$300m Wells Fargo team is first to join LPL’s breakaway business
April 8, 2020
Louis Diamond Quoted
By Ian Wenik
It didn’t take LPL Financial long to reveal the advisor team interested in its new wirehouse breakaway business.
The independent broker-dealer said on Monday that advisors Mike Ashworth, Steve Collie and Katheryn Gordon had elected to leave Wells Fargo and launch Ashworth Financial Group with its assistance. Ashworth, Collie and Gordon managed roughly $300m in client assets at the wirehouse and are based in Tryon, N.C.
Louis Diamond, an executive vice president at advisor recruiting firm Diamond Consultants, said that LPL would need to recruit several advisory teams with successful track records in the program’s early stages.
‘It’s kind of like the chicken and the egg,’ he said. ‘They need to get some early momentum and some high-profile early wins before it really catches fire.’