First Summit Capital Management, an advisor team in Wilmington, Del., with about $380 million in assets, has jumped to LPL Financial from PNC Investments. The team, led by principal owner and Managing Partner Thomas J. Cooney, will join Momentum Wealth Partners, an enterprise of LPL.
Cooney has 32 years of experience in the industry; previously, he owned a company in the forest products industry. He’s joined by Managing Partner Mark Freed, a former player for the Chicago Cubs and Arizona Diamondbacks minor league systems, and Director of Operations Vicki Pearce.
The team was attracted to LPL and Momentum for the freedom and flexibility the firms provide. LPL’s capabilities and open architecture platform will allow the team to offer more personalized services and investment options to their clients, Freed said in a statement.
“We now have the independence to serve clients as we see fit and put their best interests first,” he said. “We’re confident this move will help us expand the relationships we have with clients and create more opportunities for the families we work with.”
The news follows the addition of three advisors in Lewes, Del., in April, who also moved from PNC to LPL via Momentum. The trio launched Sussex Wealth Partners with about $415 million in assets.
Earlier this week, LPL recruited Danielle Qualls, an advisor with $160 million in assets, from Stifel, Nicolaus and Co. She joined Bergkamp Financial, a women-led firm that’s already affiliated with LPL.
