LPL welcomes $1.15B breakaway team from Wells Fargo

LPL has expanded its advisor network at Wells Fargo's expense as a West Coast advisory team leaves the Wall Street giant.

On Thursday, LPL officially welcomed Townsgate Wealth Management, a Westlake Village, California-based team that reportedly managed approximately $1.15 billion in client assets. The group joins LPL’s broker-dealer, RIA, and custodial platforms after departing Wells Fargo Advisors Financial Network.

Founded in 2016, Townsgate Wealth Management is an ensemble practice that primarily serves high-net-worth individuals, families, and business owners. The team consists of financial advisors Jim Murray, Larry Bernstein, Abby Goldstein, Michael Kazmer, Brett Goldberg, and Wesley Wong. They are supported by administrative staff members Sarah Levi-Sickman, Joni Melickian, and Claire Trentacosta.

Murray – whose 31-year BrokerCheck record with Finra includes experience from Merrill, Bank of America, UBS, and Citi, emphasized his team's commitment to fiduciary responsibility and personalized financial planning.

“Our clients are the center of everything we do at Townsgate,” he said in a statement Thursday morning. “Whether we are developing strategies that focus on preserving wealth, building a legacy, or sharing wealth with the next generation, our priority is bringing our clients’ visions into reality.”

The advisors specialize in portfolio management, fixed-income analysis, and retirement planning. They also collaborate with CPAs and attorneys to create customized financial strategies for their clients. Seeking to expand their practice while maintaining independence, the team conducted a year-long due diligence process before selecting LPL.

Bernstein, a 25-year veteran who also has experience from Merrill Lynch, Bank of America, and Citi, underscored his team's newfound "autonomy to operate on our terms" as well as “LPL’s culture, strong reputation, integrated systems, and innovative platform.”

Based on their assets, the Townsgate Wealth Management team is easily the biggest fish LPL has lured from Wells Fargo over the past year. It toppled the previous top move that happened when the Harbor Lights Financial Group, a veteran advisor trio overseeing $535 million at FiNet, made their return to LPL in August.

Other defectors from Wells Fargo to LPL in 2024 include New Jersey-based Windward Wealth Advisors, Spotlight Financial in Texas, and 4Point Wealth Management in North Carolina.