Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor
LPL Financial sign in San Diego

Practice Management > Building Your Business > Recruiting

LPL Picks Up $1.45B Advisor Team From Wells Fargo

By Jeff Berman

X
Your article was successfully shared with the contacts you provided.

What You Need to Know

  • Five advisors teamed up to launch Carnegie Private Wealth through an affiliation with LPL Strategic Wealth Services.
  • Charlotte, North Carolina-based Carnegie is the 29th team to join LPL Strategic Wealth Services since it launched in April 2020.
  • Only a week ago, Maher Wealth Management, a Phoenix, Arizona-based advisor team, left Merrill Lynch to become affiliated with Strategic Wealth Services.

Five financial advisors left Wells Fargo Advisors and teamed up to launch Carnegie Private Wealth, a new independent practice, through an affiliation with LPL Strategic Wealth Services.

Combined, the advisor team served $1.45 billion in advisory, brokerage and retirement plan assets while with Wells Fargo, LPL said Monday, noting the amount makes it the largest team by assets to join LPL Strategic Wealth Services.

Charlotte, North Carolina-based Carnegie is the 29th team to join LPL Strategic Wealth Services since it launched in April 2020, and the second within a week, following Maher Wealth Management, a Phoenix, Arizona-based advisor team serving about $440 million in client assets, who left Merrill Lynch.

Carnegie was founded by certified financial planners Angie Ostendarp, Jordan Raniszeski and Mary Sherrill Ware. The core group also includes seven client services support members.

They have been joined by longtime colleagues Mitch Mayfield and Jeff Vandiver, each of whom has more than 30 years of industry experience and previously ran individual practices.

“By going independent and joining the Carnegie team, we’ll have shared resources, knowledge and information to help better serve my clients and ensure they’re taken care of well into the future,” Mayfield said in a statement.

“It’s going to be a tremendous group of people working together. I’ve known the other Carnegie advisors for a long time and we share the same culture and family-centric values,” he added.

While planning the next chapter of their business, the advisors “sought more flexibility and independence, as well as enhanced technology and improved communication with clients,” LPL said, adding that the Carnegie team plans to “quickly expand its service model to offer more tailored experiences for corporate executives and business owners.”

Advisors who join Strategic Wealth gain access to LPL’s integrated wealth management platform, as well as ongoing strategic support for daily operations and long-term business management, the firm said. They also benefit from an integrated service model that LPL said includes simplified pricing, technology and dedicated support to launch their practice.

LPL now serves more than 21,000 advisors, including advisors at about 1,100 enterprises and at about 500 registered investment advisor firms across the U.S., it said.

Jeff Berman

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.