LPL Financial welcomes new advisors Will Beck, Mike Macfarlane, Tyler Vongsawad, and Sam Rosen, launching the independent practice Happier Wealth.
Quiver AI Summary
LPL Financial LLC announced that five experienced financial advisors have joined their broker-dealer, RIA, and custodial platforms to form a new independent practice called Happier Wealth in Pleasant Grove, Utah. The team, which previously served approximately $250 million in advisory, brokerage, and retirement plan assets at Northwestern Mutual, emphasizes a client-focused approach to financial planning, aiming to help clients achieve fulfillment beyond just financial success. The founding advisors, including Will Beck, Mike Macfarlane, Tyler Vongsawad, and Sam Rosen, highlight their commitment to providing personalized services such as investment management and retirement planning while valuing the independence and flexibility that LPL Financial offers. They are excited about leveraging LPL's technology to enhance their business operations and client care.
Potential Positives
- Happier Wealth, a new independent practice formed by experienced financial advisors, has chosen LPL Financial as its partner, showcasing LPL's appeal to top talent in the financial advisory space.
- The addition of approximately $250 million in advisory, brokerage, and retirement plan assets from Happier Wealth enhances LPL Financial's asset management capacity and strengthens its market position.
- Happier Wealth's focus on providing personalized financial planning services aligns with LPL's commitment to client-centric financial advising, potentially attracting more clients seeking tailored financial solutions.
- LPL's state-of-the-art technology platform offers a significant operational advantage, allowing Happier Wealth to open accounts quickly, thereby increasing efficiency and client satisfaction.
Potential Negatives
- Loss of advisors: The departure of experienced advisors from Northwestern Mutual to LPL Financial may indicate internal issues within Northwestern Mutual, which could reflect negatively on LPL if similar trends continue.
- Risk of client retention: Establishing a new independent practice like Happier Wealth may pose risks in client retention and building a new client base, particularly with significant focus on their past relationships from Northwestern Mutual.
- Dependence on newly formed entity: LPL's growth and performance may become heavily dependent on the success of new practices like Happier Wealth, which carries inherent risks as new entities often face challenges during their initial stages.
FAQ
Who are the financial advisors launching Happier Wealth?
The advisors include Will Beck, Mike Macfarlane, Tyler Vongsawad, and Sam Rosen, all experienced professionals in financial services.
What is the mission of Happier Wealth?
Happier Wealth aims to help clients live happier, more fulfilled lives by prioritizing joy, fulfillment, and confidence in financial planning.
What services does Happier Wealth offer?
The team provides comprehensive financial planning services including investment management, tax planning, retirement planning, and estate planning.
Why did Happier Wealth join LPL Financial?
Happier Wealth joined LPL Financial for independence, control over their business, and access to a comprehensive technology platform to enhance client care.
How much in assets does Happier Wealth manage?
Happier Wealth reported managing approximately $250 million in advisory, brokerage, and retirement plan assets.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
SAN DIEGO, Nov. 25, 2024 (GLOBE NEWSWIRE) --
LPL Financial LLC
, announced today that financial advisors Will Beck, CFP
, Mike Macfarlane, CASL
, CLU
, ChFC
, Tyler Vongsawad, CLU
, ChFC
, CASL
, CFP
, MSFS, and Sam Rosen, CFP
, have joined LPL Financial's broker-dealer, RIA and custodial platforms to launch a new independent practice,
Happier Wealth
. They reported having served approximately $250 million in advisory, brokerage and retirement plan assets* and join LPL from Northwestern Mutual.
Located in Pleasant Grove, Utah, the Happier Wealth team has more than 70 years of collective experience in financial services. Macfarlane mentored Beck and Vongsawad as college interns, and they have all remained close friends throughout their careers. As the three founding partners of Happier Wealth, the advisors are looking to build a collaborative environment where they can live out their mission of helping clients live happier, more fulfilled lives.
"At Happier Wealth, we believe that true wealth isn't just about numbers—it's about living a life that brings you joy, fulfillment and confidence," said Beck, a survivor of the Columbine High School tragedy who learned early on to appreciate the things that matter most. "The advice we provide isn't just about making the most money, but about living the best life."
The Happier Wealth team provides comprehensive financial planning services, including investment management, tax planning, retirement planning and estate planning. The advisors work to understand each client's unique needs and provide advice tailored to those goals.
As they prepared for the next chapter of their business, they sought to partner with a wealth management firm that would give them true independence and the freedom to act solely in the best interests of their clients.
"Our strategic partnership with LPL Financial is underpinned by a shared commitment to prioritizing the client," Beck said. "We value the autonomy and control over our business and appreciate that LPL does not offer proprietary investment products. Additionally, LPL's comprehensive technology platform reduces administrative burdens and helps us focus on taking care of clients. The ability to open an account in less than 10 minutes is a game-changer for us. We have so many ideas for how we can expand and grow, and we look forward to taking our practice to the next level."
Scott Posner, LPL Executive Vice President, Business Development, said, "We welcome Will, Mike, Tyler, Sam and the entire Happier Wealth team to LPL, where we'll continue to invest in new capabilities and solutions designed to help advisors grow their businesses, personalize their practices and deliver differentiated service experiences to their clients. We look forward to supporting Happier Wealth as they evolve their business and make a positive impact on the lives of their clients."
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Advisors, learn how LPL Financial can help
take your business to the next level
.
About LPL Financial
LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports more than 28,000 financial advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $1.7 trillion in brokerage and advisory assets on behalf of approximately 6 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit
.
Securities and Advisory services offered through LPL Financial LLC ("LPL Financial"), a registered investment advisor.
Member FINRA/SIPC. LPL Financial and its affiliated companies provide financial services only from the United States. Happier Wealth and LPL are separate entities.
Throughout this communication, the terms "financial advisors" and "advisors" are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial.
We routinely disclose information that may be important to shareholders in the "
Investor Relations
" or "
Press Releases
" section of our website.
*Value approximated based on asset and holding details provided to LPL from end of year, 2023.
Media Contact:
Media.relations@LPLFinancial.com
(704) 996-1840
Tracking #661130
