LPL Financial Welcomes Charter Oak Wealth Partners

Rhea-AI Summary

LPL Financial (LPLA) announced that Charter Oak Wealth Partners has joined LPL's broker-dealer, RIA and custodial platforms, aligned with existing firm Academy Financial. The team, which serves approximately $600 million in advisory, brokerage and retirement plan assets, transitions from Osaic.

Based in Hartford County, Conn., Charter Oak Wealth Partners was founded in 2016 by Gary Paul, CRPC®, with roots dating back over 50 years. The team chose LPL for its stability as a Fortune 500 company, strategic support, and innovative technology. LPL Financial currently supports over 29,000 financial advisors and 1,200 financial institutions, managing approximately $1.7 trillion in brokerage and advisory assets for 6 million Americans.

Positive

• Addition of $600M in assets under management through Charter Oak acquisition
• Strategic expansion of LPL's market presence in Connecticut
• Strengthening of existing Academy Financial partnership

Negative

• None.

Insights

Financial Industry Analyst

This strategic acquisition reflects LPL Financial's continued execution of its growth strategy in the competitive wealth management space. The addition of Charter Oak's $600 million in assets, while representing a relatively small fraction of LPL's $1.7 trillion total AUM, is significant for several reasons:

First, this move continues the industry-wide trend of advisor migration from smaller platforms to larger, more technologically advanced firms. The transition from Osaic (formerly Cetera) to LPL showcases the competitive advantage larger platforms have in attracting established practices through superior technology and support infrastructure.

Second, the alignment with Academy Financial, a recent LPL addition, demonstrates LPL's strategic approach to creating regional clusters of affiliated practices. This model can drive operational efficiencies and create opportunities for practice synergies, particularly in the wealthy Hartford County market.

Third, Charter Oak's 50-year history and comprehensive service model aligns perfectly with LPL's focus on stable, long-term client relationships. The practice's emphasis on comprehensive planning services positions it well to capture a greater share of wallet from high-net-worth clients in the region.

From an investor perspective, while this single acquisition won't materially impact LPL's financials, it represents continued execution of their advisor recruitment strategy, which has been a key driver of the company's growth. The ability to consistently attract established practices from competitors validates LPL's value proposition and suggests continued strong organic growth potential.

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

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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 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.

Media Contact: 
Media.relations@LPLFinancial.com 
(704) 996-1840

Tracking #682659

FAQ

How much in assets did Charter Oak Wealth Partners bring to LPL Financial (LPLA)?

Charter Oak Wealth Partners brought approximately $600 million in advisory, brokerage and retirement plan assets to LPL Financial.

When did Charter Oak Wealth Partners join LPL Financial (LPLA)?

Charter Oak Wealth Partners joined LPL Financial in February 2025.

What is LPL Financial's (LPLA) current total assets under management?

LPL Financial services and custodies approximately $1.7 trillion in brokerage and advisory assets.

How many financial advisors does LPL Financial (LPLA) support?

LPL Financial supports more than 29,000 financial advisors and wealth management practices of 1,200 financial institutions.

Which firm did Charter Oak Wealth Partners leave to join LPL Financial (LPLA)?

Charter Oak Wealth Partners joined LPL Financial from Osaic.