Three financial advisors in the Scottsdale, Ariz., area have decided to merge their books of business, totaling $375 million in client assets, to form a new practice, Raintree Wealth Partners. Advisors Allen Lorenzi, Ira Shapiro and Michael Walker are also transitioning from Wells Fargo Advisors Financial Network to LPL Financial.
In addition, the trio has decided to affiliate with Stratos Wealth Partners, one of LPL’s offices of supervisory jurisdiction.
Lorenzi, Shapiro and Walker were previously operating solo practices, renting office space in the same building.
“My partners and I have known each other for years, so it was a natural progression to team up and ensure business continuity,” Walker said, in a statement. “It’s important for our clients to know they will be taken care of in the event something happens to one of us.”
Shapiro said the move was motivated, in part, by a desire to move away from Wells Fargo’s “large banking influence.”
