$535M NJ Advisory Team Roundtrips to LPL 

LPL Financial LLC reported that Harbor Lights Financial Group, a Manasquan, New Jersey-based high-net-worth team that controlled $535 million at Wells Fargo’s independent channel, FiNet, has returned to the broker-dealer, RIA, and custodial platforms after an eight-year absence. 

Harbor Lights Financial Group was founded in 1994 by Doug Lockwood, Rob Tendler, and Ken Roberts. They built the practice by helping employees of large companies with their retirement planning, and they later grew their business in the high-net-worth space. The team includes financial advisors David Scureman and Jonathan Shippee, along with COO Steve Catapano and five office support staff members. 

Harbor Lights had moved to Wells due to concerns about compliance at LPL and the team’s desire to be part of a larger network. Its leadership said the improvements LPL has made in recent years, including to its liquidity and capital resources, influenced its pivot away from Wells Fargo. “As independent advisors, we want to be in the best possible place so we can continue to serve our clients at the highest level,” Lockwood said. 

The news follows LPL’s announcement last week that Alberto Francis joined the firm’s high-net-worth-focused employee affiliation model, LPL Private Wealth Management, to launch Rockview Private Wealth with approximately $725 million in assets from Bank of America Private Bank 

Pictured l to r: Doug Lockwood, Ken Roberts, Rob Tendler