LPL Financial LLC, the nation’s largest independent broker-dealer, reported that financial advisors Steven Carlsen and Sathya Chey have launched a new independent practice, Arise Private Wealth, through affiliation with LPL Strategic Wealth Services, which launched in April 2020 to support breakaway wirehouse advisors.
The advisors serve approximately $580 million in advisory, brokerage and retirement plan assets, and join LPL from Wells Fargo Advisors.
Carlsen, an industry veteran with more than 30 years of experience, partnered with Chey in 2018. The pair are based in Rolling Hills Estates, California, and receive office support from Pamela Dickson, Katherine Holcomb and Shannon Rowan.
Both of the firm’s managing partners come from humble beginnings. Carlsen was raised by a single mother, and Chey was born in a refugee camp in Thailand, where her family fled from the Cambodian genocide. The name for their new practice, Arise Private Wealth, seemed especially fitting, they said.
“We weren’t born into the most ideal circumstances that would traditionally breed success; however, we know first-hand that discipline, perseverance and an unwavering commitment to ‘arise’ and create a new life, is possible,” Chey said. “For us, ‘arise’ means to ascend beyond our past, overcome challenges, control our destiny and consistently strive to be a better person. We’re living proof of this and we bring this tenacity to every relationship, clearing the way for our clients to help them reach new heights. As a firm, we are moving upwards to a fresh approach and new capabilities.”
Arise Private Wealth is the ninth team to sign with LPL Strategic Wealth Services.
LPL Financial provides service to approximately $958 billion in brokerage and advisory assets as of March 31, 2021. The company supports more than 17,000 financial advisors, 800 institution-based investment programs, and 450 independent RIA firms nationwide.