Charter Oak Wealth Partners joined LPL Financial, enhancing service capabilities and managing $600 million in assets.
Quiver AI Summary
LPL Financial LLC has announced that Charter Oak Wealth Partners, which manages approximately $600 million in assets, has joined its broker-dealer, RIA, and custodial platforms, aligning with Academy Financial. Founded in 2016 by Gary Paul and supported by a team of advisors, Charter Oak Wealth Partners provides personalized financial planning and investment services. After conducting extensive market research, the firm opted for LPL to enhance its service capabilities and growth potential, emphasizing a commitment to client-first values. LPL's executive team expressed enthusiasm about the new partnership, highlighting their dedication to supporting advisors with resources and technology for business success.
Potential Positives
- Charter Oak Wealth Partners joining LPL Financial enhances LPL's market position by adding approximately $600 million in advisory, brokerage, and retirement plan assets.
- The collaboration with Charter Oak Wealth Partners and Academy Financial reinforces LPL's commitment to supporting financial advisors with extensive resources and innovative technology.
- This acquisition demonstrates LPL's appeal as a stable and growth-oriented partner for financial advisory firms, evidenced by Charter Oak's strategic decision after extensive market research.
- The press release positions LPL Financial as a rapidly growing leader in the wealth management industry, serving over 29,000 financial advisors and managing approximately $1.7 trillion in assets.
Potential Negatives
- Charter Oak Wealth Partners' transition to LPL Financial could signal instability or dissatisfaction with its previous arrangement at Osaic, raising questions about client retention and service quality during the transition period.
- The announcement emphasizes a need for enhanced service capabilities, which may suggest existing deficiencies in their previous offerings that could impact client satisfaction.
- The focus on market research for the decision to join LPL may indicate a competitive landscape where advisors feel pressured to switch firms to remain viable, reflecting broader industry challenges.
FAQ
What is the significance of Charter Oak Wealth Partners joining LPL Financial?
Charter Oak Wealth Partners joins LPL Financial to enhance service capabilities and provide superior financial planning and investment services.
Who are the key members of Charter Oak Wealth Partners?
The team includes Gary Paul, CRPC®, Gary Salva, Bill Matzinger, Chris Scuderi, and Client Relationship Manager Lori Tedone.
What assets does Charter Oak Wealth Partners manage?
Charter Oak Wealth Partners reported managing approximately $600 million in advisory, brokerage, and retirement plan assets.
Why did Charter Oak Wealth Partners choose LPL Financial?
They selected LPL for its stability, innovative technology, strategic support, and focus on putting clients first.
How does Charter Oak's mission align with Academy Financial's values?
Both firms share a commitment to putting clients first, which enhances their collaborative efforts and strengthens client relationships.
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.
$LPLA Insider Trading Activity
$LPLA insiders have traded $LPLA stock on the open market 1 times in the past 6 months. Of those trades, 0 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $LPLA stock by insiders over the last 6 months:
- ANERI JAMBUSARIA (Managing Director) sold 305 shares for an estimated $101,241
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$LPLA Hedge Fund Activity
We have seen 324 institutional investors add shares of $LPLA stock to their portfolio, and 355 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- CAPITAL RESEARCH GLOBAL INVESTORS removed 1,577,102 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $366,881,238
- PRICE T ROWE ASSOCIATES INC /MD/ removed 1,483,931 shares (-70.7%) from their portfolio in Q3 2024, for an estimated $345,206,868
- BOSTON PARTNERS added 1,212,715 shares (+64.3%) to their portfolio in Q3 2024, for an estimated $282,113,890
- FIRST TRUST ADVISORS LP added 901,509 shares (+1007.0%) to their portfolio in Q3 2024, for an estimated $209,718,038
- MARSHALL WACE, LLP added 863,254 shares (+inf%) to their portfolio in Q3 2024, for an estimated $200,818,778
- FMR LLC added 650,675 shares (+24.4%) to their portfolio in Q3 2024, for an estimated $151,366,525
- MORGAN STANLEY removed 596,159 shares (-40.6%) from their portfolio in Q3 2024, for an estimated $138,684,468
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
SAN DIEGO, Feb. 03, 2025 (GLOBE NEWSWIRE) -- LPL Financial LLC announced today that the advisors at Charter Oak Wealth Partners have joined LPL Financial’s broker-dealer, RIA and custodial platforms, aligned with existing firm Academy Financial. They reported serving approximately $600 million in advisory, brokerage and retirement plan assets* and join LPL from Osaic.
Based in Hartford County, Conn., Charter Oak Wealth Partners was founded in 2016 by Gary Paul, CRPC®, although the practice’s roots date back more than 50 years. Paul is joined by fellow advisors Gary Salva, Bill Matzinger and Chris Scuderi, and they are supported by Client Relationship Manager Lori Tedone. Together, they provide comprehensive financial planning and investment services for individuals, families and businesses.
“We are committed to maintaining the highest standards of integrity and professionalism in our relationship with our clients,” Paul said. “We endeavor to know and understand our clients' financial situations and provide them with only quality information, services and products to help them pursue their goals.”
The team at Charter Oak Wealth Partners turned to LPL after extensive market research to enhance service capabilities and propel the next phase of its development. Like Academy Financial, which joined LPL in August , the Charter Oak team has stood by its longtime mission of, “Serve first, last and always.”
“We’re excited to tap into LPL’s vast resources and services to provide our clients with elevated experiences,” said Paul. “We chose LPL for its stability as a Fortune 500 company, along with its strategic support, innovative technology and shared focus on putting clients first. Add to that the additional resources and support from Academy, and we believe we are in a prime position to enhance our offering, grow the business and serve clients better than ever.”
Academy Financial Partner Brent J. Kvech stated, “We’re excited for the opportunity to work with the Charter Oak team and grow our firm together. This is a team that shares our values of putting clients first and foremost, and we found that to be a perfect alignment. We believe this relationship will strengthen our firm and add value to clients.”
Scott Posner, LPL Executive Vice President, Business Development, said, “We welcome the Charter Oak team to the LPL community and congratulate Academy Financial on its continued growth. We are committed to delivering robust resources, business solutions and innovative capabilities that help our advisors differentiate their practice and succeed at every stage of their business’ lifecycle. We look forward to a long-lasting relationship with the entire team at Charter Oak Wealth Partners.”
Related
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 29,000 financial advisors and the wealth management practices of 1,200 financial institutions, servicing and custodying approximately $1.7 trillion in brokerage and advisory assets on behalf of 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
www.lpl.com
.
Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and broker dealer, member FINRA/SIPC. LPL Financial and its affiliated companies provide financial services only from the United States. Charter Oak Wealth Partners, Academy Financial 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, 2024.
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