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LPL Financial Recruits $375 Million Firm from Wells Fargo

LPL Financial LLC, the nation’s largest independent broker-dealer, has added financial advisors Allen Lorenzi, Ira Shapiro and Michael Walker who have teamed up to form a new practice, Raintree Wealth Partners in Scottsdale, Arizona.

LPL Financial LLC, the nation’s largest independent broker-dealer, has added financial advisors Allen Lorenzi, Ira Shapiro and Michael Walker who have teamed up to form a new practice, Raintree Wealth Partners in Scottsdale, Arizona. The trio joins from Wells Fargo Advisors Financial Network.

The team serves approximately $375 million in brokerage, advisory and retirement plan assets and has aligned with Stratos Wealth Partners, an existing LPL enterprise firm.

For more than a decade, the advisors rented space in the same building and operated solo practices.

“This move provides fresh wind under our sails and a freedom to operate as we truly see fit for our clients, without being encumbered by a large banking influence,” said Shapiro, a Marine Corps veteran who served in Operation Desert Storm.

Walker, who has made one other move in his 37-year career, added, “A move like this was made with clients in mind. My partners and I have known each other for years so it was a natural progression to team up and ensure business continuity. It’s important for our clients to know they will be taken care of in the event something happens to one of us.”

The team provides wealth management strategies and intergenerational planning for executives and other high-net-worth individuals.

LPL Financial provides service to approximately $762 billion in brokerage and advisory assets as of June 30, 2020. The company provides proprietary technology, clearing services, practice management programs and training, and independent research to 16,973 financial advisors.

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