Nov 7 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
Elston's new firm, Legacy Wealth Planning, is run by Elston
and his team, in partnership with the independent broker-dealer
"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.