A 26-year-old firm from the small town of Uncasville, Connecticut, has joined LPL Financial’s broker-dealer, RIA and custodial platforms, having grown a $220 million AUM practice.
Michael Doherty Jr. founded Doherty Financial Services in 1997 and has always put family at the heart of the business, both in terms of the clients they focus on – helping families along their financial journeys – and also with their team.
Doherty’s parents and sister Karen joined the firm in the early days and his son Ryan joined as an advisor later to bring three generations of Dohertys under one roof. Advisor Ryan Pelligrini, although not a family member, is known affectionately as “Cousin Ryan.”
Priding themselves on having a ‘mom and pop’ feel to their office where they know their clients’ names, the team also includes three support staff.
“We are truly family-focused and consider our clients our family friends,” Doherty said. “We grew this practice from the ground up by building solid relationships with clients and making them feel comfortable talking about money and their financial plans. We make a point to be there for our clients whenever they need us as they work toward their financial goals.”
Switching the firm from Commonwealth Financial Network to LPL Financial reflects an increased demand for a strong technology offering.
“The industry continues to evolve, so it was important for us to find a partner that’s highly committed to investing in innovative technology,” added Doherty. “With LPL, we have best-in-class technology, a dedicated service pod, multiple investment platforms and enhanced resources to be more efficient in our work. We want to be in a position where we can take care of our clients now as well as the next generation of clients, which prefers more virtual tools and digital capabilities, so this move puts practice in the best place going forward.”
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
