A billion-dollar wirehouse team seeking greater independence chose LPL Financial’s breakaway channel out of more than a dozen suitors.
LPL Financial LLC announced June 21 that financial advisor Larry Boggs launched an independent practice, Boggs & Company Wealth Management, with the help of LPL’s Strategic Wealth Services (SWS) model. Headquartered in Cumberland, Maryland, Boggs’s prior team, a part of Wells Fargo Advisors, reported $1.3 billion in brokerage, advisor and retirement plan assets. Nationwide, LPL, the largest independent broker-dealer, currently supports more than 17,000 advisors, 450 independent RIA firms and 800 institution-based investment programs.
At Wells Fargo, the three CFPs on Boggs’s team were not able “to leverage their full potential.” “LPL offers the independence and flexibility I’ve been craving,” Boggs
With more than 45 years of experience in the financial services industry, Boggs has built a thirteen-year multigenerational team, which includes his daughters, advisor Mirjhana Buck as well as Dagenais Boggs and Koosie Boggs, who work on business operations.
The practice also includes financial advisors Patsy Stullenbarger, Steven Stroup, Cady Rankin and Brian Kelly. Michelle Lucas, Brenda Mulligan, Molly Beeman, Janet Shroyer and Christina Crites provide operations support.
“We strive to meet advisors where they are in the evolution of their practice by delivering a sophisticated wealth management platform and robust business resources designed to help them differentiate their practice and be successful serving the needs of their clients,” Scott Posner, LPL executive vice president, Business Development
After more than 40 years with Wells Fargo, Boggs wanted to break away from the wirehouse, citing evolution in the industry. He interviewed more than fifteen firms before selecting LPL, choosing the IBD for the independence it would grant him and his team.
In April 2020, LPL launched a channel, Strategic Wealth Services (SWS), aimed at employee BD and ex-wirehouse teams. The target base of advisors for the program are those who want to have the reins in their own practices but who need assistance to reach goals.
The SWS model is designed to prioritize the unique needs of breakaway financial advisors, LPL says.
The 10-person practice, rebranded as Puzzle Wealth Solutions, is led by CEO John Klaas and COO David Millington.
While taking advantage of LPL’s wealth management platform and abundant resources, the SWS model provides continual, specialized assistance for both daily operations and long-term business management. The model smoothens the transition to independence by giving the team dedication and services—such as real estate build out, brand development, HR support and technology organization—to kickstart their practice.
After that transition is complete, the value changes to the routine strategic CFO and marketing support, which permits advisors to remain focused on their clients’ needs and the enhancement of their practice.
Boggs’s team will use the SWS model to foster strong relationships with each client to provide personalized guidance, making it a priority to explain the reasoning behind their advice and recommendations.
Boggs & Company Wealth Management offers comprehensive financial advice, business services, education funding, estate planning strategies, retirement planning, special needs trusts and more wealth management services to business owners and families across the region.
