Three advisor teams from Wells Fargo Advisors have combined to launch Carnegie Private Wealth, an independent practice affiliated with LPL Financial. With $1.45 billion in total client assets, Carnegie is the largest team yet to join LPL’s Strategic Wealth Services division, the independent broker/dealer’s premium affiliation model that went live in April 2020.
Charlotte-based Carnegie is the 29th team to join LPL under the SWS division, and it follows the addition of Maher Wealth Management, an independent practice with about $440 million in assets, launched last week. Thom Maher joined from Merrill Lynch.
LPL’s SWS offering was created for advisors with over $200 million in AUM coming from wirehouses or regional full-service firms. The business model gives these advisors a client service model meant to replicate the kind of business support many got at a full-service firm. That includes transition advice, assistance onboarding clients, securing real estate, installing technology and setting up compliance and marketing programs.
Carnegie was founded by advisors Angie Ostendarp, Jordan Raniszeski and Mary Sherrill Ware. Two other Wells Fargo advisors, Mitch Mayfield and Jeff Vandiver, have also joined.
“By going independent and joining the Carnegie team, we’ll have shared resources, knowledge and information to help better serve my clients and ensure they’re taken care of well into the future,” Mayfield said in a statement. “It’s going to be a tremendous group of people working together. I’ve known the other Carnegie advisors for a long time and we share the same culture and family-centric values.”
The team said they were attracted to LPL for its flexibility, enhanced technology and improved communications with clients. The IBD will also help the practice as it expands its service model to corporate executives and business owners.
“Having the chance to start from scratch and build things exactly how we want them has been so rewarding and we are so excited for clients to experience what we have built,” Raniszeski said in a statement. “From choosing our own location and every piece of furniture and stitch of fabric to our broker/dealer partner and the integrated technology that we use on a daily basis, we have had a hand in choosing every last detail about Carnegie Private Wealth.”