Advisory team managing $280 million in client assets moves from Lincoln Financial to LPL

A broker-dealer team managing $280 million in client assets has joined LPL Financial from Lincoln Financial Advisors. (More:…

A broker-dealer team managing $280 million in client assets has joined LPL Financial from Lincoln Financial Advisors.

(More: See all the latest moves in the InvestmentNews Advisers on the Move database)

Devin Garofalo and his team of nine financial advisers manage a total of $280 million, according to LPL spokeswoman Lauren Hoyt-Williams. The team will serve customers as Colonial River Wealth Management Insurance Services, which is based in Midlothian, Virginia.

Mr. Garofalo was named planner of the year and managed assets leader of the Virginia and South Carolina region for the second consecutive year in 2015, according to a statement in July 2016. He was a top 100 financial adviser, Lincoln Financial confirmed.

“We felt that Lincoln Financial was a good quality firm but unfortunately not willing to allow us to be our own our RIA, completely utilize our own branding name, nor did they offer a competitive compensation component to be able to recruit quality agents to our Colonial River team,” wrote Mr. Garofalo in his email statement.

Holly Fair, a spokeswoman for Lincoln Financial, declined to comment.

This is not the first time Mr. Garofalo has been associated with LPL Financial. According to his BrokerCheck profile and statement, he was registered with LPL Financial in Glen Allen, Virginia, as an independent adviser for three years before joining Lincoln Financial Advisors Corporation in 2013.

Mr. Garofalo began his career with Capital Brokerage Corp. in 2004, where he stayed for just over one year before moving to Royal Alliance Associates, according to his BrokerCheck profile. He later joined LPL Financial Corp. for two-and-a-half years before moving to Next Financial Group in 2009. Mr. Garofalo has one listed dispute on his profile, where the claim was denied.