Goss Wealth Management, a Baton Rouge, La.-based firm that previously managed $520 million in assets on Wells Fargo’s FiNet network, joined LPL Financial's broker/dealer and hybrid RIA platform on Tuesday with the goal becoming a super-OSJ in the Gulf South region.
“We believe that the future of the financial advisor industry lies in the independent channel, but not with individual advisors going out on their own,” Jerry Goss, the founder and CEO of Goss, said in a statement. The financial advisor with 33 years of experience said his firm will focus on providing full service and support so independent advisors can spend energy in other areas. “Essentially, we think that we can offer the best of both the independent and branch wirehouse worlds – a ‘wirehouse-lite’ solution.”
Goss added that joining LPL, a broker-dealer that also acts as the custodian for the firm’s RIA assets, will simplify reporting and compliance requirements. As a “super” office of supervisory jurisdiction, Goss Wealth Management would provide office space, compliance support, technology and back-office assistance to independent advisors for a fee.
The firm only employs four advisors currently but hopes to attract experienced advisors throughout the Gulf Coast region.
Before joining Wells Fargo's independent channel in 2012, the Goss Wealth Management team was part of the Private Client Group within Wells Fargo Advisors for 32 years.
For LPL, bringing on Goss provides a chance to expand to the Gulf South, a region that LPL executive vice president of business development Steve Pirigyi said has not been substantially penetrated.