategies, special needs trusts and other wealth management services to families and business owners throughout the Cumberland region, LPL said.

In addition to the Boggs family, the team includes financial advisors Brian Kelly, Patsy Stullenbarger, Steven Stroup and Cady Rankin. (Wells Fargo declined to comment on Monday about losing the team.)

Boggs decided it was time to break away from the wirehouse and interviewed more than 15 firms before opting to move his practice to LPL so he could run the business on his own terms and enhance the client experience, according to LPL.

“The industry is evolving and it became obvious we needed to update our approach to the business,” Boggs said in a statement. “LPL offers the independence and flexibility I’ve been craving,” Boggs said. “It gives us the ability to better accommodate our clients’ needs and incorporate additional elements of financial planning into our firm.”

LPL’s SWS model was designed by the firm to support the unique needs of breakaway advisors, it pointed out.

Boggs was especially looking forward to leveraging social media, which was difficult in the wirehouse environment, he said.

LPL now supports more than 17,000 advisors and 450 independent RIA firms who manage $958 billion in total advisory and brokerage assets and $497 billion in total advisory assets as of March 31, it says at its website.