01/06/2020 | Press release | Distributed by Public on 01/06/2020 08:07
CHARLOTTE, N.C. - Jan. 6, 2020 - LPL Financial LLC, a leading retail investment advisory firm and independent broker-dealer, today announced that newly-named Twenty Four Wealth Management has joined LPL Financial's broker-dealer and hybrid registered investment advisor (RIA) platforms, aligned with Stratos Wealth Partners, an existing enterprise firm that supports the operations and growth of LPL-affiliated advisors. The advisors serve more than $460 million in brokerage and advisory assets*. They join from MassMutual Financial Advisors.
The New York City and Fairfield County, Conn.-based team of experienced financial advisors was founded by Anthony Truino, CFP®, RICP®, CPWA®; Michael J. Carbino, CFP®, ChFC®, CPWA® and John Dougherty, CPA; and includes Christopher Zapata, CFP®. They are assisted by a seven-member support staff. Formerly associated with Barnum Wealth Management, the business established its new name with the move to LPL Financial and Stratos Wealth Partners.
About Twenty Four Wealth Management
'For years, I said, 'Love is spelled T-I-M-E,' but that really hit home when my daughter was born,' Truino said. 'From the moment I looked at her, I understood how important time really is.' And it's that focus on spending and saving time where it's most meaningful that inspired the name of the firm. 'We spend our time focused on this area of our clients' lives so they don't have to. Our clients are asked to provide the vision for their financial goals, and through our planning process we help empower them to make decisions.'
Carbino added, 'We all know the catch phrase '24/7', but time is much more than the hours in a day, week or year. We can choose to spend our most limited asset where it matters most: with our family, on our passions, in our career, or we can waste it. At the end of our days, no amount of money has ever purchased a single second of time. It can, however, powerfully leverage others to provide expertise, and that's where we are able to make a difference for our clients.'
The team's planning focus and approach to putting the client at the heart of everything they do have been key to their success. Truino noted the move to Stratos allows them to act like their client's CFO. 'We run their financial life and, in doing so, constantly strive to provide the best advice and options given their unique situations,' he said. 'It makes sense then that we should have access to industry-leading resources, innovative technology and a broad landscape of product platforms, which we can access through Stratos and LPL, while also having the flexibility and control to make decisions best suited for our clients and our business.'
With a targeted message and approach, the business provides comprehensive wealth management services to executives, professional athletes and business owners-individuals short on time who place high value on the team's experience to manage this important aspect of their lives. Twenty Four Wealth delivers approximately 300 financial plans each year for their existing client base. 'We encourage clients to run their finances like a business focused on three important cornerstones: their vision, values and goals. Backed by a sound business plan (the financial plan), our clients can see how they can work toward their vision by hitting their goals. All the while, being aligned with the values they hold close to heart,' Zapata said.
LPL & Stratos Offer Innovation and Resources
Dougherty added, 'As a CPA, when Tony and I initially formed a partnership, we grew quickly because it was the true definition of wealth management. Fully combining tax and wealth advisory with a financial plan to guide the way was the key. Our next leap is this partnership with LPL and Stratos - a comprehensive relationship, with innovative and vast resources allowing championship caliber advisors to operate at full capacity as one team for the client.'
Twenty Four Wealth is committed to providing an excellent client experience, which was a deciding factor in their choice to move to independence. 'As the industry changes, we need to make sure we're with the best partners who can pivot quickly so we can continue offering the highest level of service. We are confident LPL and Stratos will help position us for future success. There are many talented advisors who could grow exponentially if they just plugged in to a vast power source, which is a system like ours,' Truino said, adding that they are planning to tap into acquisition support available from both Stratos and LPL.
Michael O'Brien, managing partner with Stratos Wealth Partners, said, 'The breadth of the Twenty Four Wealth Management team, coupled with the flexibility, resources and support now surrounding them, puts them in great position to continue their exponential organic growth and expansion through acquisitions. We are excited to have the opportunity to partner with the team to help them realize the long-term goals for their business.'
Rich Steinmeier, LPL Financial managing director and divisional president, Business Development, said, 'We extend a warm welcome to Anthony, Michael, John, Christopher and the entire Twenty Four team, and we congratulate Stratos on growing its network of quality advisors. This is a team that really resonates with our culture and commitment of being one team on one mission to support our advisors so they can support their clients. Everything we do at LPL is to empower advisors, by providing them with industry-leading tools, innovative technology and business solutions that make it easier to operate their businesses and enhance their value with clients. We look forward to a long-lasting partnership with Twenty Four Wealth Management.'
Read about other firms that recently joined LPL in the LPL Financial New and Media section.
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About LPL Financial
LPL Financial is a leader in the retail financial advice market and the nation's largest independent broker-dealer**. We serve independent financial advisors and financial institutions, providing them with the technology, research, clearing and compliance services, and practice management programs they need to create and grow thriving practices. LPL enables them to provide objective guidance to millions of American families seeking wealth management, retirement planning, financial planning and asset management solutions.
Securities and Advisory services offered through LPL Financial, a registered investment advisor. Member FINRA / SIPC.
Investment advice also offered through Stratos Wealth Partners, Ltd., a registered investment advisor.
Twenty Four Wealth Management, Stratos Wealth Partners and LPL Financial are separate entities.
*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.
**Based on total revenues, Financial Planning magazine June 1996-2019
About Stratos Wealth Partners
Stratos Wealth Partners, an SEC Registered Investment Advisor, manages over $6.3 billion in advisory assets and advises through LPL Financial, over $6.2 billion in brokerage and third-party managed assets for a total of 12.5 billion as of September 30, 2019. Stratos offers operational, strategic and revenue-generating resources, as well as, a reliable infrastructure allowing advisors the flexibility to develop and grow his/her own business. Since its founding, Stratos has grown to 275 independent advisors, has over 60 home office staff, and is located throughout the U.S. in over 87 locations.