Former $245M Wells Fargo advisors launch own firm with LPL Financial

Former $245M Wells Fargo advisors launch own firm with LPL Financial
Duo joins the employee advisor channel, while another $250M team chooses LPL’s platforms.
JUL 21, 2023

Further growth this week for LPL Financial as a duo of advisors join the firm’s employee advisor channel.

Forty-year industry veteran John Thornton and Jake McLean were formerly with Wells Fargo Advisors and have made the switch to Linsco by LPL Financial to launch their own firm named Capitum Wealth Management.

The duo has served around $245 million in advisory, brokerage and retirement plan assets and will be the first tenants of a new private executive office for Linsco advisors in Charlottesville, Va.

“We want to be relevant now — and 30 years from now — and to do that we needed to build a business that’s uniquely our own, backed by LPL’s innovative capabilities and resources,” explained McLean.

But while the advisors are keen to have greater autonomy to grow their own brand, they are happy to leave some of the technical matters to LPL.

“We don’t want the burden of figuring out the business logistics, property management and technology,” McLean said. “Perhaps 10-15 years from now we may be on LPL’s core model, but I want to learn gradually without drinking from a firehose. Linsco is the perfect medium for us to have dedicated assistance so that we can focus on the client service experience.”

NY TEAM JOINS LPL PLATFORMS

Meanwhile in Liverpool, N.Y., Syracuse Wealth Management has joined LPL Financial’s broker-dealer, RIA and custodial platforms.

Its six advisors reported having served approximately $250 million in advisory, brokerage and retirement plan assets and join from Cadaret, Grant & Co., Inc.

With branches in Syracuse and Utica, the firm is led by OSJ Gary Lucas along with partners Ronald Pratt, Jr. and Brenda Monk, with a team including branch financial advisors Michael J. Cook, Donald Jaquin and Jonathan Lovecchio, advisor Robert E. Antonacci III, executive assistant and partner Audrey Hennessy, plus support staff.

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