WestKai Private Wealth has joined LPL Financial’s supported independence model, LPL Strategic Wealth, after moving from Morgan Stanley. The San Clemente, California-based team reported serving approximately $400 million in advisory, brokerage and retirement plan assets.
WestKai Private Wealth was founded by Don A. Harrell, a Certified Financial Planner who serves as the firm’s CEO and private wealth manager. The practice also includes Private Wealth Advisor Blake Davidson and Client Services Manager Cate Harrell.
The team works with individuals and families, pre-retirees, retirees, corporate executives, entrepreneurs, business owners and professional athletes. Its services include comprehensive financial planning, personalized investment management and guidance surrounding complex financial decisions.
Harrell established WestKai Private Wealth to gain greater independence and develop a business structured around the needs of the clients he has served throughout his career.
The firm is built around a relationship-focused approach intended to help clients make financial decisions that support their families, long-term goals and estate planning objectives.
WestKai Private Wealth provides retirement planning, account management, estate and legacy planning, access to alternative investments and lending solutions. The team aims to help clients coordinate different areas of their financial lives through a single advisory relationship.
The firm selected LPL Strategic Wealth to gain greater flexibility, access a broader investment and technology platform and receive operational support as it establishes and expands its independent practice.
LPL Strategic Wealth is designed for advisors seeking independence while retaining access to an integrated support structure. The model includes assistance with launching a practice, technology implementation, pricing, operations and business development.
After completing the transition, Strategic Wealth teams receive ongoing support from professionals who can assist with business strategy, marketing, financial management and administrative responsibilities.
Each practice is also provided with a central point of contact and access to project management and advocacy resources for more complicated business needs. The structure is intended to allow advisors to spend more time serving clients and developing their firms.
Harrell said LPL’s technology, investment platform and commitment to advisor independence will allow WestKai Private Wealth to provide more personalized advice and a wider range of financial solutions.
The affiliation also gives WestKai access to LPL’s broader wealth management infrastructure, including investment products, financial technology tools, practice management services and custodial capabilities.
LPL supports more than 32,000 financial advisors and the wealth management practices of approximately 1,100 financial institutions. The company services and custodies approximately $2.6 trillion in brokerage and advisory assets for roughly eight million Americans.
WestKai Private Wealth’s name reflects the team’s geographic roots and its approach to client relationships. “West” represents its connection to communities along the Pacific Coast, while “Kai,” the Hawaiian word for sea, is intended to symbolize depth, connection and stewardship.
The team said the name reflects its focus on family, community and the long-term management of clients’ wealth.
KEY QUOTES:
“We believe the best financial relationships are built over time through trust, communication and genuine care. Our clients deserve a team that is fully invested in understanding their lives and serving as a resource for every important financial decision. Launching WestKai Private Wealth allows us to strengthen those relationships while building a firm that reflects our values and long-term vision for serving clients.”
“We made this move to better serve our clients. LPL’s technology, investment platform and commitment to advisor independence give us the flexibility to deliver more personalized advice and a broader range of solutions. We believe this partnership positions us to continue evolving alongside our clients’ needs while maintaining the high standard of care they expect from us.”
Don A. Harrell, Founder, CEO and Private Wealth Manager of WestKai Private Wealth
“We welcome Don, Blake and Cate to the LPL Strategic Wealth community. WestKai Private Wealth was built with a clear purpose: to give clients a more personal, connected and deeply intentional wealth management experience. Don’s vision for the firm reflects the kind of entrepreneurship we’re proud to support at LPL, advisors creating businesses that are true to who they are, the communities they serve and the relationships they’ve built over time. We look forward to helping the WestKai Private Wealth team continue bringing that vision to life in this next chapter.”
Marc Cohen, Chief Growth Officer at LPL Financial
