LPL Adds $380M Delaware Advisor Duo from PNC 

LPL Financial LLC has added First Summit Capital Management, a $380 million Wilmington, DE-based firm, to its broker-dealer, RIA and custodial platforms, aligning with Momentum Wealth Partners, an existing firm supporting LPL-affiliated advisors.  

First Summit Capital Management, previously affiliated with PNC Investments, provides retirement planning, wealth management and estate planning.  

The firm is led by principal owner and managing partner Thomas J. Cooney, a financial services veteran with 32 years of industry experience. Cooney is joined by managing partner Mark Freed, a former professional Minor League pitcher for the Chicago Cubs and Arizona Diamondbacks, who has more than a decade of experience in wealth management. They are supported by director of operations Vicki Pearce. 

First Summit Capital Management turned to LPL for more “robust capabilities, open architecture platform and streamlined business solutions that enable us to offer more personalized services and a broader range of investment options,” Freed said. 

With the addition of First Summit Capital Managment, LPL has added four advisory teams to its platform this month alone, including FSI Wealth Management, a California team formerly with Osaic that managed about $215 million in advisory, brokerage and retirement plan assets; Russell Wealth Partners, a $250 million family team formerly with Merrill Lynch; and James River Private Wealth, a $160 million firm in Virginia.