LPL Financial today announced that a former Raymond James team that handled about $700 million in advisory, brokerage and retirement plan assets has rejoined LPL Financial’s broker-dealer, corporate registered investment advisor and custodial platforms.

Wealth Advisory Services, based in the Philadelphia suburb of Doylestown, Pa., has aligned with Gladstone Wealth Partners, a large enterprise on LPL’s hybrid RIA platform, the company said in a news release.

Founded in 2003 by managing partners Paul Krumenacker and David Jenkins, the team also includes independent financial advisors Michael Sheehy and Scott Stencler, as well as office support members Ann Capacete and Karen Wick. The team provides retirement planning and wealth management to high-net-worth individuals and small businesses, the release said.

The advisors had previously been with LPL for 13 years before moving to Raymond James in 2016, but felt it was time to return after learning about LPL’s “service transformation and mission to take care of its advisors,” the release said. They also had previously worked with Gladstone CEO Richard Frick at a prior firm. 

“We have grown substantially over the last few years, and as we got bigger, we found ourselves spending more time on administrative and compliance-related tasks,” Krumenacker said in a statement. “With the move to LPL and Gladstone, we have additional resources to take some of that off our plate so we can go back to what we enjoy doing, which is individual portfolio management and building wealth for our clients.”

Jenkins noted that over the years, they have “worked with clients and their trusted professionals, including attorneys and accountants, to create comprehensive wealth management plans designed to make the best use of their wealth today and help ensure its endurance for future generations."

In partnering with Gladstone, the advisors said they plan to attract new advisors, grow through acquisition and add more value to their clients.

Frick said. “This is the second partner office we have opened this month in the Philadelphia suburbs and will help continue our strong growth, both in that market and nationwide.”