LPL Firm Hires Manager of Oppenheimer’s Philadelphia Offices

Michael Carberry, who had been overseeing three Oppenheimer & Co. branches near Philadelphia, joined LPL-affiliated Gladstone Wealth Group on Thursday.

Gladstone, a Bedminster, New Jersey, registered investment advisor, has been hiring veteran managers in a push to expand its recruiting of independent contractors. It hired former Morgan Stanley regional manager Michael Struckman earlier this month, former Morgan Stanley complex manager Richard Frick in December and former UBS complex manager Robert Limmer last September.

Carberry, who had previously worked at nine firms over his 21-year career, said he joined Gladstone as a “national sales director.” Frick is chief executive of the six-year-old firm, and Struckman, who is based in Atlanta, is head of national sales.

Gladstone, which had 55 advisors when Frick joined five months ago, now has 81 in nine states, he said.

“The opportunity going forward is more with the independent channel,” said Carberry. “People are excited to go to a more independent platform with a higher payout and more autonomy.”

A spokeswoman for Oppenheimer did not immediately return a request for comment on the move or whether it had replaced Carberry, who said he oversaw Opco offices in Red Bank and Cherry Hill, N.J., as well as in Philadelphia.

Carberry, who was with Oppenheimer for three years, had previously managed a Morgan Stanley branch in Philadelphia that was part of Frick’s complex, he said.

Carberry first registered as a broker in 1995 with Mass Mutual’s MML Investor Services, and subsequently worked at A.G. Edwards, Merrill Lynch, Friedman, BIllings Ramsey, Prudential and Janney Montgomery before joining Morgan Stanley in 2013 and Opco in 2016, according to his BrokerCheck history. He has no disclosures on the regulatory report.