LPL Financial Welcomes Washington Wealth Management to Broker-Dealer and RIA Platforms
-- Independent Hybrid RIA Producer Group Encompasses 15 Licensed Financial Advisors Supporting $750 Million in Client Assets --
-- Affiliation with LPL Financial Underscores Washington Wealth Management's Mission to Provide Former Wirehouse Advisors Full Freedom in Serving Clients and Growing their Independent Businesses --
SAN DIEGO, Oct. 2, 2012 /PRNewswire/ -- LPL Financial LLC, the nation's largest independent broker-dealer* and a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ: LPLA), today announced that Washington Wealth Management (WWM or "the firm"), an independent hybrid Registered Investment Advisor (RIA) producer group with 15 licensed financial advisors supporting approximately $750 million of client assets, has transitioned to the LPL Financial broker-dealer platform. As part of this move, WWM is also affiliating with the LPL Financial RIA Platform as part of a multi-custodial approach.
Based in San Diego, CA, WWM was established by wirehouse veterans with the express purpose of enabling experienced wirehouse advisors to establish themselves as independent fee and commission-based wealth managers under their own financial advisory practices. The firm offers advisors and advisor teams with $1 million and above in annual revenues true ownership of their businesses as well as an open architecture approach to fee and commission-based investment choices. Through Washington Wealth Management, wirehouse advisors who transition to independence are able to provide clients with objective, unbiased advice together with a broad array of investment product access.
Additionally, WWM provides a range of back and middle office services and solutions – encompassing compliance, marketing and practice management support – that dovetail closely with the offerings of LPL Financial and other custodial partners. This synthesis maximizes the ability of WWM advisors to focus their efforts on building and managing critical client relationships, while avoiding time-consuming operational details.
Bill Morrissey, Executive Vice President of Business Development at LPL Financial, said, "We are delighted to welcome Washington Wealth Management to LPL Financial. WWM's management team is passionate about providing a superior option for former wirehouse advisors seeking independence, while creating for them an environment that offers the full support to which they have been accustomed as wirehouse employees. Affiliating with LPL Financial gives WWM a strong foundation as it continues to advance its mission for advisors and clients. At the same time, we believe that WWM's decision to affiliate with LPL Financial on both our broker-dealer and RIA platforms is yet another clear example how the choice and flexibility we provide with respect to financial advisor business models are highly attractive to successful producer groups with sophisticated needs."
Rob Bartenstein, CEO of WWM, said, "Washington Wealth Management is focused on one overarching mission: Setting experienced wirehouse financial advisors free. Our management team is comprised of wirehouse veterans who are each deeply committed to the success of wirehouse advisors seeking independence. In support of this mission, we have built a unique platform that allows advisors to focus on what they do best, which is to provide sound, independent financial advice, while freeing them from all the operational, administrative and compliance tasks that can drain their energy and impede growth. The scope and scale of LPL Financial's platform, the seamless nature of its services, and the familiarity of our target audience with the type of systems LPL Financial provides, made our affiliation with LPL Financial the obvious choice.
"Moreover, WWM is already on a path of significant growth. Just last week, we announced the addition of the Domari Wealth Management team to our advisor roster. Led by 22-year industry veteran Brian Danelian, who departed from his previous firm to form an independent financial advisory practice, Domari Wealth Management will add approximately $135 million to our collective client assets. Since December 2011, WWM's client assets have grown from $100 million to nearly $750 million. We anticipate that our affiliation with LPL Financial will help further our growth, and we look forward to the expansion of our relationship."
About Washington Wealth Management
Washington Wealth Management, LLC, is an independent Registered Investment Advisor based in San Diego, CA, established by wirehouse veterans with the express purpose of providing former wirehouse financial advisors with freedom and independence. Its hybrid platform is comprised of an independent Registered Investment Advisor (RIA), a non-affiliated broker-dealer and a multi-custodian offering, in order to provide its financial advisors with a conflict-free, open architecture platform and full business independence. WWM has offices in San Diego and Los Angeles, CA; Las Vegas, NV; Seattle, WA; Westport, CT; Middelburg, VA; Richmond, VA; and Miami, FL. Client assets total approximately $750 million. More information is available at www.washwm.com.
About LPL Financial
LPL Financial, a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ: LPLA), is the nation's largest independent broker-dealer (based on total revenues, Financial Planning magazine, June 1996-2012), a top RIA custodian, and a leading independent consultant to retirement plans. LPL Financial offers integrated technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to over 13,100 financial advisors and approximately 685 financial institutions. In addition, LPL Financial supports over 4,500 financial advisors licensed with insurance companies by providing customized clearing, advisory platforms and technology solutions. LPL Financial and its affiliates have approximately 2,900 employees with headquarters in Boston, Charlotte, and San Diego. For more information, please visit www.lpl.com.
Securities and Advisory Services offered through LPL Financial. A Registered Investment Advisor, Member FINRA/SIPC
*Based on total revenues, Financial Planning magazine, June 1996-2012
This press release may contain forward-looking statements (regarding management expectations, strategic objectives, business prospects, financial results, and other similar matters) that involve risks and uncertainties. Forward-looking statements can be identified by words such as "will," "expects," "believes," and similar terms. Forward-looking statements are not guarantees of future performance and our actual results may differ significantly from the results discussed in the forward-looking statements. Important factors that may cause such differences include, but are not limited to, LPL Financial LLC's ability to successfully transition the WWM-affiliated advisors to its platform, changes in general economic and financial market conditions, fluctuations in the value of assets under management or administration, effects of competition in the financial services industry, changes in the number of our financial advisors and institutions and their ability to effectively market financial products and services, the effect of current, pending and future legislation, regulation and regulatory actions, and the other factors set forth in Part I, "Item 1A. Risk Factors" in LPL Financial Holdings Inc.'s 2011 Annual Report on Form 10-K, which is available on www.lpl.com and www.sec.gov.
SOURCE LPL Financial LLC
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