Financial advisers Marc DeCicco and Tad Wilson have broken away from Wells Fargo Advisors to launch their independent wealth management business with the help of LPL Financial.

The duo, based in Vienna, West Virginia, managed around $225m in assets at Wells Fargo.

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Dubbed North Bend Wealth Management, the new firm will affiliate with LPL Strategic Wealth Services.

“By leveraging LPL Strategic Wealth Services, we are gaining our independence but we have a support system from LPL to help with daily business operations,” DeCicco noted.

Through the affiliation with LPL Strategic Wealth Services, the advisers will gain access to a range of services for daily operations and long-term business management.

These include support across key business elements such as real estate sourcing, financial budgeting, brand development, technology set up, and HR support.

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The advisers will also obtain personalised support from LPL partners offering providing administrative, marketing and CFO services.

They will also use LPL’s broker-dealer, corporate RIA and custodial platforms.

Wilson said: “We’re a two-man shop in a small market. As we grow, we want to maintain our culture and high-touch client interactions.

“Having this level of support from LPL, especially administrative assistant services to help us with paperwork, is exactly what we are looking for.”

Last week, a firm founded by wealth adviser Michael Leverty went independent by joining forces with Dynasty Financial Partners.

The new RIA – Leverty Financial Group – is a Northwestern Mutual breakaway firm.

LPL Financial developments

Last month, LPL Financial acquired Lucia Securities – a San Diego-based broker-dealer with more than $1.5bn in client assets.

In the same month, LPL Financial also bought the assets of Seattle-based $2bn broker-dealer E.K. Riley Investments.