$1.1B Ex-Stratos Wealth, LPL Affiliate Goes Independent, Launches as RIA

Twenty Four Wealth, an affiliate of Stratos Wealth Partners, which oversees about $1.1 billion in assets under management, has launched as a registered independent advisory firm. 

Darien, CT-based Twenty Four Wealth, which includes partners Chris Zapata, Dawn DeMaio, Brendan Rafalski, Tony Truino, Mike Carbino, John Dougherty, and Ryan Hunter, filed for registration on August 14, according to Securities and Exchange Commission filings. 

The newly launched RIA provides wealth management services to high-net-worth clients, including executives, business owners, professional athletes and coaches and has 31 employees, including six advisors. 

Twenty Four Wealth’s initially launched in 2019 as an affiliate of Stratos Wealth Partners, and independent broker-dealer LPL Financial to utilize services as a broker-dealer and custodian. 

Following the RIA’s launch, Twenty Four Wealth has selected Goldman Sachs Custody Solutions, Fidelity and Charles Schwab to operate as a multi-custodial advisory platform. 

Additionally, advisory assets which previously custodied at LPL Financial will transition to Goldman Sachs Custody Solutions. The firm has also partnered with Private Client Services to serve as its broker-dealer, and BNY’s Pershing for clearing and custody of brokerage assets. 

“We pursued independence because we believe it creates a stronger foundation for where Twenty Four Wealth is going,” Carbino said. “Our clients should have choice, our team should have access to exceptional resources, and our firm should have the ability to continually evolve and innovate.” 

Truino, who serves as Twenty Four Wealth’s chief executive and a private wealth advisor, owns between 50% and 75% of the firm’s holdings, Carbino, the firm’s managing partner and private wealth advisor, owns over 25%, per SEC filings.  

Meanwhile, the remaining equity is owned by Truino, Carbino and Twenty Four Wealth’s chief compliance officer Valerie Smithey. 

“Growth has never been about getting bigger for the sake of getting bigger,” Truino said. “It is about building an organization with the people, expertise, technology and resources to serve our clients at an increasingly higher level.” 

Prior to going independent, Twenty Four Wealth acquired Florida-based Alpha Beta Gamma Wealth Management last March, which pushed the firm’s total client assets to over the $1 billion. 

Pictured: Twenty Four Wealth