LPL Picks Up $1.45B Advisor Team From Wells Fargo
Carnegie Private Wealth is the 29th team to join LPL Strategic Wealth Services since it launched in April 2020.
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.