LPL welcomes back $340M boomerang advisor from Raymond James

LPL Financial is reinforcing its reach in the Northeast as an experienced advisor duo switches affiliations from a rival broker-dealer giant.

LPL announced today that advisors Don Giovanello Jr. and Gian Paolella of Morristown Wealth Management have joined its LPL’s broker-dealer, RIA, and custodial platforms.

The New Jersey-based team, which has managed approximately $340 million in advisory and retirement plan assets, previously operated under Raymond James Financial Services.

Founded in 2009 by Don Giovanello Sr., the firm has remained a family business following his passing in 2018. Don Jr., who joined in 2010, credits his father for mentoring him and shaping his approach to client service and financial planning.

Gian Paolella, Don Jr.’s brother-in-law and a partner in the practice, joined the firm in 2018 after transitioning from a career in investment product sales. Practice manager Ellen Luithle, who has worked with the family for over 25 years, continues to play a key role.

“Our clients are our top priority, and we strive to understand their unique circumstances so we can create distinctive plans that provide a roadmap for their financial journey,” said Giovanello. His connection to clients began by prospecting Penn State alumni, helping build relationships that remain a central part of the firm’s growth.

Giovanello, who began his career at LPL, also emphasized the inter-generational shift within the industry.

“Our industry is experiencing an aging advisor population ... as younger advisors, we saw this as an opportunity for Morristown Wealth Management to bridge that age gap and bring a fresh perspective to our clients,” he said whilie also highlighting LPL’s platform as an asset in their growth strategy.

Paolella underscored the advantages of LPL’s open architecture, noting how it "doesn’t offer proprietary investment products," allowing them to "choose appropriate products and strategies for our clients.”

It's been a busy October so far for LPL. Aside from successfully closing its deal for Atria and recruiting another multibillion-dollar superteam from Raymond James, the firm announced the sudden termination of its longtime CEO Dan Arnold following an investigation that revealed he made statements to employees that reportedly violated LPL’s code of conduct.