Winchell Financial Group Launches With LPL Strategic Wealth Services

Rhea-AI Summary

LPL Financial (Nasdaq: LPLA) announced today that financial advisor David Winchell has joined the firm, launching Winchell Financial Group. With over 25 years in the industry, Winchell oversees approximately $265 million in advisory and brokerage assets. He left UBS Financial Services for LPL’s Strategic Wealth Services (SWS) model, seeking independence and personalized client service. The SWS model provides ongoing support and resources for advisors, allowing them to prioritize client needs while managing their practices effectively.

Positive

• David Winchell brings $265 million in managed assets to LPL Financial, enhancing its advisory portfolio.
• LPL's Strategic Wealth Services offers comprehensive support, facilitating a smooth transition for Winchell's practice.

Negative

• None.

CHARLOTTE, N.C., Oct. 25, 2021 (GLOBE NEWSWIRE) -- LPL Financial LLC (Nasdaq: LPLA) announced today that financial advisor David Winchell has joined LPL Financial to launch his new practice, Winchell Financial Group. He is joining through affiliation with LPL’s Strategic Wealth Services (SWS) model. Winchell reported having served approximately $265 million in advisory, brokerage and retirement plan assets*. He joins LPL from UBS Financial Services.

Based in Las Vegas, Winchell has more than 25 years of industry experience, offering wealth management advice and solutions to high-net-worth individuals, business owners, entertainment professionals and athletes. Winchell makes a point to form personal connections and be an advocate for each client. “We are a relationship-based practice and take a full-service approach that covers wealth management, financial planning, retirement and income planning, and brokerage services. We work with our clients to help protect, manage, grow and transfer wealth, but our main goal is to help them have the quality of life they want,” said Winchell, who is joined by Client Service and Operations Manager Angie Tomassetti-Ferrin.

After spending his entire career in bank and wirehouse firms, Winchell recognized the need for a change as he planned for the next chapter of his business. “I found a growing disconnect between how other firms are set up and my promise to deliver custom, independent personal wealth management advice and service to my clients,” he said. “It was important for me to partner with a firm where I have more choices and can provide objective advice in a platform where there are no proprietary products or internal competition divisions.”

Winchell’s extensive due diligence and research led him to LPL Strategic Wealth Services. “I looked at every model at multiple firms, but LPL stood out for its high standards, innovative technology and mission to take care of its advisors so they can take care of their clients,” he said. “My research process was very thorough, and when I was introduced to the SWS model, there was no question this was the right fit.”

In addition to having access to LPL’s integrated wealth management platform and sophisticated resources needed to run a thriving practice, advisors who join SWS also receive an additional layer of ongoing, personalized support for daily operations and long-term business management. From the very beginning, SWS bridges the transition to independence by providing dedicated launch support, including real estate build-out, brand development, technology setup and HR services. After the transition, the value of the SWS model shifts to the ongoing strategic, administrative, marketing and CFO support that allows advisors to stay focused on the enduring needs of their clients, culture and evolution of their practice.

“The added layer of support from the SWS team is invaluable. My clients will always be my top priority, and this move will enable me to continue delivering a high level of service, while also being an entrepreneur and independent business owner,” Winchell said.

Scott Posner, LPL executive vice president, Business Development, stated, “We congratulate David on launching his new independent practice and are proud to welcome him into the LPL community. We are committed to supporting advisors with innovative technology and business solutions to add value to their practice and create differentiated experiences for clients. Our SWS platform and robust resources empower advisors to grow their business on their own term, backed by strategic partners and dedicated support for each step in their journey. We look forward to a long-lasting relationship with Winchell Financial Group and wish them success as they embark on an exciting new journey.”

Learn more about Winchell Financial Group.

Advisors, find an LPL business development representative near you.

About LPL Financial
LPL Financial (Nasdaq: LPLA) was founded on the principle that the firm should work for the advisor, and not the other way around. Today, LPL is a leader** in the markets we serve, supporting more than 19,000 financial advisors, 800 institution-based investment programs and 450 independent RIA firms nationwide. We are steadfast in our commitment to the advisor-centered model and the belief that Americans deserve access to objective guidance from a financial advisor. At LPL, independence means that advisors have the freedom they deserve to choose the business model, services, and technology resources that allow them to run their perfect practice. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors, so they can take care of their clients.

** Top RIA custodian (Cerulli Associates, 2019 U.S. RIA Marketplace Report); No. 1 Independent Broker-Dealer in the U.S (Based on total revenues, Financial Planning magazine 1996-2021); No. 1 provider of third-party brokerage services to banks and credit unions (2020-2021 Kehrer Bielan Research & Consulting Annual TPM Report); Fortune 500 as of June 2021

*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.

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.

Winchell Financial Group and LPL Financial are separate entities.

Connect with Us!

https://twitter.com/lpl

https://www.linkedin.com/company/lpl-financial

https://www.facebook.com/LPLFinancialLLC

https://www.youtube.com/user/lplfinancialllc

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

 

FAQ

What does David Winchell's move to LPL Financial mean for LPLA shareholders?

David Winchell's affiliation with LPL Financial enhances the firm's advisory assets by $265 million, potentially benefiting LPLA shareholders through improved revenue opportunities.

How does LPL Financial's Strategic Wealth Services model support new advisors?

The Strategic Wealth Services model provides advisors like David Winchell with ongoing operational, marketing, and administrative support, helping them to focus on client management.

What is the significance of David Winchell's experience in wealth management for LPLA?

David Winchell's extensive 25-year experience in wealth management is valuable to LPL Financial, potentially attracting more high-net-worth clients and enhancing overall firm performance.