LPL Financial Lures Another RayJay Team
LPL Financial LLC has welcomed a pair of former Raymond James Financial Services advisors who manage approximately $340 million with Morristown Wealth Management to its broker-dealer, RIA and custodial platforms.
The Morristown, N.J.-based family practice was established in 2009 by Don Giovanello, Sr. His son, Don Giovanello, Jr., who joined in 2010, and Gian Paolella, partner and Don Jr.’s brother-in-law, who joined in 2018, now lead the firm. The team is also joined by manager Ellen Luithle.
Morristown Wealth Management offers financial planning, asset management and portfolio construction for individuals, families and business owners.
“Our industry is experiencing an aging advisor population, with the average age becoming a topic of increasing concern,” said Giovanello, who spent the first seven years of his career with LPL. “As younger advisors, we saw this as an opportunity for Morristown Wealth Management to bridge that age gap and bring a fresh perspective to our clients.”
LPL announced last week that it added Sugar Land, TX-based The Noble Group, a $2.1 billion wealth management firm formerly with Raymond James.
Prior to the Raymond James recruits. LPL added four former Osaic teams, including Bury Financial Group, a $655 million Youngstown, OH-based advisory practice. In July, LPL added Rizza Financial Services, a $250 million Melville, NY-based practice. That same month, the firm announced that Investment Advisors Financial Group, a $1 billion Eatontown, NJ-based financial advisory firm, joined LPL’s platform, and Summit Planning Group, a $750 million advisory firm with offices in Branford and Glastonbury, CT, also joined from Osaic.
LPL serves over 23,000 financial advisors, including advisors at approximately 1,000 institutions and at about 580 registered investment advisor firms across the country.
