A former UBS team with $1.2 billion in advisory and brokerage assets has aligned with Gladstone Wealth Partners to join LPL Financial’s broker-dealer, hybrid registered investment advisor and custodial platforms, according to an announcement today from LPL.
The 10-member team, formerly the Klaas Group, operates as Puzzle Wealth Solutions and is based in Schaumburg, Ill. It is led by CEO John Klaas who began his career in 1988 as a solo practitioner. David Millington serves as president and Chief operating officer. Both men spent 13 years at UBS and Morgan Stanley before that, according to their BrokerCheck profiles.
The Puzzle team other members include Steven Connolly, chief information officer, chief compliance officer and controller; Robert A. Davit, managing director; Karoline O’Connor, senior director of business development; Alexander W. Klaas, wealth advisor; Christopher J. Sagan, wealth advisor; Kathleen Miller, director of operations; Mark Gorman, director of trading; and Nicholas Shealy, operations. Connolly and O’Connor also spent 13 years at UBS and previously Morgan Stanley, according to their BrokerCheck profiles.
The financial-planning based firm, the release noted, has roots in the Chicagoland area, serving a client base of nearly 400 corporate executives, business owners, families and affluent individuals. The team focuses on financial planning, estate planning and portfolio management.
Klaas said after thorough research and due diligence, LPL and Gladstone were the clear partners in the team’s move to independence. “LPL rose above all other firms as a leader for solving for our clients’ needs. We believe LPL has the most diverse and flexible custodial platform, coupled with innovative technology that can be customized for our team’s unique needs,” he said.
And as for Gladstone, Klaas said: “We chose Gladstone’s partner model because it provides an additional layer of support and resources. They have a tremendous network of advisors and an experienced team that is aligned with our goals and growth plans. We look forward to expanding throughout the greater Chicago region.”
Klass said the transition to independence is powerful and refreshing. He said it further honors the commitment to their clients by providing fiduciary advice. “Now, as independent advisors, we can offer improved transparency and operate in our clients’ best interests.”
Added Millington, “Our goal is to deliver a differentiated experience, not only to our clients but also to other advisors who will want to join Puzzle. We will take the pieces to their financial puzzle and coordinate them in a way to improve efficiencies, so that they can go enjoy the gift of more time. On top of that, the experience will be articulated clearly to them and help give them confidence to know what was accomplished.”
Gladstone’s founder and chairman Robert Hudson said he was impressed with Klaas’ and his team’s competency and processes from the first few conversations they had. “They are a world class organization, and we are honored they chose to partner with Gladstone as they move to independence. I look forward to working together with them to expand our presence in the Chicago market and the tremendous opportunity it brings,” he said.
"We congratulate John and the Puzzle team on the launch of their independent business and are honored to welcome them to the LPL community, Scott Posner, LPL executive vice president, business development," said, adding that LPL also congratulates Gladstone on its continued growth.