LPL Financial welcomes financial advisors Larry Forlenza and Carl Hanks, managing $430 million in assets, from Raymond James.
Quiver AI Summary
LPL Financial LLC has announced that financial advisors Larry Forlenza and Carl Hanks have joined their broker-dealer, RIA, and custodial platforms, bringing approximately $430 million in advisory and brokerage assets with them from Raymond James Financial Services. Based in Morristown, N.J., they have reunited with fellow Morristown Wealth Management advisors who recently transitioned to LPL. With nearly 30 years of experience, Forlenza specializes in various aspects of financial planning, while Hanks focuses on creating tailored strategies for clients. Their move to LPL is aimed at enhancing service quality and benefiting from the firm's support and technology resources, which they believe will foster future growth. LPL's executive team expressed enthusiasm about supporting Forlenza and Hanks in their endeavors.
Potential Positives
- LPL Financial successfully attracted two experienced financial advisors, Larry Forlenza and Carl Hanks, who together manage approximately $430 million in assets, indicating strong recruitment capabilities.
- The addition of Forlenza and Hanks enhances LPL’s existing team in Morristown, NJ, reflecting growth and collaboration within the firm.
- Both advisors reported that LPL's open-architecture digital platform and robust support systems will enhance their service to clients, suggesting a quality improvement in client experiences.
- LPL Financial continues to position itself as a leader in the financial services industry, supporting over 28,000 advisors and managing about $1.8 trillion in assets, showcasing significant market presence and stability.
Potential Negatives
- The announcement highlights the departure of advisors from Raymond James Financial Services, indicating potential instability or dissatisfaction within that firm.
- The use of the phrase "extensive due diligence process" suggests that the advisors thoroughly explored other options before choosing LPL, which may imply that LPL is not the first choice for potential new recruits.
- The press release does not disclose specifics about how LPL plans to support these new advisors, leaving uncertainty regarding the effectiveness of the integration and the resources they will receive.
FAQ
Who are the new financial advisors joining LPL Financial?
Larry Forlenza and Carl Hanks are the new advisors who have joined LPL Financial’s platforms.
What previous firm did Forlenza and Hanks come from?
They joined LPL Financial from Raymond James Financial Services.
How much in assets are Forlenza and Hanks managing?
They reported serving approximately $430 million in advisory, brokerage, and retirement plan assets.
What is Morristown Wealth Management?
Morristown Wealth Management is a practice that includes Forlenza, Hanks, and other advisors who reunited at LPL.
Why did Forlenza and Hanks choose to move to LPL Financial?
They felt LPL offered the best support, resources, and flexibility to grow their business and serve clients.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$LPLA Congressional Stock Trading
Members of Congress have traded $LPLA stock 1 times in the past 6 months. Of those trades, 0 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $LPLA stock by members of Congress over the last 6 months:
- REPRESENTATIVE JOHN JAMES sold up to $15,000 on 07/18.
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$LPLA Insider Trading Activity
$LPLA insiders have traded $LPLA stock on the open market 1 times in the past 6 months. Of those trades, 0 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $LPLA stock by insiders over the last 6 months:
- ANERI JAMBUSARIA (Managing Director) sold 305 shares.
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$LPLA Hedge Fund Activity
We have seen 316 institutional investors add shares of $LPLA stock to their portfolio, and 341 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- CAPITAL RESEARCH GLOBAL INVESTORS removed 1,577,102 shares (-100.0%) from their portfolio in Q3 2024
- PRICE T ROWE ASSOCIATES INC /MD/ removed 1,483,931 shares (-70.7%) from their portfolio in Q3 2024
- BOSTON PARTNERS added 1,212,715 shares (+64.3%) to their portfolio in Q3 2024
- FIRST TRUST ADVISORS LP added 901,509 shares (+1007.0%) to their portfolio in Q3 2024
- MARSHALL WACE, LLP added 863,254 shares (+inf%) to their portfolio in Q3 2024
- FMR LLC added 650,675 shares (+24.4%) to their portfolio in Q3 2024
- MORGAN STANLEY removed 596,159 shares (-40.6%) from their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
SAN DIEGO, Jan. 15, 2025 (GLOBE NEWSWIRE) --
LPL Financial LLC
announced today that financial advisors Larry Forlenza, CRPC®, and Carl Hanks, CRPC®, have joined LPL Financial’s broker-dealer, RIA and custodial platforms. They reported serving approximately $430 million in advisory, brokerage and retirement plan assets* and join LPL from Raymond James Financial Services.
Based in Morristown, N.J., Hanks and Forlenza have reunited with Morristown Wealth Management, which includes fellow advisors Don Giovanello and Gian Paolella, who
joined LPL in October.
With nearly 30 years in financial services, Forlenza offers in-depth experiences to help families and professionals address each of their financial objectives. He takes a comprehensive approach to asset management and business planning, and as a Chartered Retirement Planning Counselor, Forlenza specializes in retirement income planning, employer-sponsored retirement plans, tax planning, retirement cash flow, estate planning and more. Forlenza is supported by his longtime practice manager Bonnie Bishof.
Hanks has been in the financial services industry since 1991 and has extensive experience working with corporate executives, successful business owners, individuals and affluent families using a disciplined comprehensive approach to their unique financial situations.
“We help clients define what is most important to them and then formulate the strategies that are suited for each individual need, from accumulating wealth or investing for income, solidifying a retirement plan or devising a distribution approach,” Hanks said.
Their decision to move to LPL came after an extensive due diligence process.
“We weighed our options and felt that LPL was the best place to evolve our business and enhance service experiences for our clients,” Forlenza said. “We are excited to have access to LPL’s open-architecture digital platform and a more robust support system to help us take care of our clients’ needs. LPL also provides the tools to grow our business and the back-office support to position us for a more successful future. We look forward to reconnecting with the Morristown team in this next endeavor.”
Scott Posner, LPL Executive Vice President, Business Development, said, “We welcome Carl and Larry to the LPL community and look forward to supporting them as they continue to grow their business. We believe that advisors thrive when they have access to the right capabilities and support, and we’re confident they will be able to take advantage of our strategic resources and unprecedented flexibility to deliver the best possible outcomes for their clients.”
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About LPL Financial
LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports more than 28,000 financial advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $1.8 trillion in brokerage and advisory assets on behalf of 6 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit
www.lpl.com
.
Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and broker dealer, member FINRA/SIPC.
LPL Financial and its affiliated companies provide financial services only from the United States. Morristown Wealth Management and LPL are separate entities.
Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial.
We routinely disclose information that may be important to shareholders in the “
Investor Relations
” or “
Press Releases
” section of our website.
*Value approximated based on asset and holding details provided to LPL from end of year, 2024.
Media Contact:
Media.relations@LPLFinancial.com
(704) 996-1840
Tracking #679602
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