$2b Wirehouse Team Joins LPL Financial, Gladstone Wealth Partners

Rhea-AI Summary

LPL Financial announced the addition of financial advisors John Gallagher and Mark Levin, who have joined LPL's broker-dealer platform with Maverick Partners Wealth Management. The duo, previously with Morgan Stanley, manages around $2 billion in assets. They aim to build a client-focused business emphasizing fiduciary responsibilities. Their collaboration with Gladstone Wealth Partners will enable them to offer a comprehensive financial service package. This transition reflects a growing trend of high-net-worth advisors pursuing independence for enhanced client service.

Positive

• Gallagher and Levin manage approximately $2 billion in assets, enhancing LPL's wealth management capabilities.
• The move indicates a growing trend of successful advisors transitioning to independent platforms, suggesting a robust client-focused approach.
• Partnership with Gladstone Wealth Partners offers personalized support, enhancing operational efficiency for Gallagher and Levin.
• LPL's scalable platform allows for tailored financial solutions, improving client relationship management.

Negative

• None.

CHARLOTTE, N.C., Nov. 16, 2020 (GLOBE NEWSWIRE) -- LPL Financial LLC, a leading retail investment advisory firm, independent broker-dealer and registered investment advisor (RIA) custodian, today announced that financial advisors John Gallagher and Mark Levin, ChFC^®, of the newly-minted Maverick Partners Wealth Management, have joined LPL Financial’s broker-dealer and corporate RIA platform, in addition to leveraging LPL as a custodian. They aligned with Gladstone Wealth Partners, a large enterprise supporting LPL-affiliated advisors. The pair of advisors reported having served approximately $2 billion in advisory, brokerage and retirement plan assets*. They join from Morgan Stanley.

“To make this move now, during a global pandemic and in the midst of market uncertainties, was a huge, carefully calculated decision. We are entrepreneurs at heart and have decided to build a business that is our own, where we can be fiduciaries and keep our clients’ best interests at the forefront of everything we do,” said Gallagher, who like his business partner Levin, has spent his entire career with the same company. They chose their firm’s name, Maverick, given its definition: “independent-minded.”

With the new affiliation, Gallagher and Levin chose to move their office to Marlton, N.J., about 25 minutes from downtown Philadelphia. With a combined 65 years of industry experience, the advisors work with high-net-worth families, foundations and business organizations, helping them to grow and maintain their wealth. Both recognized as Forbes Best-in-State Wealth Advisors for the past three years (2018-2020), Gallagher and Levin have been partners since 2013, complementing each other with their like-minded strategies and business approach. They are assisted by a four-member office support staff.

Levin said their partnership with LPL and Gladstone gives them a platform to build a high-end, boutique firm that can support their clients’ comprehensive financial needs. “We take great pride in helping people. We love being part of our clients’ core financial team, and we are excited to be in a fiduciary role where we can build out the practice and expand relationships with CPAs and attorneys. The open architecture of LPL’s platform, along with the ability to choose our own partners, allows us to extend our team of experienced professionals to provide clients with a total package for all their financial needs,” Levin said. 

Gallagher and Levin worked with Richard Frick, managing partner and CEO at Gladstone Wealth Partners, at Morgan Stanley. Their relationship played a large role in their decision to join Gladstone and LPL. “We have confidence in Rick and trust his team implicitly,” Gallagher said. “We know that the entire Gladstone team understands the unique challenges and opportunities facing the modern advisor and our clients, and they are here to support us, both now and in the future.”

Frick stated, “All of us at Gladstone Wealth Partners congratulate Mark and John on their transition to independence. They have been one of the premier teams at Morgan Stanley for decades. Their move to independence represents the continuing trend of successful, high-net-worth teams gaining independence to have more control over how they run their businesses and how they serve their clients. They chose to align with Gladstone for the personalized support and dedicated resources we provide to transitioning advisors, backed by LPL’s size, scale and innovative capabilities. I have worked with and have known Mark and John for years, and I am excited to support the launch of their independent business and help them grow.”

Rich Steinmeier, LPL Financial managing director and divisional president, Business Development, said, “We extend a warm welcome to John, Mark and the entire Maverick team, and we congratulate Gladstone on growing its network of quality advisors. As a partner with scale, we are committed to supporting our advisors’ ability to meet their clients’ expectations for superior service and access to sophisticated wealth management solutions. We also deliver the resources and services that help these independent business owners operate efficiently, differentiate their practices and build a business with value. We look forward to a long-lasting partnership with Maverick Partners Wealth Management.”

Read about other firms that recently joined LPL in the LPL Financial News and Media section of LPL.com.

Advisors, find an LPL business development representative near you.

About LPL Financial
LPL Financial (https://www.lpl.com) is a leader in the retail financial advice market and the nation’s largest independent broker-dealer**. We serve independent financial advisors, professionals, and financial institutions, providing them with the technology, research, clearing and compliance services, and practice management programs they need to create and grow thriving practices. LPL enables them to provide objective guidance to millions of American families seeking wealth management, retirement planning, financial planning and asset management solutions.

Maverick Partners Wealth Management, Gladstone Wealth Partners and LPL Financial are separate entities.

*Based on prior business and represents assets that would have been custodied at LPL Financial, rather than third-party custodians. Reported assets and client numbers have not been independently and fully verified by LPL Financial.

**Based on total revenues, Financial Planning magazine June 1996-2020

Throughout this communication, the terms “financial advisors” and “advisors” include registered representatives and/or investment adviser representatives affiliated with LPL Financial LLC, an SEC registered broker-dealer and investment adviser.

The Forbes Best-In-State Wealth Advisor ranking, developed by SHOOK Research, is based on in-person and telephone due diligence meetings and a ranking algorithm that includes: client retention, industry experience, review of compliance records, firm nominations; and quantitative criteria, including: assets under management and revenue generated for their firms. Portfolio performance is not a criterion due to varying client objectives and lack of audited data. Neither Forbes nor SHOOK Research receives a fee in exchange for rankings. 

Media Contact:
Lauren Hoyt-Williams
(980) 321-1232
Lauren.Hoyt-Williams@lpl.com

FAQ

What is the significance of Gallagher and Levin joining LPL Financial?

Gallagher and Levin's move to LPL Financial is significant because they bring approximately $2 billion in assets, emphasizing the trend of successful advisors seeking independence for better client service.

How does the partnership with Gladstone Wealth Partners benefit Gallagher and Levin?

The partnership with Gladstone provides Gallagher and Levin with personalized support and resources, enabling them to enhance their service offerings to clients.

What trend is indicated by Gallagher and Levin's transition to independence?

Their transition reflects a broader trend of high-net-worth advisors pursuing independence to gain more control and flexibility in serving clients, particularly during uncertain market conditions.

What assets are managed by Maverick Partners Wealth Management?

Maverick Partners Wealth Management manages approximately $2 billion in advisory, brokerage, and retirement plan assets.

What is the role of LPL Financial in Gallagher and Levin's new firm?

LPL Financial serves as the broker-dealer and custodian for Gallagher and Levin, providing technological and operational support necessary for independent advisory practices.