LPL Financial Welcomes CVG Wealth Management

Rhea-AI Summary

LPL Financial (LPLA) has announced that Richard Pakes, a seasoned financial advisor with 24 years of experience and approximately $315 million in advisory and brokerage assets, has joined their firm. He will launch CVG Wealth Management in Santa Barbara, CA, offering comprehensive investment advice. Pakes will benefit from LPL's broker-dealer platform and innovative technology, enabling greater flexibility and efficiency in serving clients. LPL's support is expected to enhance Pakes’ practice and attract more advisors, marking a significant step in his independent career.

Positive

• Richard Pakes brings $315 million in advisory and brokerage assets.
• LPL's platform offers enhanced support and flexibility for advisors.
• The partnership is expected to expedite CVG Wealth Management's growth.

Negative

• None.

CHARLOTTE, N.C., Feb. 22, 2021 (GLOBE NEWSWIRE) -- LPL Financial LLC (Nasdaq:LPLA), a leading retail investment advisory firm, independent broker-dealer and registered investment advisor (RIA) custodian, today announced that financial advisor Richard Pakes has joined LPL Financial, leveraging its broker-dealer and corporate RIA platforms, including custodial services. He reported having served approximately $315 million in advisory and brokerage assets*. He joins LPL from Wells Fargo Advisors.

With 24 years of industry experience, Pakes is excited to launch his independent practice, CVG Wealth Management, in Santa Barbara, Calif., where he is joined by client relationship managers Kathy Mathis and Jamie Meisinger. Pakes provides comprehensive investment advice and portfolio management for high-net-worth individuals and business owners. “We offer a broad range of services and strategies designed to help our clients make informed investment decisions based on their individual needs and financial goals,” Pakes said.

Looking for more freedom and flexibility in how he operates his business, as well as enhanced advisor support, Pakes chose to partner with LPL in his move to independence. “This is an opportunity to own my firm and remove some of the bureaucracy, all in the spirit of doing what’s best for our clients,” Pakes said. “With support from LPL, our team will be able to operate more effectively and quickly respond to our clients’ needs. Also, LPL’s innovative technology platform gives us the tools and resources to really elevate how we serve our clients.” Pakes plans to grow his practice quickly, and he believes the partnership with LPL will enhance his value proposition and help attract more advisors to his team.

Rich Steinmeier, LPL Financial managing director and divisional president, Business Development, said, “We warmly welcome Richard to the LPL family and are honored that he chose to leverage our partnership in the launch of his independent practice. As an independent business owner, having a supportive environment can be a differentiator. With a partner who understands the financial advice space and business ownership, advisors can more efficiently and effectively navigate the new landscape and connect with the services and capabilities that enable them to stay focused on their clients and grow a business with value. We look forward to supporting CVG Wealth Management’s future growth.”

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, the nation’s largest independent broker-dealer** and a leading custodian (or provider of custodial services) to RIAs. 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.

*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.

Securities and advisory services offered through LPL Financial LLC, an SEC- registered broker-dealer and investment advisor. Member FINRA/SIPC. 

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 LLC. We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

CVG Wealth Management and LPL Financial are separate entities.

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

FAQ

What assets did Richard Pakes bring to LPL Financial (LPLA)?

Richard Pakes brought approximately $315 million in advisory and brokerage assets to LPL Financial.

What is the new practice launched by Richard Pakes at LPL Financial?

Richard Pakes launched CVG Wealth Management in Santa Barbara, California.

Why did Richard Pakes choose to partner with LPL Financial (LPLA)?

Pakes chose LPL for more freedom and flexibility, and for enhanced advisor support.

How many years of experience does Richard Pakes have in the financial industry?

Richard Pakes has 24 years of experience in the financial industry.

Who welcomed Richard Pakes to the LPL Financial family?

Rich Steinmeier, managing director and divisional president of Business Development at LPL Financial, welcomed Richard Pakes.