LPL Adds Former Osaic Team With $540 Million in Client Assets
The advisers of Prestige Wealth Group, led by managing partners Rich Galgano, CFP, and Matt Geraci, CFP, have joined LPL Financial’s broker-dealer, registered investment adviser, and custodial platforms. They reported serving approximately $540 million in advisory, brokerage, and retirement plan assets and join LPL from Osaic.
Headquartered in Franklin Lakes, N.J., and Westchester, Pa., Prestige Wealth Group was established in 2007 by Mark Fleksher, who remains with the team as a consultant. The firm’s managing partners, Galgano and Geraci, were hockey teammates in college and have worked together since 2020 to exponentially grow their practice organically and through acquisitions.
They are joined by team members Chris Rich, Paul Goldman and Alan Concha, CFP. Together, the team said they are committed to providing steadfast services and holistic financial plans that address the goals and complexities of each client’s financial situation.
“Every adviser on our team has a true passion for helping guide clients toward their financial aspirations and ambitions,” Geraci said. “We offer advanced services for all phases of a person’s financial journey, and in recent years we’ve shifted our practice to focus on affluent clients in the high-net-worth space. We want to be everything to a select few, instead of something to everyone.”
Prestige’s move to LPL followed an extensive search for a new firm where it could see itself growing and delivering more value to its high-net-worth clients.
LPL Financial Holdings Inc. supports more than 28,000 financial advisers and the wealth management practices of 1,200 financial institutions. Headquartered in San Diego, its total advisory and brokerage assets totaled approximately $1.7 trillion as of Nov. 30, 2024.
“Our decision to align with LPL was based on the firm’s advanced technology, strategic support, and dedication to empowering advisers to deliver optimal client experiences. We appreciate that LPL gives us stability and scale as a Fortune 500 company, along with the autonomy to serve clients as we see fit,” Galgano said.
Although LPL continues to scale, such as with the $550 million team of advisers who came from VALIC Financial Advisers and joined existing LPL firm GradePoint Financial earlier this month, the Minnesota-based Wealth Enhancement Group announced that it was disaffiliating from the firm. The RIA – which has more than $96 billion in client assets, including $4 billion at LPL – has operated as an office of supervisory jurisdiction of LPL for the last 17 years. The change will take effect June 30, 2025.
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