LPL Financial LLC, a retail investment advisory firm, RIA custodian, and independent broker-dealer, has added a New Jersey advisory firm with about $305 in assets under management.
Claritas Financial Partners of Marlton, N.J., is the second independent advisory in less than one month through LPL Strategic Wealth Services, LPL's new affiliation model for wirehouse and employee advisors seeking independence, according to a news release.
Claritas is led by founding partners Brian Lynn, John Fessler and Jim Pacheco. They were formerly with Wells Fargo Advisors, where they managed about $305 million in brokerage, advisory and retirement plan assets.
In late April, LPL Strategic Wealth Services launched its first independent advisory, Ashworth Financial Group with offices in Tryon and Raleigh, N.C. The Ashworth practice was also a former Wells Fargo Advisors team, managing approximately $300 million in brokerage, advisory and retirement plan assets.
With two independent launches to its credit in less than one month, LPL Strategic Wealth Services has now racked up more than $600 million in combined client assets under management.
As an LPL Strategic Wealth Services independent affiliate, the Claritas team will leverage LPL’s broker-dealer, corporate registered investment advisor and custodial platforms, while also receiving ongoing business management services and support.
According to Lynn, managing partner of Claritas, said in the news release that he came up with the new firm's name, Claritas, which means clarity and brightness, while helping his son study for a high school Latin test.
“That was the perfect analogy for what we are building as a company,” Lynn said. “Our mission is to bring clarity to the financial lives of our clients.”
He and his partners said they chose to affiliate with LPL Strategic Wealth Services because of the firm's technology and business management support, as well as the transparency they can provide operating a fee-based model. The advisors also said the breakaway solution removed the bureaucracy that prevented them from serving their clients and growing their business as they saw fit.
“It’s a perfect match for the vision we had for our practice,” Lynn also said. “The LPL platform really places clients first and allows us to give back to the community. Everything we did as part of this move and every decision we made was with our own clients in mind. When someone walks through the door at Claritas, we want them to know the whole company works for them.”