Financial advisors Allen Lorenzi, Ira Shapiro and Michael Walker have teamed up to launch Raintree Wealth Partners, an independent practice in Scottsdale, Ariz., and have partnered with Stratos Wealth Partners in Beachwood, Ohio, and taken on LPL Financial as custodian, the companies announced today in a news release.

The Raintree advisors were formerly with Wells Fargo Advisors Financial Network (WFAFN), where they oversaw about $375 million in brokerage, advisory and retirement plan assets.

“I have worked with all three of these outstanding advisors at previous firms and I am excited to partner together to launch their newly formed Raintree Wealth Partners,” Bobbie Meola, Stratos managing partner in Arizona, said in the news release.

“We are so excited about this great opportunity to work together in an independent practice supported by LPL and Stratos,” Shapiro, a Marine Corps veteran who served in Operation Desert Storm, said in the news release. “This move provides fresh wind under our sails and a freedom to operate as we truly see fit for our clients, without being encumbered by a large banking influence.”

The roots of the Raintree launch go back more than a decade, according to the three partners, who rented space in the same building and operated solo practices there. Now, with the transition to LPL and Stratos, they are able to merge their businesses to become Raintree Wealth Partners, located just off Raintree Drive in Scottsdale, Ariz., according to the release.

Walker, who has made only one other move in his 37-year career, said in the news release that he and his founding partners made the move to independence with their clients in mind.

“My partners and I have known each other for years, so it was a natural progression to team up and ensure business continuity,” he said. “It’s important for our clients to know they will be taken care of in the event something happens to one of us.”

The team, which provides wealth management strategies and intergenerational planning for executives and other high-net-worth individuals, conducted an extensive search for a new partner before settling on LPL and Stratos, according to Lorenzi. 

“We want to focus on running an independent practice and creating a business that puts our clients’ needs first,” he said.