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From left to right: David Crossan, Brittany Forte and John Stephens Jr.

Wells Fargo Advisors Go Indie With LPL's Breakaway Affiliation Model

Shoreline Wealth Management is the 13th team to affiliate with LPL through its Strategic Wealth Services model, which went live in April 2020 to lure breakaways.

New Jersey–based advisors David Crossan and John Stephens Jr. have teamed up to launch their own independent practice, Shoreline Wealth Management, through LPL Financial’s Strategic Wealth Services, according to an announcement. Crossan and Stephens, who manage about $305 million in total client assets, join from Wells Fargo Advisors.

Shoreline is the 13th team to affiliate with LPL through SWS, the firm’s premium affiliation model focused on breakaway advisors. Since SWS went live in April 2020, LPL has lured breakaway teams from Merrill Lynch, UBS and Oppenheimer, to name a few. One of its largest teams, Boggs & Company, previously managed $1.3 billion in AUM at Wells Fargo.

SWS helps established regional and wirehouse advisors who have high production and manage more than $200 million in assets. It’s aimed at taking some of the more entrepreneurial tasks involved in starting and running a practice off advisors’ shoulders.

LPL provides SWS advisors with free transitional services that include planning for the exit from their current firm to onboarding clients to the LPL platform. Next, the IBD assists advisors with securing real estate, installing and integrating technology, being compliance ready and developing the firm’s brand. After the advisor transitions, LPL then gives ongoing support with a chief financial officer consultant, a senior marketing strategist, tech support, remote administrative assistants and a service team.

“This is a big move for us, going from working for a corporation to owning our business,” Crossan said, in a statement. “There are a lot of moving parts when it comes to starting a new company, so the additional resources and support from the SWS model just made sense. It gives us more flexibility to create customized services for our clients and run our business the way we see fit.”

Shoreline, which currently has offices in Manchester and Manahawkin, N.J., hopes to expand to serve clients down the Jersey Shore. The advisors are joined by Brittany Forte, office support staff member.

“The time is ripe for advisors looking to transition to independence, and we want to start our firm and welcome other likeminded advisors into our network,” Stephens said, in a statement.

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