Ex-Wells Fargo advisors launch new wealth management unit with LPL Financial

September 11, 2020.

A team of former financial advisors that managed about $500 million in assets has left to form a new practice affiliated with ’s strategic wealth services division.

revealed its formation Thursday and alignment with LPL as part of a new affiliation program designed to provide veteran financial advisors with greater independence. The team, led by advisor Anthony Frigoletto, will be based out of New Jersey.

The group was most recently a part of Wells Fargo Advisors, where Frigoletto was employed since 1996, according to his LinkedIn page

“LPL’s new affiliation model really appealed to me. It allows me to be an independent advisor but solves for the business operational needs," Frigoletto said.

"As a partner with scale, it’s clear that LPL is committed to investing in innovative capabilities and business support that will position our firm for a successful future.” 

The River's Edge team plans to provide financial planning, investment management, philanthropic guidance and education for its client base, which will be made up of professionals such as doctors, small business owners and affluent families.

Through its affiliation with LPL, River's Edge will have access to business consulting and administrative services, marketing support, a CFO for business management analysis, technology resources and a customer care team.

LPL Financial is a retail investment advisory firm, independent broker-dealer and registered investment advisor custodian. It has been based in Boston since 1989 and is the largest independent broker-dealer in the U.S.

In May, LPL recruited a father-and-son advising team from to form ArrowPoint Wealth Management in the LPL Financial network. And in July, LPL revealed a 30% drop in earnings in the second quarter, driven by impacts from the COVID-19 pandemic.