Townsgate Wealth Management joins LPL Financial, serving $1.15 billion in assets with a focus on high-net-worth clients.
Quiver AI Summary
LPL Financial LLC has announced that financial advisors Jim Murray, Larry Bernstein, Abby Goldstein, CFP®, Michael Kazmer, CFP®, Brett Goldberg, and Wesley Wong from Townsgate Wealth Management have transitioned to LPL's platforms, bringing with them approximately $1.15 billion in advisory, brokerage, and retirement assets. Based in Westlake Village, California, Townsgate was founded in 2016 and primarily serves high-net-worth clients, focusing on portfolio management, retirement planning, and personalized strategies in collaboration with CPAs and attorneys. The team emphasized their commitment to a client-centric approach and fiduciary responsibility, noting that their move to LPL was driven by a desire for greater independence and support. LPL's Executive Vice President, Scott Posner, welcomed the team and highlighted the benefits of LPL's advisor-centric culture and resources for growth.
Potential Positives
- Recruitment of financial advisors from Townsgate Wealth Management increases LPL Financial’s advisory, brokerage, and retirement assets by approximately $1.15 billion.
- The addition of experienced advisors enhances LPL Financial’s ability to serve high-net-worth individuals, families, and business owners, aligning with the company's focus on client-centric services.
- Townsgate Wealth Management chose LPL after a year-long due diligence process, highlighting LPL’s appealing independence, culture, and innovative technology as critical factors for their transition.
- LPL Financial's partnership with Townsgate is expected to contribute to the firm's momentum in growth and enhance its reputation within the financial services industry.
Potential Negatives
- Despite announcing the recruitment of advisors managing $1.15 billion in assets, the press release lacks specific details on the reasons for leaving Wells Fargo, which may raise questions regarding LPL's attractiveness compared to competitors.
- The focus on autonomy and independence by the new advisors may imply previous dissatisfaction with their former affiliation, potentially reflecting negatively on LPL's ability to retain advisors in the future.
- Headlines emphasizing growth and client-centric approaches may overshadow underlying challenges LPL faces in an increasingly competitive wealth management industry.
FAQ
Who are the new advisors joining LPL Financial?
The new advisors are Jim Murray, Larry Bernstein, Abby Goldstein, Michael Kazmer, Brett Goldberg, and Wesley Wong from Townsgate Wealth Management.
What assets does Townsgate Wealth Management manage?
Townsgate Wealth Management manages approximately $1.15 billion in advisory, brokerage, and retirement assets.
Why did Townsgate Wealth Management choose LPL Financial?
They chose LPL for its independence, advisor-centric support, and integrated systems that align with their client-first service model.
What services does Townsgate focus on for clients?
The advisors focus on in-depth portfolio management, fixed-income analysis, retirement planning, and personalized strategies for high-net-worth clients.
What is LPL Financial's role in the financial industry?
LPL Financial is a leading wealth management firm that supports nearly 29,000 financial advisors and manages around $1.7 trillion in assets.
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 Insider Trading Activity
$LPLA insiders have traded $LPLA stock on the open market 11 times in the past 6 months. Of those trades, 0 have been purchases and 11 have been sales.
Here’s a breakdown of recent trading of $LPLA stock by insiders over the last 6 months:
- MATTHEW J AUDETTE (President and CFO) has made 0 purchases and 8 sales selling 28,777 shares for an estimated $10,507,675.
- MATTHEW ENYEDI (Managing Director) sold 5,154 shares for an estimated $1,903,526
- RICHARD STEINMEIER (Chief Executive Officer) sold 3,500 shares for an estimated $1,308,265
- ANERI JAMBUSARIA (Managing Director) sold 305 shares for an estimated $101,241
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$LPLA Hedge Fund Activity
We have seen 331 institutional investors add shares of $LPLA stock to their portfolio, and 404 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, for an estimated $366,881,238
- FIRST TRUST ADVISORS LP removed 981,006 shares (-99.0%) from their portfolio in Q4 2024, for an estimated $320,308,269
- BOSTON PARTNERS added 805,637 shares (+26.0%) to their portfolio in Q4 2024, for an estimated $263,048,536
- JANUS HENDERSON GROUP PLC added 522,032 shares (+20.6%) to their portfolio in Q4 2024, for an estimated $170,448,668
- EMINENCE CAPITAL, LP removed 519,462 shares (-48.2%) from their portfolio in Q4 2024, for an estimated $169,609,537
- BALYASNY ASSET MANAGEMENT L.P. added 471,488 shares (+inf%) to their portfolio in Q4 2024, for an estimated $153,945,546
- DODGE & COX added 454,553 shares (+2922.0%) to their portfolio in Q4 2024, for an estimated $148,416,100
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
SAN DIEGO, Feb. 27, 2025 (GLOBE NEWSWIRE) --
LPL Financial LLC
announced today that financial advisors Jim Murray, Larry Bernstein, Abby Goldstein, CFP
®
, Michael Kazmer, CFP
®
, Brett Goldberg and Wesley Wong of Townsgate Wealth Management have joined LPL Financial’s broker-dealer, Registered Investment Advisor (RIA) and custodial platforms. They reported serving approximately $1.15 billion in advisory, brokerage and retirement assets* and join LPL from Wells Fargo Advisors Financial Network.
Based in Westlake Village, Calif., Townsgate Wealth Management was founded in 2016 and has since grown to an ensemble practice that serves primarily high-net-worth individuals, families and business owners. Complementing each other's strengths, the advisors focus on several areas of investing, including in-depth portfolio management, fixed-income analysis and retirement planning, while partnering with CPAs and attorneys to create deeply personalized strategies for each client. They are supported by administrative assistants Sarah Levi-Sickman, Joni Melickian and Claire Trentacosta.
“Our clients are the center of everything we do at Townsgate,” Murray said. “We maintain a fiduciary focus for clients and take full discretion in trading, running portfolio models and creating highly customized plans to help them work toward their goals. Whether we are developing strategies that focus on preserving wealth, building a legacy or sharing wealth with the next generation, our priority is bringing our clients’ visions into reality.”
Looking to further grow their business while maintaining their client-first approach to service, the team embarked on a year-long due diligence process that led them to LPL.
“True independence is having the autonomy to operate on our terms, which is what we found in LPL,” Bernstein said. “LPL’s culture, strong reputation, integrated systems and innovative platform means they truly serve the needs of the advisors. With advisor-centric support and a client-centric advisory practice — our clients win.”
Scott Posner, LPL Executive Vice President, Business Development, said, “We welcome the advisors of Townsgate Wealth Management to LPL and congratulate the team on this milestone in the evolution of their practice. At LPL, independence means advisors benefit from book ownership, industry-leading technology and greater support to help them grow their practices while exceeding client expectations. We look forward to partnering with Townsgate for years to come.”
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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 nearly 29,000 financial advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $1.7 trillion in brokerage and advisory assets on behalf of approximately 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 LLC (“LPL Financial”), a registered investment advisor and broker-dealer, member FINRA/SIPC.
Townsgate 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 #700488
This article was originally published on Quiver News, read the full story.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
