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Financial management

LPL Financial Welcomes SoundWay Financial Team to Its Roster

Strategic Insights

— 2 min read

LPL Financial LLC recently announced the addition of the SoundWay Financial team, led by senior advisors Richard Belanger, Hons Yu, and Michael Belanger, to its broker-dealer, RIA, and custodial platforms. The team serves approximately $180 million in advisory, brokerage, and retirement plan assets and joins LPL from Cetera. The SoundWay Financial team is known for its holistic planning approach, helping clients with a wide range of investment needs. They plan to benefit from LPL's localized support, connections, and additional resources from Balmville Wealth Group (BWG).

Key Takeaways:

  • The SoundWay Financial team, led by Richard Belanger, Hons Yu, and Michael Belanger, has joined LPL Financial's broker-dealer, RIA, and custodial platforms.
  • The team serves approximately $180 million in advisory, brokerage, and retirement plan assets and joins LPL from Cetera.
  • The team plans to benefit from LPL's localized support, connections, and additional resources from Balmville Wealth Group (BWG).
  • The SoundWay Financial team is known for its holistic planning approach, helping clients with a wide range of investment needs, such as retirement strategies and financial advice for unexpected life events.
  • The team will have more control of their practice and work in a team environment, thanks to LPL's collaborative approach.
  • Rich Belanger was a Korean linguist in the U.S. Army for 10 years before launching his wealth management practice, while Hons Yu received his economics and finance degree from the University of Connecticut and a Certificate in Financial Planning from Bryant University.
  • Michael Belanger has over 20 years of client service and management experience, and the team is supported by longtime Operations Manager Nicara Enright-Alves and team members Luke DeRose, Thomas Wissenbach, and Anthony Persampieri.
  • Balmville Wealth Group (BWG) Chairman and Founder Michael Vela expressed his excitement about the SoundWay team joining the BWG family, stating that Rich Belanger has been one of the most hard-working and professional advisors he has encountered.
  • Scott Posner, LPL Executive Vice President, Business Development, welcomed the SoundWay Financial team to LPL and congratulated Balmville Wealth Group on its continued growth.

Statistics:

  • $180 million: The approximate assets the SoundWay Financial team serves in advisory, brokerage, and retirement plan assets.
  • 10 years: Rich Belanger's time as a Korean linguist in the U.S. Army before launching his wealth management practice.
  • 20 years: Michael Belanger's experience in client service and management.
  • 23,000: The number of financial advisors LPL Financial serves.
  • 1,000: The number of institutions LPL Financial advisors work with.
  • 580: The number of registered investment advisor ("RIA") firms LPL Financial advisors are affiliated with.
  • 2023: The year for which asset and holding details were provided to LPL from the SoundWay Financial team.

Sources:

  • (GlobeNewswire) - LPL Financial LLC announced today that financial advisors with SoundWay Financial have joined LPL Financials broker-dealer, RIA and custodial platforms, aligned with existing firm Balmville Wealth Group (BWG).
  • LPL Financial Holdings Inc. (Nasdaq: LPLA) was founded on the principle that LPL should work for advisors and institutions, and not the other way around.
  • SoundWay Financial is separate from LPL Financial and Balmville Wealth Group (BWG).
  • Securities and Advisory services offered through LPL Financial LLC ("LPL Financial"), a registered investment advisor. Member FINRA/SIPC.

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