LPL Financial added Economos Private Wealth to its Independent Advisor Network, bringing a Danville, California-based practice serving approximately $580 million in advisory and brokerage assets.
The firm is led by Nick Economos, CFP, CPFA, CEPA, CRPC, who joins LPL from Merrill Lynch with more than 25 years of industry experience.
Economos launched Economos Private Wealth through LPL’s supported independence model, LPL Independent Advisor Network.
He serves corporate executives, business owners, and multigenerational families and describes the practice’s approach as acting as the “CFO for successful families.”
Economos joined the wealth management business in 2000 after following in the footsteps of his father, who founded The Economos Group at Merrill Lynch in 1994.
The practice focuses on comprehensive financial planning designed to coordinate the different financial decisions clients face across their careers, businesses, and families.
Economos Private Wealth said each financial plan is regularly reviewed and adjusted as client goals, circumstances, and priorities change.
The team also includes Heather Stickney and Tyler Economos.
The practice chose LPL Independent Advisor Network to gain greater independence while retaining access to a large wealth management platform’s infrastructure, technology, operational support, compliance resources, and growth capabilities.
Through the model, LPL provides advisors with transition support, business consulting, growth coaching, operational assistance, compliance resources, and access to a peer network.
Economos said the move is intended to give the team more flexibility to tailor its advice and operating model around individual client needs.
LPL Financial said the practice’s focus on comprehensive planning and long-term family relationships fits with the type of differentiated advice investors increasingly seek.
KEY QUOTES:
“We view our role as being the CFO for successful families. Just as a CFO helps coordinate every aspect of a company’s financial life, we help clients bring all the moving pieces of their financial lives together through a coordinated strategy. Every family has different goals, priorities and challenges, so we start by listening and building a plan tailored to what matters most. That plan serves as a guide, but just like a GPS, the directions evolve as life changes. Our goal is to help clients move forward with confidence, knowing they have an experienced partner helping navigate the journey.”
Nick Economos, Founder of Economos Private Wealth
“Every major decision we make starts with one question: what is best for our clients. Moving to independence gives us the flexibility to tailor our approach around each family’s unique needs and goals. What attracted us to LPL was the ability to combine that independence with the scale, resources and support of a leading wealth management firm. It truly offers the best of both worlds, allowing us to remain personal and relationship-driven while enhancing our ability to serve clients for generations to come.”
Nick Economos, Founder of Economos Private Wealth
“Nick has built Economos Private Wealth around deep relationships, comprehensive planning and a commitment to helping families navigate complex financial decisions with confidence. His ‘CFO for successful families’ approach reflects the kind of differentiated advice investors value today. We’re excited to welcome Nick, Heather and Tyler to LPL and look forward to supporting the continued growth of their business.”
Marc Cohen, Chief Growth Officer at LPL Financial
