“It has evolved over time to where it consists of a good number of business owners and some everyday family business, but our niche today is primarily the high-net-worth individual looking for safe, consistent income and tax-advantaged investment planning,” LoPresti said.
LoPresti said that neither he nor DiPierro were actively seeking a new partner firm, but based on a past relationship with Doug Kish, now their regional director at LFN, they decided to make the move.
“I worked with Doug in the past and he was the best support I ever had in practice,” LoPresti said in the email. “We welcomed the opportunity to work with Doug again, and when he told us that LFN was the place for our practice, that was enough for us to entertain the move.”
LoPresti said they were receiving 100% of what Kish promised in recruiting the advisors to LFN. Asked where he and DiPierro hoped to take the practice, LoPresti said that he and his partner were looking toward their legacy as both a short-term and long-term goal.
“We’ve been lucky enough to grow the practice to its current level through our own organic efforts, but our hope is to really grow it beyond just Scott and Dean to where it is something that lives on beyond our years in business,” he said in the email. “Recruitment of a larger team is definitely a target idea, but it has to be the right people who fit our culture and what we are trying to do. Our clients expect a certain standard of care from us, so anyone coming on board with us needs to understand that. But ideally, we would love to get to a point in five years where we can look back and know that the practice will live on without either of us at the helm.”
DiMonda said in an email that LFN’s dual mission is to recruit and develop new talent from a diverse cross-section of communities nationwide through recent program launches of the African American Financial American Network (AAFAN) and Women Inspiring, Supporting and Educating (WISE), while also helping the firm’s current network of advisors successfully transition their practice to a successor when the time comes.
“Our mission is taking care of our advisors so they can take care of clients,” he said in the email. “Together, we can make a greater impact on clients, the community, and the industry.”
Founded in 1905 as a Fort Wayne, Ind.-based insurance company, Lincoln Financial Group is the marketing name for Lincoln National Corporation (LNC), a Fortune 200 holding company that operates multiple investment and insurance management businesses through subsidiary companies. Lincoln Financial Securities Corp., and Lincoln Investment Advisors Corp., are retail broker-dealers and registered investment advisors of Lincoln Financial Group.