LPL Financial has broadened its network in the Bluegrass State with the addition of three experienced advisors to its broker-dealer, RIA, and custodial platforms. The firm announced Wednesday that Greg Mullaney, Colleen Kelly Abate, and Peter Pagano are transitioning from Ameriprise Financial, where they reported managing approximately $300 million in advisory, brokerage, and retirement plan assets.
With their move to LPL, the trio and their staffers have taken the opportunity to launch their own independent financial practice, Somnio Wealth, based in Louisville, Kentucky.
Named after the Latin term for "to dream," Somnio Wealth represents the team's dedication to aiding their clients in achieving the American Dream. Central to the firm’s philosophy is the belief in the power of financial education.
"We always say that an educated client is the best kind of client, so providing a financial education is at the center of everything we do," Mullaney said in a statement.
“Our industry has a lot of confusing jargon, so we try to educate our clients in a way that they can relate,” said Mullaney, who’s been registered as an investment advisor and broker for 14 years.
Aside from the ability to attract other advisors and grow their business through LPL’s M&A solutions, he highlighted its technology, business solutions, and back-office support as key elements in supporting the team's leap to independence, which he said is “something we could never get from a franchise model.”
"We welcome Greg, Peter, Colleen, and the rest of the team to the LPL community and are honored to support the launch of Somnio Wealth," said Scott Posner, executive vice president of business development at LPL.
LPL’s move in Kentucky follows several recent expansion moves in the eastern US, including a Kentucky-based advisor trio from Wells Fargo and a duo from Truist who joined its network in North Carolina.
While industry statistics pointing to a succession crisis can cause alarm, advisor-owners should be free to consider a middle path between staying solo and catching the surging wave of M&A.
New joint research by T. Rowe Price, MIT, and Stanford University finds more diverse asset allocations among older participants.
With its asset pipeline bursting past $13 billion, Farther is looking to build more momentum with three new managing directors.
A Department of Labor proposal to scrap a regulatory provision under ERISA could create uncertainty for fiduciaries, the trade association argues.
"We continue to feel confident about our ability to capture 90%," LPL CEO Rich Steinmeier told analysts during the firm's 2nd quarter earnings call.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
