LPL Welcomes Townsgate Wealth Management

Rhea-AI Summary

LPL Financial (LPLA) has announced that Townsgate Wealth Management has joined its broker-dealer, RIA, and custodial platforms. The Westlake Village-based team, managing approximately $1.15 billion in assets, has transitioned from Wells Fargo Advisors Financial Network.

The team includes six financial advisors: Jim Murray, Larry Bernstein, Abby Goldstein, Michael Kazmer, Brett Goldberg, and Wesley Wong. Founded in 2016, Townsgate specializes in serving high-net-worth individuals, families, and business owners, offering portfolio management, fixed-income analysis, and retirement planning services.

This addition contributes to LPL's growing wealth management platform, which currently supports nearly 29,000 financial advisors and approximately 1,200 financial institutions, with approximately $1.7 trillion in brokerage and advisory assets under management on behalf of about 6 million Americans.

Positive

• Acquired team managing $1.15B in assets
• Expands high-net-worth client service capabilities
• Strengthens presence in California market
• Demonstrates continued ability to attract large advisory practices

Negative

• None.

SAN DIEGO, Feb. 27, 2025 (GLOBE NEWSWIRE) -- LPL Financial LLC announced today that financial advisors Jim Murray, Larry Bernstein, Abby Goldstein, CFP^®, Michael Kazmer, CFP^®, Brett Goldberg and Wesley Wong of Townsgate Wealth Management have joined LPL Financial’s broker-dealer, Registered Investment Advisor (RIA) and custodial platforms. They reported serving approximately $1.15 billion in advisory, brokerage and retirement assets* and join LPL from Wells Fargo Advisors Financial Network.

Based in Westlake Village, Calif., Townsgate Wealth Management was founded in 2016 and has since grown to an ensemble practice that serves primarily high-net-worth individuals, families and business owners. Complementing each other's strengths, the advisors focus on several areas of investing, including in-depth portfolio management, fixed-income analysis and retirement planning, while partnering with CPAs and attorneys to create deeply personalized strategies for each client. They are supported by administrative assistants Sarah Levi-Sickman, Joni Melickian and Claire Trentacosta.

“Our clients are the center of everything we do at Townsgate,” Murray said. “We maintain a fiduciary focus for clients and take full discretion in trading, running portfolio models and creating highly customized plans to help them work toward their goals. Whether we are developing strategies that focus on preserving wealth, building a legacy or sharing wealth with the next generation, our priority is bringing our clients’ visions into reality.”

Looking to further grow their business while maintaining their client-first approach to service, the team embarked on a year-long due diligence process that led them to LPL.

“True independence is having the autonomy to operate on our terms, which is what we found in LPL,” Bernstein said. “LPL’s culture, strong reputation, integrated systems and innovative platform means they truly serve the needs of the advisors. With advisor-centric support and a client-centric advisory practice — our clients win.”

Scott Posner, LPL Executive Vice President, Business Development, said, “We welcome the advisors of Townsgate Wealth Management to LPL and congratulate the team on this milestone in the evolution of their practice. At LPL, independence means advisors benefit from book ownership, industry-leading technology and greater support to help them grow their practices while exceeding client expectations. We look forward to partnering with Townsgate for years to come.”

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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 nearly 29,000 financial advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $1.7 trillion in brokerage and advisory assets on behalf of approximately 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 LLC (“LPL Financial”), a registered investment advisor and broker-dealer, member FINRA/SIPC. Townsgate Wealth Management 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 #700488

FAQ

How much in assets did Townsgate Wealth Management bring to LPL Financial (LPLA)?

Townsgate Wealth Management brought approximately $1.15 billion in advisory, brokerage and retirement assets to LPL Financial.

When did Townsgate Wealth Management join LPL Financial (LPLA)?

Townsgate Wealth Management joined LPL Financial on February 27, 2025.

What is the current asset value managed by LPL Financial (LPLA)?

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

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

LPL Financial supports nearly 29,000 financial advisors and approximately 1,200 financial institutions.

Which firm did Townsgate Wealth Management leave to join LPL Financial (LPLA)?

Townsgate Wealth Management transitioned from Wells Fargo Advisors Financial Network to join LPL Financial.