An advisory pair based in The Woodlands, Texas, LPL is joining Strategic Wealth Services and creating a new independent practice, the independent broker/dealer announced Monday.
Richard DeYoung and Jessica Boehm are joining LPL from Wells Fargo Advisors, where they managed approximately $280 million in advisory, brokerage and retirement planning assets, and the new exercise will be called Highland Wealth Partners.
DeYoung and Boehm met four years ago, and work with individuals and families, trusts, businesses and nonprofits. They will be joined by support staff Debbie Gregory and Cindy Binn in the new firm, and allow the team to remove minimum investment requirements for clients. According to Boehm, the LPL partnership provided the right mix of autonomy with both customer and back-office support.
“With strategic money services, everything is already built in and we are not on our own,” she said. “That way, we can focus on what we do best and enjoy being a mentor.”
The partnership with Highland Wealth Partners is the 22nd exercise of LPL joining Strategic Wealth Services (SWS). Its launch in April 2020, The model is designed to target wirehouse and regional consultants looking to build an independent business, while still getting the back office support in the employee model. earlier this year, SWS turns to Lincoln, Neb-based financial advisor With approximately $750 million in assets managed to leave DA Davidson; This partnership becomes SWS’s first partnership in the Midwest since its inception.
LPL has also attracted a number of Wells Fargo advisors in recent months, including $1 billion AUM trio based in Salt Lake City Joe joined LPL’s Stratos Wealth Partners from Wells Fargo in late February. earlier this year, Another Texas-based couple joined SWS from Wells Fargo with approximately $275 million in managed assets, while last September A team from New Jersey with $305 million Also joined SWS after leaving Wells Fargo (Larry Boggs, Maryland-based consultant SWS, with $1.3 billion AUM, was the largest addition and was linked to Wells Fargo last year).
Additionally, LPL announced last month that Bozeman, Mont.-Based Financial Advisor John “Mark” Ross, which managed approximately $100 million in assets, was affiliated with Lynsco by LPL, the firm’s employee advisory model, also joining Wells Fargo Advisors. Last week First Hope Wealth Management, An Andover, NJ-based team Joins LPL’s institutional services platform, with approximately $195 million in managed assets from an investment program at First Hope Bank. The team was previously affiliated with Raymond James.
LPL also recently announced its fourth quarter results, netted $17 billion in assets in the fourth quarter of 2021 and $89 billion for the year, more than double the 2020 total. LPL’s managing director and board chairman Rich Steinmeier estimated the number of advisory staff to exceed 20,000 by the end of the first quarter of this year.