A former Wells Fargo duo of financial advisors with about $580 million in advisory, brokerage and retirement plan assets has launched an independent practice, Arise Private Wealth, in partnership with LPL Financial’s Strategic Wealth Services (SWS), an affiliation model for breakaway advisors, LPL announced today in a news release.
Based in Rolling Hills Estates, Calif., Steven Carlsen an Sathya Chey are joined by support team Pamela Dickson, Katherine Holcomb and Shannon Rowan.
Carlsen, who has more than 30 years in the industry, spent 16 years at Merrill Lynch Pierce Fenner & Smith prior to joining Wells Fargo in 2007, according to his BrokerCheck profile. Chey joined Wells Fargo in 2018, after 10 years with Halbert Hargrove, according to her BrokerCheck profile. The two partnered in 2018.
The team chose LPL after an extensive due diligence, the release said. “We believe that LPL provides the most proficient platform with no proprietary products. Its focus is keenly on innovation and operational support to help advisors succeed,” Carlsen said in the statement, noting that the move to LPL also gives them more freedom to grow their team and enhance the services offered. “We are excited about expanding our investment strategies as we incorporate our values with ESG and SRI investing. We believe you can do well by doing good, all while maintaining your principles and thriving financially.”
The advisors said it became clear that they were making the right move upon learning about Strategic Wealth Services. “Just as we expect our clients to rely on us for guidance with their financial decisions, we’re able to rely on LPL for operational support. The SWS model gives us both worlds: independence with reliable internal support and security for our clients and the custody of their assets,” Chey said.
Carlsen added that they “love the pod approach to having an extended team that supports us so that we can stay focused on managing client relationships.”