A former Wells Fargo duo that managed about $205 million in advisory, brokerage and retirement plan assets has joined LPL Financial in Glendale, Calif., LPL announced.
Ara Mekhitarian and Leonardo Aguilar, co-founders and managing partners of Encore Capital Management, have aligned with The Financial Services Network, a firm supporting LPL-affiliated advisors. They are joined by chief administrative officer Amanda Aguilar, also a certified financial planner. The team serves wealthy individuals, business owners and families.
Mekhitarian has been with Wells Fargo since 2004, beginning his career with Wells Fargo Investments and moving to Wells Fargo Clearing Services in 2011, according to BrokerCheck.
“Given the current state of the market, we felt it was imperative to make this move now in order to have access to comprehensive resources for our clients,” he said in a statement. “By aligning with LPL, we’re able to embrace a single, integrated workstation that will allow us to provide an enhanced client experience.”
Aguilar, according to BrokerCheck, began his career in 1988 with a brief stint with SME Capital Management Corporation. He worked at a few other firms including WM Financial Services, before joining Wells Fargo in 2004. He said the alignment with the partnership with The Financial Services Network will allow his team to spend more time with clients and their financial plans.
“We’re thrilled to welcome Encore Capital Management to The Financial Services Network and look forward to supporting them as they embark on this new chapter,” said Christopher Mercado, managing partner and chief investment strategist with The Financial Services Network. Ara and Leonardo share more than 50 years of financial services experience and I’m confident they will be a great addition to our community of advisors."