ON THE MOVE-Wells Fargo broker team goes independent, joins LPL
Nov 7 (Reuters) - After more than three decades working at major Wall Street brokerages, veteran Reno-based adviser Mark Elston has decided to take his book of business independent.
Elston, previously an adviser with Wells Fargo & Co's Wells Fargo Advisors, joined the independent advisory firm Legacy Wealth Planning in October. He was formerly a managing director of investments at Wells, where he managed roughly more than $200 million in client assets with his team.
"I just really felt that this is the right time in my career," said Elston, who started in the industry in the late 1970s with Dean Witter Reynolds.
He was joined by his son Jim Elston, fellow adviser David Quinn and client services assistant Tiffany Del Santo, who also moved with Elston from Wells.
Elston said he made the move in part to be able to advise his clients independently from the pressures of a larger company. Advisers at big bank-owned brokerages often say there is a perceived pressure to cross-sell the bank's loans and services.
Elston's new firm, Legacy Wealth Planning, is run by Elston and his team, in partnership with the independent broker-dealer LPL Financial.
"The reason I joined LPL in particular was the benefit of joining a firm that has no bias," Elston said.
Boston-based LPL Financial, a subsidiary of LPL Financial Holdings Inc, provides brokerage, clearing and other professional services to roughly 13,100 self-employed brokers and advisers like Elston.
Legacy Wealth Planning, based in Reno, was founded in March 2006 by advisers Phillip Mahoney, Mark Levy, Christopher Vargas and Martin McClellan.