A team of financial advisors headquartered in Marlton, N.J. has left Ameriprise Financial to launch a new registered investment advisor, Laurel Oak Wealth Management, according to regulatory filings. The firm chose tru Independence as its business platform partner. It will custody with Goldman Sachs Custody Solutions, and use Purshe Kaplan Sterling Investments for brokerage business.
The firm had been with Ameriprise for nearly three decades.
The new firm is owned by Managing Partners Robert Andreacchio, Matthew Fitzgerald, Christopher Heiser, Louis Laselva and Keith Radimer. Greg Rosen, the firm’s chief operating officer, is also an owner. In addition to Marlton, the RIA also has locations in Princeton, N.J. and Newark, Del.
According to the firm’s website, they’re joined bfinancial advisors Caroline Burke, JoAnn Morgano, Sean Ryan, Gary Johnston and Jacob Hanzel, as well as 12 paraplanners and client support staff. Advisors Anne Holderried, Bryan Dein, Nancy Findlay and Michael Newman are still registered with Ameriprise and aren’t listed on Laurel Oak’s website.
Laurel Oak doesn’t yet list its assets under management, and several members of the team did not return requests for comment. A spokesman for Sanctuary Wealth and tru Independence referred WealthManagement.com to the RIA for comment.
The RIA has partnered with tru Independence for reporting, compliance, technology, transition support and other services, according to a Form ADV.
Sanctuary Wealth, the Indianapolis-based partnership of independent RIAs, acquired tru Independence last year. Tru operates as a separate entity from Sanctuary, maintaining its brand and leadership team.
Tru Independence was founded in 2014 by CEO Craig Stuvland with the goal of creating a new service platform aimed at investment advisors and wealth managers with assets ranging from $300 million to $1 billion. In this model, advisors keep 100% equity in their firm while relying on Tru for financing, consulting, branding, real estate, vendors, public relations, compliance, etc. Stuvland was previously president and chief operating officer of Common Sense Investment Management, a fund of hedge funds.
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