Wells Fargo Advisors go indie with LPL’s breakaway affiliation model


    According to an announcement, New Jersey-based consultants David Crossan and John Stephens Jr. have teamed up to start their own independent practice, Shoreline Wealth Management, through LPL Financial’s Strategic Wealth Services. Crossan and Stephens, who have total client assets of approximately $ 305 million, join from Wells Fargo Advisors.

    Coastline is the 13thNS Team to join LPL through SWS, the company’s premium partnership model that focuses on renegade consultants. Since SWS went live in April 2020, LPL has attracted breakaway teams from Merrill Lynch, UBS and Oppenheimer, to name a few. One of its largest teams, Boggs & Company, previously had $ 1.3 billion under management at Wells Fargo.

    SWS helps established regional and wirehouse consultants who have high production and manage assets of more than $ 200 million. It is intended to relieve the consultants of some of the more entrepreneurial tasks associated with starting and running a practice.

    LPL offers SWS consultants free transition services that range from planning the exit from their current business to adding clients to the LPL platform. Next, IBD supports the consultants in securing real estate, installing and integrating technology, compliance readiness and developing the company’s brand. After the change of advisor, LPL then provides ongoing assistance from a CFO advisor, senior marketing strategist, technical support, remote administrative assistants and a service team.

    “This is a big step for us from working for a company to owning our company,” Crossan said in a statement. “There are a lot of moving parts when starting a new business, so the extra resources and support provided by the SWS model just made sense. It gives us more flexibility to create bespoke services for our customers and to run our business as we see fit. “

    Shoreline, which currently has offices in Manchester and Manahawkin, NJ, hopes to expand to serve customers on the Jersey coast. Brittany Forte, who works for office support, joins the consultants.

    “The time has come for advisors seeking independence and we would like to start our firm and welcome other like-minded advisors to our network,” said Stephens in a statement.


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