Shortly after touting a successful year for advisor recruitment in 2024, LPL is wasting no time building its network as it welcomes another Osaic team to its network in the East Coast.
LPL Financial announced Monday that it has added Charter Oak Wealth Partners to its broker-dealer, RIA, and custodial platforms. The Hartford County, Connecticut-based advisory team, which manages approximately $600 million in advisory, brokerage, and retirement plan assets, joins LPL from Osaic and will operate under Academy Financial, an existing LPL-affiliated firm.
The move comes less than a week after LPL hailed its 2024 recruiting season. In its quarterly earnings call Thursday, the firm revealed its headcount had grown by 6,228 year-over-year to reach 28,888 advisors.
Charter Oak Wealth Partners was founded in 2016 by Gary Paul, though the practice traces its history back more than five decades. The team includes advisors Gary Salva, Bill Matzinger, and Chris Scuderi, along with client relationship manager Lori Tedone. The firm provides financial planning and investment services for individuals, families, and businesses.
“We are committed to maintaining the highest standards of integrity and professionalism in our relationship with our clients,” Paul said in a statement Monday. “We endeavor to know and understand our clients' financial situations and provide them with only quality information, services, and products to help them pursue their goals.”
The move to LPL aligns Charter Oak with Academy Financial, which was part of a $4 billion, 30-advisor contingent of defectors from Osaic in August. The firm’s mission, “Serve first, last and always,” remains central to its client approach.
Before Osaic, the Academy Financial team operated under Lincoln Financial's wealth advisory business, which Osaic completely acquired in May last year.
“We chose LPL for its stability as a Fortune 500 company, along with its strategic support, innovative technology, and shared focus on putting clients first,” Paul said. “Add to that the additional resources and support from Academy, and we believe we are in a prime position to enhance our offering, grow the business, and serve clients better than ever.”
Academy Financial partner Brent J. Kvech welcomed the addition of Charter Oak, highlighting "the opportunity to ... grow our firm together.
“This is a team that shares our values of putting clients first and foremost, and we found that to be a perfect alignment,” Kvech said.
Meanwhile, Cetera has welcomed a family-run practice from Commonwealth, and a Merrill advisor joins an existing UBS team in Connecticut.
The Olympia, Washington firm's retirement planning expertise reinforces the consolidator's growth momentum to exceed $160 billion in client assets.
Beyond content generation and execution, firms that can offer answers around governance, transparency, and supervision are set to pull ahead in the next leg of the AI race.
The experienced advisory teams join Ameriprise and Janney as the race for experienced talent continues.
Rising drug and outpatient costs are pushing plan members to demand more financial guidance and most insurers are falling short.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
