Harbor Lights team leaves LPL for Wells Fargo Advisors Financial Network

Harbor Lights team leaves LPL for Wells Fargo Advisors Financial Network
The $350M firm was concerned with joining a firm that could successfully navigate the DOL fiduciary rule.
MAY 17, 2016
A trio of financial advisers managing about $350 million of assets at Harbor Lights Financial Group have left LPL Financial for the independent brokerage arm of Wells Fargo & Co. Co-founding partners Doug Lockwood, Rob Tendler and Ken Roberts of wealth management firm Harbor Lights Financial in Manasquan, N.J. are now running their practice within the Wells Fargo Advisors Financial Network. They joined last week, Mr. Lockwood said. The independent firm had considered switching broker-dealers over the past year as it sought to protect its business and clients in anticipation of the Labor Department's fiduciary rule, which was released in early April, according to Mr. Lockwood. Harbor Lights was seeking a partner that could help deliver the level of customer service it needs to double its assets and revenue over the next decade, he said, as well as navigate the new regulatory environment. “We talked to a lot of other firms,” he said. “It's a little sketchy these days with what's coming out of Washington.” (More: Coverage of the DOL rule from every angle ) The fiduciary rule, which requires advisers to act in their clients' best interests when assisting them with retirement accounts, has roiled the brokerage industry with more than 1,000 pages of new regulation. Firms have been scrambling to analyze it before the first stage of implementation must begin next year. Mr. Lockwood said Wells Fargo has the resources his firm needs to stay on top of the changes and help ensure compliance. The Harbor Lights co-founders had been with LPL since September 2008, according to the Financial Industry Regulatory Authority Inc.'s BrokerCheck. "We wish Harbor Light Financial Group well. While we respect their decision to find the best fit for them, we are proud of our industry leading advisor production retention rate of 97 percent," said Lauren Hoyt-Williams, a spokeswoman for LPL.

Latest News

The 2025 InvestmentNews Awards Excellence Awardees revealed
The 2025 InvestmentNews Awards Excellence Awardees revealed

From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.

Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty
Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty

Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.

Edward Jones joins the crowd to sell more alternative investments
Edward Jones joins the crowd to sell more alternative investments

“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.

Record RIA M&A activity marks strong start to 2025
Record RIA M&A activity marks strong start to 2025

Sellers shift focus: It's not about succession anymore.

IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients
IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients

Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.