LPL Super-OSJ Stratos Adds Four Firms with $1 Billion AUM, Hires Fidelity Vet to Oversee Growth
Stratos Wealth Network, a super OSJ and hybrid RIA affiliated with LPL Financial with total assets of $13.3 billion, has recruited four independent financial advisory practices with approximately $1 billion in assets. Additionally, Fidelity veteran Lou Camacho was named president of Stratos Wealth Alliance to focus on Stratos’ overall growth strategy.
Stratos Wealth Network, a super OSJ and hybrid RIA affiliated with LPL Financial with total assets of $13.3 billion, has recruited four independent financial advisory practices with approximately $1 billion in assets. Additionally, Fidelity veteran Lou Camacho was named president of Stratos Wealth Alliance to focus on Stratos’ overall growth strategy.
The independent financial advisory firms now affiliating with Stratos include:
Westport, Connecticut-based Clapboard Hill Private Wealth, led by Thomas Pacilio and Daniel Besse, with $230 million in client assets.
A Boonville, Indiana-based independent financial advisory practice, led by Michael Feller, with $170 million in client assets.
Canton, Ohio-based Generations Investment Management, led by Jason Hostetler and Tina Migge, with $150 million in client assets.
Wexford, Pennsylvania-based Riverview Wealth Partners, led by Anthony Pratt and William Baker, with $450 million in client assets.
In addition, Stratos recently finalized its fifth acquisition by purchasing Heald Financial Advisors, located in Marlton, New Jersey, with $120 million in client assets.
The company noted that the transition of these new recruits puts Stratos ahead of its 3-year growth goal of reaching $100 million in revenue, set forth in September 2015. The firm also announced plans to expand its total clients assets to $20 billion by 2021.
“Since our founding in 2009, we’ve generated a 43 percent 8-year compound annual growth rate (CAGR) in total AUA and a 47 percent 8-year CAGR in revenue,” Jeff Concepcion, founder and chief executive officer of Stratos. “That result has been acquired through substantial organic growth of our existing partners, in conjunction with a successful recruiting effort that seeks to add one new city to the network each month.”
In a related move, Stratos hired senior Fidelity executive Lou Camacho to spearhead their ongoing practice acquisition efforts as president of Stratos Wealth Alliance, a division of the larger Stratos Wealth Network.
Stratos Wealth Network is a family of companies that include Stratos Wealth Partners, Stratos Wealth Advisors, Stratos Wealth Management, Stratos Wealth Alliance, Stratos Wealth Enterprises, and Fundamentum. Stratos includes a national network of 284 financial advisors and financial planning practitioners working across 87 offices throughout the country.
Stratos provides custodial services through Fidelity Investments, Charles Schwab, TD Ameritrade, and LPL Financial. Stratos Wealth Partners, an SEC Registered Investment Advisor, manages $5.9 billion in advisory assets, and advises through LPL Financial more than $6.9 billion in brokerage and third-party managed assets, for a total of $12.8 billion. Stratos Wealth Advisors, a registered investment advisor, manages $368 million in advisory assets. Fundamentum, a registered investment advisor, manages $236 million in advisory assets.
