$1.15B Ex-Wells FiNet Team Heads to LPL
LPL Financial LLC has announced that Townsgate Wealth Management has joined its broker-dealer, RIA, and custodial platforms. The Westlake Village-based team, managing approximately $1.15 billion in assets, has transitioned from Wells Fargo Advisors Financial Network (FiNet).
The team includes six financial advisors: Jim Murray, Larry Bernstein, Abby Goldstein, Michael Kazmer, Brett Goldberg, and Wesley Wong. Founded in 2016, Townsgate specializes in serving high-net-worth individuals, families, and business owners, offering portfolio management, fixed-income analysis, and retirement planning services. The advisors are supported by three administrative assistants.
“We maintain a fiduciary focus for clients and take full discretion in trading, running portfolio models and creating highly customized plans to help them [our clients] work toward their goals,” said Murray. “Whether we are developing strategies that focus on preserving wealth, building a legacy or sharing wealth with the next generation, our priority is bringing our clients’ visions into reality.”
Townsgate Wealth Management’s move to LPL is part of a trend of ex-FiNet teams moving to LPL. Last August, the firm added 4Point Wealth Management, a $375 million Davidson, NC-based advisory team, and Harbor Lights Financial Group, a Manasquan, NJ-based high-net-worth team that controlled $535 million at FiNet.
This deal marks another big win for LPL, adding to its recent haul of billion-dollar-plus teams. Just last month, they added Salient Wealth Planning Group, a Manhattan Beach, CA-based advisory firm from competitor Osaic, and Paradigm Partners, a Morristown, NJ-based firm from UBS.
This addition contributes to LPL’s growing wealth management platform, which currently supports nearly 29,000 financial advisors and approximately 1,200 financial institutions, with approximately $1.7 trillion in brokerage and advisory assets under management on behalf of about six million Americans.
Pictured: Townsgate Wealth Management team