Sunday, May 26, 2024

LPL Adds $300M Kentucky Team from Ameriprise -Dlight News

A team of three advisors in Louisville, Ky., with $300 million in client assets, has moved to LPL Financial. They were previously with Ameriprise Financial for 14 years.

The team, led by advisors Greg Mullaney, Colleen Kelly Abate and Peter Pagano, has launched Somnio Wealth, a new independent practice. They are joined by Operations Practice Manager Kelly Zeller, Client Service Specialist Angela Tran, Wealth Manager Assistant Glenn Barber, Marketing Specialist and Event Planner Haley Smith, Financial Planning Assistant Bruno Soria and Administrative Assistant Cynde Curry.

“From LPL’s integrated technology and business solutions to their back office support, everything they offer will help us provide the kind of elevated experience we want for our clients–something we could never get from a franchise model,” Mullaney said in a statement. “In addition, as we look to expand our footprint, LPL’s M&A Solutions will help us attract other advisors and grow our business our way.”

LPL launched its M&A Solutions in 2021, a suite of services to help advisors navigate mergers and acquisitions from start to finish. The firm will help advisors with all the issues and steps involved in sourcing and closing acquisitions or mergers with a single point of contact on one platform. That includes LPL’s liquidity and succession offering, where the IBD acquires practices with principals nearing—but not yet at—retirement and commits to spending 10 to 13 years supporting the next generation that will eventually have the option to take control without the steep price tag—or any price tag.

Somnio’s move follows news last week that Matthew Edwards, a Sarasota, Fla.-based advisor with $210 million in assets, joined LPL from Ameriprise.

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