LPL has broadened its footprint in the Northeastern US yet again as it welcomes an advisor team from Cetera in Connecticut.
LPL Financial has revealed that SoundWay Financial has joined its broker-dealer, RIA, and custodial platforms.
The move announced Monday sees the SoundWay Financial team get integrated into the Balmville Wealth Group within LPL’s network. Previously, the team managed approximately $180 million in advisory, brokerage, and retirement plan assets at Cetera.
Located in North Haven, Connecticut, a few miles from the Long Island Sound, SoundWay Financial is led by senior advisors Richard Belanger, his brother Michael Belanger, and Hons Yu. They provide their clients with holistic planning for retirement and unexpected life events.
Richard Belanger, a former Korean linguist in the US Army, launched his wealth management career after a decade of military service. Michael Belanger brings over 20 years of client service and management experience to the team.
Meanwhile, Yu, who holds a degree in economics and finance from the University of Connecticut, earned his certificate in financial planning from Bryant University.
The three advisors are supported by operations manager Nicara Enright-Alves and team members Luke DeRose, Thomas Wissenbach, and Anthony Persampieri.
In a statement, Richard Belanger said the decision to join LPL and BWG was driven by a desire to enhance their practice and improve team collaboration.
“We’ve found that clients benefit from a collaborative approach, and we believe LPL puts us in a better position to work in a team environment where we have more control of our practice,” he said.
The partnership with BWG offers additional localized support and resources, which the SoundWay team views as beneficial for their growth.
For BWG chairman and founder Michael Vela, the deal also marks a reunion of with Richard Belanger, who he says he’s been acquainted with “from day one” when Belinger got through training as his rite of passage into the industry.
“[H]e has always been one of the most hard-working, diligent, organized and professional advisors I have ever come across in my career,” Vela said of Belanger.
“We are excited to have Rich, Hons, Michael and the SoundWay team join the BWG family and look forward to helping them take their careers to the next level,” Vela added.
LPL’s addition from Cetera comes shortly after the broker-dealer giant welcomed a father-son team in Virginia from Avantax, a Cetera subsidiary, who managed roughly $170 million in assets at their former firm.
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