CHARLOTTE, N.C. – April 12, 2021 – LPL Financial LLC today announced that financial advisors Josh Brown, Scott Thompson, Joel Gray, and James (Jake) Cluverius, Jr., have launched a new independent practice, NorthEnd Private Wealth. The new firm will be affiliated with LPL Financial’s Strategic Wealth Services (SWS) model, designed to support the unique needs of experienced advisors moving from wirehouses to independence. The team will leverage LPL’s broker-dealer, corporate registered investment advisor (RIA) and custodial platforms, and the SWS model also delivers ongoing, personalized support for daily operations and long-term business management. The advisors reported having served approximately $650 million in advisory, brokerage and retirement plan assets*. They join LPL from Merrill Lynch.
Based in the North End business district of Greenville, S.C., the firm’s four managing partners have been friends and colleagues for more than two decades. “We trust each other and we are all like-minded in our work ethic, morals and faith, so partnering together was a natural extension of our relationships,” said Brown, a Forbes Best-in-State Wealth Advisor and Barron’s Top 1,200 Financial Advisor since 2018***. He noted that the advisors’ diverse backgrounds lend to their unique perspectives, having all entered the industry from other professions: as a mechanical engineer, teacher, lawyer and marketing professional. “We come from hard-working, blue-collar families, and we understand the amount of work and sacrifice it takes to earn and save $100,000 or $100 million,” Brown said.
With administrative support from Jeannie Fowler and Ashley Thomason, the advisors primarily provide wealth management, retirement income planning and estate planning. The team prides itself on being attentive, proactive and attuned to the market, and many of their clients view them as an extension of their family.
Why they chose LPL Financial
Seeking more control of their business and the ability to chart their own path, the team chose to launch their independent practice with support from LPL. “We wanted to be able to establish a culture in our firm that reflects our beliefs and service standards. As independent advisors with LPL, we are able to put our clients first and always operate in their best interests,” Brown said.
Being new to owning and running a business, the SWS model bridges the transition to independence by providing the team with support and services to launch their business, including real estate sourcing, brand development, technology setup and HR support. In addition, LPL provides ongoing administrative, marketing and CFO services to the NorthEnd team.
“LPL Strategic Wealth Services really allows us to simplify our business and have the strategic support so that we can really focus on our business and strip away some of the noise,” Brown said. “We love the SWS motto, ‘You own it, we run it.’ That’s exactly what we were looking for—someone to handle the back office, negotiate on the lease, order furniture, and build our website, among other things. We’re especially looking forward to all of the services we can tap to manage and grow our business, specifically marketing events to help us reach both our current clients and prospective ones.”
Once settled onto LPL’s platform, the NorthEnd team has two immediate goals: organic growth through referrals and growing its team of advisors. “We believe NorthEnd could be a destination for other advisors, whether breakaways from a wirehouse or independent advisors looking for more scope,” Brown said.
Scott Posner, LPL executive vice president, Business Development, said, “We congratulate Josh, Jake, Joel and Scott on the launch of their new independent business and we warmly welcome them into the LPL family. We are committed to being their long-term partner 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. As the NorthEnd team begins this exciting new journey with LPL, we will be with them every step of the way. We look forward to a long-lasting partnership and exciting journey ahead with the entire team at NorthEnd Private Wealth.”
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 17,000 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.
*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.
** 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 June 1996-2020); No. 1 provider of third-party brokerage services to banks and credit unions (2019-2020 Kehrer Bielan Research & Consulting Annual TPM Report)
*** Josh received this award in 2018, 2019, 2020, 2021. The Forbes Best-In-State Wealth Advisor ranking, developed by SHOOK Research, is based on in-person and telephone due diligence meetings and a ranking algorithm that includes: client retention, industry experience, review of compliance records, firm nominations; and quantitative criteria, including: assets under management and revenue generated for their firms. Portfolio performance is not a criterion due to varying client objectives and lack of audited data. Neither Forbes nor SHOOK Research receives a fee in exchange for rankings.
*** Josh received this award in 2018, 2019, 2020, 2021. Barron's Top 1200 Financial Advisor award is based on assets under management, revenue produced for the firm, regulatory record, quality of practice and philanthropic work.
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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.
NorthEnd Private Wealth and LPL Financial are separate entities.