Ex-Wells Fargo FiNet Teams Bring Over $900 Million in Assets to LPL

LPL Financial LLC attracted several recent Wells Fargo Financial Advisors Network, i.e., FiNet, teams to its practice in the past month, including one that was formerly with LPL. The founders, financial advisers, and staff with Harbor Lights Financial Group – who collectively served approximately $535 million in advisory, brokerage, and retirement plan assets – returned to LPL’s broker-dealer, registered investment adviser, and custodial platforms. In addition, 4Point Wealth Management brought $375 million in assets and joined LPL’s supported independence model, LPL Strategic Wealth Services.

Headquartered in Manasquan, N.J., Harbor Lights Financial Group was founded in1994 by financial advisers Doug Lockwood, CFP; Rob Tendler, CFP, CLU; and Ken Roberts, CFP. Having initially built the practice to help employees of large companies with their retirement planning, the founders said they later grew their business in the high-net-worth space. The team includes financial advisers David Scureman, MBA, CFP, and Jonathan Shippee, MBA, CFP, along with Steve Catapano, chief operating officer, and five office support staff members.

“We are a team of highly accomplished advisers who specialize in developing detail-focused plans designed to help clients accumulate, preserve and transfer wealth throughout all market cycles,” said Lockwood, an accomplished public speaker and featured contributor to Fox News, CNBC, U.S. News & World Report, Kiplinger’s Personal Finance Magazine, MSNBC and the Wall Street Journal online. “Each adviser brings a different skillset to the team, and we collaborate to provide clients with well-defined, personalized strategies to help them reach their wealth goals in a timely manner.”

Harbor Lights leaders have kept their eyes on LPL over the past few years, closely watching the firm’s transformation to bring advisers into the future of advice and wealth management. After comprehensive due diligence, the team found that LPL is a much-changed organization and would be the ideal partner for the next chapter of their business.

“As independent advisers, we want to be in the best possible place so we can continue to serve our clients at the highest level,” Lockwood said. “LPL and its leaders are putting in hard work and significant investments into a platform of the future. We are highly impressed with the quality of services to help us solve problems and create solutions for our clients and business.”

Meanwhile, a bit south in Davidson, N.C., just north of Charlotte, 4Point Wealth Management was founded in 2006 with a mission to champion each client’s unique wealth journey and pursuit of financial independence. The team – financial advisers Christina McConnell, CRC, ADPA; Laura Long, CRPC, AWMA, MBA; and Jay Tillman, CPWA, CIMA, CFP, RICP, CLU – specialize in comprehensive retirement planning, asset allocation analysis, executive compensation and goals-based financial planning. They are supported by Randi Derene, longtime client services manager.

“We are committed to being there for each client’s significant life moments,” McConnell said, noting the name 4Point represents the four cornerstones of wealth management: building, managing, protecting and transitioning wealth. “We’ve grown our business organically over the years by providing a high level of service and developing meaningful relationships that go beyond investment management.”

Over the years, the 4Point team adapted to rising client expectations and industry changes, including going independent in 2021. They said they turned to LPL Strategic Wealth Services practice as they sought more autonomy.

“Remaining true to our core principles, we decided it was time to evolve as a team and create a more ideal environment where we have true independence, supported by a partner who shares our values and client-first mentality,” Long said. “Partnering with LPL allows us to be more transparent as we deepen our relationships with clients. We have access to best-in-class technology and strategic business resources, and we can now offer more personalized investment options and enhanced service experiences.”

The Harbor Lights team said they were drawn to LPL’s “compelling and competitive” liquidity and capital resources to help them create a legacy for themselves, as well as a safe passage for clients and longevity for the next generation of Harbor Lights advisers. Additionally, LPL’s mission to take care of advisers so they can take care of clients truly resonated with the Harbor Lights team.

“I genuinely feel that the people at LPL care about what happens to us and our clients, from President and CEO Dan Arnold to Chief Growth Officer Rich Steinmeier, all the way down to the transition and service folks we work with daily,” Lockwood said. “We are a relationship-based team, and it’s refreshing to engage with all these great people who are committed to helping us succeed and grow. We’re excited to be together for the rest of our careers and offer to our team a better future.”

Tillman of 4Point also cited LPL’s guidance on business development, market strategies, and operational efficiency. “This new chapter allows us to spend more time serving our clients, offering an array of new products, services, support and tools for even more personalized financial strategies,” he said.

Scott Posner, LPL executive vice president of business development, welcomed both teams.

Of Harbor Lights he said LPL “warmly welcome(s) Doug, Rob, Ken and the entire Harbor Lights team back into the LPL community. It’s an honor they recognized LPL’s growing momentum and commitment to delivering an industry-leading value proposition to advisers. Our entire focus is to support advisers and make it easier for them to provide personalized financial guidance and differentiated service experiences to their clients. We do this by providing unprecedented choice and flexibility in how firms build their business, and by investing in integrated capabilities and robust business solutions designed to help advisers thrive.”

Regarding 4Point, Posner concluded that LPL is “committed to delivering sophisticated resources and an open-architecture platform that allow advisers to use the tools that work best for their business. On top of that, the LPL Strategic Wealth Services team will be there each step of the way to provide an additional layer of comprehensive, modern services and support. We look forward to a long-lasting and successful relationship with 4Point Wealth Management.”

LPL Financial Holdings Inc. serves nearly 23,000 financial advisers, including advisers at more than 1,000 enterprises and 580 registered investment adviser firms nationwide. Headquartered in San Diego, its total advisory and brokerage assets totaled more than $1.5 trillion as of June 30, 2024.

Click here to visit The DI Wire directory page.