LPL Financial and Financial Resources Group Welcome Coastal Wealth Management Group
Rhea-AI Summary
LPL Financial (NASDAQ:LPLA) announced that Coastal Wealth Management Group has joined Financial Resources Group Investment Services, transitioning from Osaic with approximately $175 million in assets. The Ocean Springs, Mississippi-based team includes Lloyd Baxter, George Cumbest, Darryl Meadows, and Timothy Taranto.
The team chose LPL for its enhanced technology platform, robust resources, and strong acquisition footprint. Coastal Wealth Management Group specializes in serving business owners, pre-retirees, and retirees, with plans to expand into the music industry and college athlete markets. LPL Financial currently supports over 29,000 financial advisors and approximately 1,100 financial institutions, managing about $1.9 trillion in assets for approximately 7 million Americans.
Positive
- Addition of $175 million in managed assets to LPL's platform
- Strategic expansion in the Gulf Coast region
- Potential for growth in specialized markets (music industry and college athletes)
- Return of experienced advisor George Cumbest who previously worked with LPL (2010-2015)
Negative
- None.
News Market Reaction – LPLA
On the day this news was published, LPLA declined 2.61%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
SAN DIEGO, Aug. 07, 2025 (GLOBE NEWSWIRE) -- LPL Financial LLC announced today that the advisors of Coastal Wealth Management Group have joined Financial Resources Group Investment Services, an existing firm supporting LPL-affiliated advisors. They reported serving approximately
Based on the Gulf Coast in Ocean Springs, Miss., the team includes Lloyd Baxter CWS®, AIF®, George Cumbest, Darryl Meadows and Timothy Taranto. They were all born and raised on the Mississippi Gulf Coast and continue to be active members of their community. Coastal Wealth Management Group works with business owners, pre-retirees and retirees and has its sights set on advising clients in the music industry as well as college athletes.
“We aim to follow our passions and transform relationships into clients. One of my favorite ways to gain clients is naturally, through activities I enjoy, such as collaborating with songwriters at a nonprofit,” said Cumbest, who also serves as the President of the Mississippi Songwriter Alliance in his free time. “We are a process-driven yet relationship-oriented group. Over the years, some of our clients have become our friends. We have a well-defined, technical process for meeting with clients. We conduct thorough research, listen to their stories and goals, and then develop and propose a tailored plan.”
Why Coastal Wealth Management Group Chose LPL
Looking to enhance their offerings, increase their capacity to serve clients and enjoy a more robust technology platform, the team made the move to LPL after an in-depth due diligence process.
“I spoke with about 30 advisors and assistants, discussing in detail how they were finding their experience with LPL. The conversations were positive, and everyone seemed very happy,” said Cumbest, who was with LPL from 2010 to 2015. “The people we've been working with at LPL have been great. We appreciate that the technology is up to date, they have the resources to support us and LPL’s strong footprint for acquisitions stood out to us as we look to grow. We believe LPL will offer us more stability moving forward, and we feel positive about our future with LPL.”
Adam Rean-Bohlen, Director of Business Consulting at Financial Resources Group, said, “We’re honored to welcome Lloyd, George, Darryl and Timothy to the Financial Resources Group family. Their industry expertise aligns perfectly with our commitment to excellence, and we’re excited to continue the partnership in 2025 and beyond. Our number-one goal is to create meaningful value for their business.”
Scott Posner, Managing Director, Business Development, said, “We welcome the team at Coastal Wealth Management Group to LPL. At LPL, we are deeply committed to helping business owners like Lloyd, George, Darryl and Timothy by investing in robust, integrated technology capabilities designed to help advisors provide clients with differentiated experiences. We look forward to supporting the team for years to come as they expand in the Gulf Coast region.”
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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 over 29,000 financial advisors and the wealth management practices of approximately 1,100 financial institutions, servicing and custodying approximately
Securities and advisory services offered through LPL Financial LLC (“LPL Financial”), a registered investment advisor and broker-dealer, member FINRA/SIPC. Coastal Wealth Management Group and LPL Financial 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.
Media Contact:
Media.relations@LPLFinancial.com
Tracking #779180
FAQ
What assets did Coastal Wealth Management Group bring to LPL Financial (NASDAQ:LPLA)?
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