A crew of monetary advisors in Westlake Village, Calif., has moved their ebook of enterprise to LPL Monetary. Townsgate Wealth Administration, which manages about $1.15 billion in shopper belongings, joins from Wells Fargo Advisors Monetary Community, the financial institution’s unbiased dealer/vendor channel.
Townsgate was based in 2016 and serves primarily high-net-worth people, households and enterprise homeowners. They supply portfolio administration, fixed-income evaluation and retirement planning. The agency is run by advisors Jim Murray, Larry Bernstein, Abby Goldstein, Michael Kazmer, Brett Goldberg and Wesley Wong. They’re joined by administrative assistants Sarah Levi-Sickman, Joni Melickian and Claire Trentacosta.
The crew spent a 12 months conducting due diligence earlier than deciding to maneuver to LPL. They have been drawn to LPL’s tradition, popularity, methods and platform, in line with Bernstein.
This follows information earlier this week that LPL added a faith-based practice from Synovus Securities. Advisors Joe Younger and Ryne Stokes joined LPL’s worker channel, Linsco by LPL Monetary, to launch Servant Path Wealth Companions, a Columbus, Ga.-based agency with about $400 million in belongings.
LPL has been in a authorized battle with Ameriprise over its recruitment of advisors. In separate lawsuits in Washington and California, the 2 companies are battling over advisors fleeing Ameriprise for LPL, allegedly breaching their contracts, violating the Protocol for Dealer Recruiting and taking with them confidential shopper data.
In one other lawsuit involving a trio that left Ameriprise for LPL, a federal decide in Arizona this week shot down Ameriprise’s attempt for a temporary restraining order in opposition to the previous staff who left, writing that the agency’s arguments are “inadequate to indicate success on the deserves of the claims in opposition to LPL.”
