$6.7-Mln Wells Team in Maryland Departs for LPL’s Breakaway Channel
LPL Financial’s year-old channel for breakaway wirehouse advisors has hired a 13-person Wells Fargo Advisors team in Cumberland, Maryland that had been managing $1.3 billion in client assets, according to a Monday announcement.
Led by 47-year industry veteran Larry D. Boggs, the team moved on Thursday and is the eighth and largest-by-AUM group to join LPL via its Strategic Wealth Services model, which launched in April 2020, according to the announcement and registration records. The team had produced more than $6.7 million in annual revenue, an LPL spokeswoman confirmed.
Boggs, who had spent more than four decades with Wells and two predecessor firms, is joined in the business by his three daughters, advisor Mirjhana A. Buck and operations support staffers Dagenais Boggs and Koosie Boggs. The team also includes advisors Steven M. Stroup, Patsy A. Stullenbarger, Brian J. Kelly and Cady Kirkwood Rankin, and five additional support staffers.
Boggs, who did not respond to a request for comment at his new office, ranked sixth on Forbes’ 2021 list of “Best-in-State” wealth advisors for Maryland. He had started his brokerage career in 1974 with Butcher & Singer, one of many regional firms that Wells Fargo Advisors and its predecessors acquired, according to his BrokerCheck profile.
LPL, the largest independent broker-dealer by its more than 17,000 reps, last year rolled out its SWS channel to appeal to higher-end wirehouse teams who are looking for additional operational support and marketing services. It charges brokers a flat fee based on the level of services they subscribe to.
Recent hires into the SWS channel include a four-broker Merrill Lynch team that had been managing $650 million in South Carolina.
Boggs had interviewed “more than 15” firms before affiliating with LPL, according to the firm’s announcement, which noted he was swayed by services “from remote assistance to innovative technology and back-up support.”
Buck joined her father’s team at Wells in 2004 and serves as an investment and marketing officer for the new LPL practice, according to BrokerCheck and the firm’s website.
The most senior advisor under Boggs, Stroup, has 37 years in the industry and has followed the same path as Boggs since joining Butcher & Singer in 1984, according to BrokerCheck. Stullenbarger, with 33 years in the industry, also trod the same path since joining Butcher & Singer in 1987, the database said.
Kelly, with 28 years in the industry, started at Pruco Securities in 1992 but moved the same year to First Union Capital Markets, another Wells predecessor, the database said.
Rankin, meanwhile, had joined Wells in 2016, according to BrokerCheck.
A Wells Fargo spokeswoman declined to comment on the departure.
Wells, seeking to bolster its ranks following the departure of thousands of advisors after the bank’s 2016 fake account scandal, has increased recruiting deals to advisors and has also offered higher-than-standard fees to headhunters who successfully recruit advisors.
On Thursday, Wells hired from BBVA Securities a 31-year industry veteran in Houston, Tami Rovall, who had been managing $545 million in client assets and generating $2.6 million in annual revenue. Heading into the Memorial Day holiday and coming out of the break, it had lured teams on both coasts from rivals Merrill Lynch and Morgan Stanley.