A team of 16 advisors and 12 support staff are changing their affiliation to build on the substantial growth they have enjoyed over the past 14 years.
Watermark Wealth Management has offices in Scottsdale, Chandler and Payson, Arizona, and Minneapolis, Minnesota, and was founded in 2009 during the financial crisis by partner and director of estate planning, Carmen Cercone, and partner Kyle Richardson.
The firm is switching from Kestra to LPL Financial’s broker-dealer, RIA and custodial platforms having seen AUM grow from $230 million to $1.5 billion.
“Our goal has always been to encourage organic growth by recruiting advisors who have demonstrated high ethical moral practices and are committed to putting clients first,” said Cerrone. “We are a one-stop shop and work with other professionals and centers of influence to help ensure our clients’ financial needs are addressed.”
As well as the two founding partners, Watermark Wealth Management’s leadership team also includes Aaron Gordon, Rich Liberante and Jake Cercone.
LPL attracted 268 advisors to its various channels in the three months ended in June, according to the InvestmentNews Advisors on the Move database.
Elsewhere, Wells Fargo Advisors adds a $400 million Morgan Stanley veteran in Naples as an ex-Cetera advisor goes independent with LPL
According to a federal charges Bradley Heppner, 60, received more than $150 million in payments through funneling money from GWG Holdings to a shell company.
A $1B fund allegedly skimmed 30% off the top, then swapped cash for locked-up stock.
Insiders allegedly rewrote projections three times in four days.
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