A former Well Fargo advisor with about $315 million in advisory and brokerage assets has joined LPL Financial broker-dealer, corporate registered investment advisor and custodial platforms to launch his independent practice, CVG Wealth Management, in Santa Barbara, Calif., LPL has announced.
Richard Pakes, who has been with Well Fargo since 1997, provides comprehensive investment advice and portfolio management for high-net-worth individuals and business owners. Joining him at LPL are client relationship managers Kathy Mathis and Jamie Meisinger.
“This is an opportunity to own my firm and remove some of the bureaucracy, all in the spirit of doing what’s best for our clients,” Pakes said in a statement. “With support from LPL, our team will be able to operate more effectively and quickly respond to our clients’ needs. Also, LPL’s innovative technology platform gives us the tools and resources to really elevate how we serve our clients."
Rich Steinmeier, LPL Financial managing director and divisional president, business development, said, "As an independent business owner, having a supportive environment can be a differentiator. With a partner who understands the financial advice space and business ownership, advisors can more efficiently and effectively navigate the new landscape and connect with the services and capabilities that enable them to stay focused on their clients and grow a business with value."