Five Ex-Wells Fargo Advisors Form $1.45B Practice at LPL Strategic Wealth
LPL Financial has recruited five former financial advisors at Wells Fargo Advisors who collectively managed $1.45 billion in assets to form one independent practice – Charolotte, NC-based Carnegie Private Wealth.
Angie Ostendarp, Jordan Raniszeski, Mary Sherrill Ware, Mitch Mayfield and Jeff Vandiver had operated as part of three different teams at Wells Fargo before bringing LPL its largest team ever in terms of client assets to LPL Strategic Wealth Services.
Their move marks 29 teams that have gone to LPL’s Strategic Wealth division in the nearly three years since the independent brokerage started the breakaway channel for wirehouse advisors seeking to gain more control over their business.
“Having the chance to start from scratch and build things exactly how we want them has been so rewarding and we are so excited for clients to experience what we have built,” said Raniszeski, who along with Ostendarp and Ware founded Carnegie Private Wealth.
Kestra Private Wealth Services and Commonwealth Financial Network’s Business Consulting Services have a similar business model, while other competitors like Sanctuary Wealth also cater to large wirehouse breakaway teams.
LPL added nearly 1,400 advisors in 2022 to reach a record headcount of 21,275 through M&A deals and an expanding array of affiliation options like Strategic Wealth.