Former wirehouse consultants Steven Carlsen and Sathya Chey announced that they had founded an independent firm called Arise Private Wealth Rolling Hills Estates, California. The duo are the latest consultants to set up for business with LPL Financial’s Strategic Wealth Services Affiliation Model.
Prior to landing at LPL, the two consultants managed total client assets of $ 580 million, including advisory, brokerage and retirement plans at Wells Fargo Advisors. Carlsen and Chey, who began their collaboration in 2018, chose LPL for its non-proprietary products.
“We are excited to expand our investment strategies as we incorporate our values into ESG and SRI investments. We believe that you can do good by doing good while maintaining your principles and being financially successful, ”said Carlsen.
Carlsen and Chey thought the name Arise suited the duo as they both came from humble beginnings. Carlsen grew up on a single income in a single family home, while Chey spent her earliest years in a refugee camp as her family fled the Cambodian genocide.
“We weren’t born into the most ideal circumstances that traditionally would lead to success; However, we know firsthand that discipline, perseverance, and an unwavering commitment to “stand up” and create a new life are possible, “said Chey. “For us, getting up means rising above our past, mastering challenges, controlling our fate and consistently striving to become a better person. We are living proof of this and we bring this tenacity to every relationship. “
A week before this launch, LPL announced that it had helped another former Wells Fargo team start Boggs & Company in Cumberland, Maryland. The team managed $ 1.3 billion in client assets at Wells.
SWS, the affiliation model for practices managing $ 200 million or more, was launched by LPL a little over a year ago to create a path to independence for employed regional and wirehouse consultants. SWS is paying more attention to breakaway firms to help set up and run an independent practice such as: B. Finding real estate, technology, marketing, business expenses, and administrative tasks.