Financial advisors John Thornton and Jake McLean have joined Linsco by LPL Financial, the firm’s employee advisor channel, to launch Capitum Wealth Management in Charlottesville, Va., the company said.
Thornton and McLean were formerly with Wells Fargo Advisors, where they reported managing about $245 million in client assets.
Both advisors said they developed a passion for investments at an early age and committed themselves to continuous learning and growth as the industry evolved. They serve families, individuals, and business owners.
In a prepared statement, Thornton said that he and McLean provided their clients with high-quality, personalized service, as well as financial guidance designed to make them financially self-reliant.
“We do this by learning about each client’s unique financial situation and goals,” Thornton said. “Then we cultivate a detailed plan that combines all aspects of communication, both face-to-face and electronic, to keep clients engaged each step of the way.”
To better meet the needs of their clients, the duo said they decided to begin their search for a new partner that would give them greater autonomy and control over their practice as they scaled it. By joining Linsco by LPL, Thornton and McLean not only moved their practice to a new partner, but a new office location as well. The pair have become the first Linsco advisors to occupy a new private executive office in Charlottesville, Va.
Thornton noted that while some advisors have taken greater steps toward independence in partnership with larger firms, he and McLean had found the perfect balance by partnering with Linsco to operate as a business, while still being paid employees of the firm.
“During my 40-year career, I’ve seen a significant shift in the industry,” Thornton said in a news release. “Walls have crumbled with the spread of independent providers of financial research and portfolio management technology. We look forward to having more freedom to put our clients’ needs first and operate on our own terms.”
McLean said he wanted more balance between operating a practice and owning it as a business.
“We don’t want the burden of figuring out the business logistics, property management, and technology,” he said. “Perhaps 10 to 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. It’s a relationship-based business and our clients come first.”
The Linsco by LPL affiliation model allows financial advisors to own their client relationships, while giving them access to LPL’s wealth management platform and business resources, including branch management and service support teams, and marketing and technology consultants, according to the company.
Headquartered in Fort Mill, S.C., San Diego, and Boston, LPL Financial supports more than 21,000 financial advisors nationwide.