Ex-PNC Investments Team With $380 Million in Assets Joins LPL’s Momentum Wealth Partners
The advisers of First Summit Capital Management have joined LPL Financial’s broker-dealer, registered investment adviser and custodial platforms – aligning with Momentum Wealth Partners, an existing firm supporting LPL-affiliated advisers. The First Summit team reported having served approximately $380 million in advisory, brokerage, and retirement plan assets and join LPL from PNC Investments.
First Summit Capital Management in Wilmington, Del., is led by principal owner and managing partner Thomas J. Cooney, a veteran with 32 years of financial services industry experience. He previously owned a company in the forest products industry where, according to LPL, he honed his business acumen and strategic thinking. Cooney is joined by Mark Freed, CFP, CRC, managing partner and a former professional pitcher for the Chicago Cubs and Arizona Diamondbacks. Freed has more than a decade of experience in wealth management. They are supported by Vicki Pearce, director of operations.
The team provides personalized investment strategies and comprehensive financial planning services, including retirement planning, wealth management and estate planning. “Our mission is to empower clients to navigate their financial journey with clarity and confidence. We believe in building meaningful relationships based on trust, integrity and transparency, providing straightforward and honest guidance to help clients make informed decisions with sense of assurance,” Cooney said.
Looking for more freedom and flexibility in how they operate, the First Summit team turned to LPL and Momentum for the next chapter of their business.
“We are excited to join LPL Financial to gain access to their 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. “We now have the independence to serve clients as we see fit and put their best interests first. We’re confident this move will help us expand the relationships we have with clients and create more opportunities for the families we work with.”
“At Momentum, we cultivate a success-driven mindset, encouraging advisers to improve their practices and commit to outstanding client service. The First Summit Capital team truly represents this philosophy,” said Doug Frank, managing partner and co-founder of Momentum.
“We welcome Tom, Mark and Vicki to the LPL community and congratulate Momentum Wealth Partners on its continued growth,” said Scott Posner, LPL executive vice president for business development.
“As the industry continues to evolve, more advisers are looking for a partner that provides flexibility and customization to create differentiated experiences for their clients. At LPL, we understand that and are committed to providing advisers with sophisticated resources and curated choices to create their ideal practice.”
Last month, LPL added a pair of Midwest financial adviser teams – 1818 Wealth Advisors and Cousino Wealth Advisors – with approximately $565 million in combined assets.
LPL Financial Holdings Inc. serves nearly 23,000 financial advisers, including advisers at approximately 1,100 enterprises and 570 registered investment adviser firms nationwide. Headquartered in San Diego, its total advisory and brokerage assets totaled more than $1.44 trillion as of March 31, 2024.
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