LPL extends winning streak as it welcomes Wells Fargo team

Victoria, Texas-based CoastPoint Financial adds $150 million in client assets to the broker-dealer giant’s network.

After a string of good news in the past few weeks, LPL has notched another small win as it welcomes a new advisor team to its ranks.

LPL Financial announced the addition of CoastPoint Financial, which includes financial advisors Mark Zafereo and Anthony Burgess, as well as client associate Crystal Simmons and office manager Sandie Totah Loos.

The Victoria, Texas-based team – previously with Wells Fargo Advisors – oversees about $150 million in client assets and has chosen LPL for its broker-dealer, RIA, and custodial services as they launch their independent practice.

Zafereo, initially a tax accountant and later a CFO for 22 years, became an advisor in 2011. Burgess, who started in the state prison system as a security supervisor, moved to financial services in 2004.

Recognizing the benefits of joining forces, the two teamed up in 2014 to better serve their roughly 400 clients. Simmons and Loos joined the team more recently, in 2021 and 2023, respectively, each bringing additional experience from their previous careers.

“After looking into it thoroughly, we were impressed by LPL’s resources and commitment to support advisors,” Burgess said in a statement. “This lets us focus more on our clients.”

“We’re happy to have Mark and Anthony join us and are excited about CoastPoint Financial’s future with LPL,” said Scott Posner, executive vice president of business development at LPL. “We’re here to support them as they grow.”

On Tuesday, LPL revealed that it plans to expand its advisory footprint significantly by acquiring Atria Wealth Solutions Inc. Once completed, that deal – which includes an upfront equity purchase amounting to $805 million – would see 2,400 new financial advisors and registered reps come under the LPL umbrella.

In the wake of the news, LPL saw its share price surge – with some speculating the stock could hit the $300 mark – as investors and analysts digested the implications of the Atria acquisition.

LPL’s recruiting strategy, which proved extremely robust throughout 2023, has also been a cause for optimism. According to the firm, its recruited assets last year amounted to $80 billion – virtually unchanged from its 2022 recruitment haul of $82 billion.

“Our recruiting continues to be strong,” chief financial officer Matt Audette told analysts earlier this month. “You may recall, in the first quarter last year, we set a new record in recruiting [without] large enterprises at around $13 billion. We’re on track to exceed that in the first quarter this year.”