Former wirehouse advisors Steven Carlsen and Sathya Chey announced they have launched an independent firm, Arise Private Wealth, in Rolling Hills Estates, Calif. The duo are the latest advisors to go independent with LPL Financial's Strategic Wealth Services affiliation model.
Before landing at LPL, the two advisors managed $580 million in total client assets, including advisory, brokerage and retirement plans at Wells Fargo Advisors. Carlsen and Chey, who started working together in 2018, chose LPL for its nonproprietary products.
“We are excited about expanding our investment strategies as we incorporate our values with ESG and SRI investing. We believe you can do well by doing good, all while maintaining your principles and thriving financially,” said Carlsen.
Carlsen and Chey felt the name, Arise, was fitting for the duo as they both come from humble beginnings. Carlsen grew up on one income in a single-parent home while Chey spent her earliest years in a refugee camp as her family fled the Cambodian genocide.
“We weren’t born into the most ideal circumstances that would traditionally breed success; however, we know firsthand that discipline, perseverance and an unwavering commitment to ‘arise’ and create a new life, is possible,” Chey said. “For us, ‘arise’ means to ascend beyond our past, overcome challenges, control our destiny and consistently strive to be a better person. We’re living proof of this and we bring this tenacity to every relationship.”
A week before this launch, LPL announced it had helped another ex-Wells Fargo team launch Boggs & Company in Cumberland, Md. The team managed $1.3 billion in client assets at Wells.
SWS, the affiliation model for practices managing $200 million or more, was launched a little over a year ago by LPL to create a pathway to independence for employed regional and wirehouse advisors. SWS gives more bespoke attention to breakaway firms to help set up and run an independent practice, like finding real estate, technology, marketing, business expenses and administrative tasks.