LPL-Affiliated Gladstone Hires New Jersey Independent Broker
An independent broker managing around $200 million in assets at Commonwealth Financial Network in a wealthy New Jersey shore community has moved to Gladstone Wealth Group, a brokerage and registered investment advisory firm affiliated with LPL Financial.
“There’s more opportunity to grow my business with Gladstone and LPL, simply because of the scale at LPL,” said Jaeger, who started his brokerage career in 1993 at Lehman Brothers and had affiliated with Commonwealth since 2011.
A spokesperson at Commonwealth, which had 1,933 brokers as of December 31, did not return a request for comment. LPL is the largest independent broker-dealer, with more than 16,000 independent contractors.
Jaeger said he was acquainted with Gladstone’s new chief executive, Rick Frick, a former Morgan Stanley complex manager who lives in the same community.
Jaeger joined the new “partnership” channel of Gladstone that offers a slightly lower 80% payout to advisors than traditional independent broker-dealers in exchange for more practice support and an opportunity to share in potential liquidity events, Frick said.
Gladstone was founded in 2012 by Robert P. Hudson III, and now has about 60 advisors, including 12 hired this year. Frick said his goal is to hire 30 advisors this year, and to have 50 advisors in the partnership channel specifically within three years.
The firm last week hired the UBS Wealth Management USA team of Jamie L. Baraldi and Bryan Michael Dein as inaugural members of the partnership channel. The pair generated $3 million of fees and commissions over the past year, according to Gladstone.
Gladstone in May hired Oppenheimer & Co.’s Philadelphia branch manager Michael Carberry to help it recruit more brokers to the RIA.