LPL adds former baseball pro to Momentum Wealth bench

LPL adds former baseball pro to Momentum Wealth bench
The pitcher-turned-wealth manager is part of a $380M advisor team in Delaware that’s joining LPL from PNC Investments.
JUN 27, 2024

LPL is raising its profile in the East Coast as a group of advisors switches teams in Delaware.

LPL announced Thursday that the advisors of First Summit Capital Management have aligned themselves with Momentum Wealth Partners, an existing firm that supports LPL-affiliated advisors, to join its broker-dealer, RIA, and custodial platforms.

First Summit's advisors, previously with PNC Investments, reported managing approximately $380 million in advisory, brokerage, and retirement plan assets.

First Summit Capital Management, based in Wilmington, Delaware, is led by principal owner and managing partner Thomas J. Cooney. A 32-year industry veteran, Cooney previously owned a successful company in the forest products sector.

Joining him is managing partner Mark Freed, a former professional baseball pitcher for the Chicago Cubs and Arizona Diamondbacks, who has over a decade of experience in wealth management. The team is further supported by director of operations Vicki Pearce.

The firm offers personalized investment strategies and comprehensive financial planning services, including retirement planning, wealth management, and estate planning.

“Our mission is to empower clients to navigate their financial journey with clarity and confidence. We believe in building meaningful relationships based on trust, integrity, and transparency, providing straightforward and honest guidance to help clients make informed decisions with a sense of assurance,” Cooney said in a statement.

“We are excited to join LPL Financial to gain access to their robust capabilities, open architecture platform, and streamlined business solutions that enable us to offer more personalized services and a broader range of investment options,” Freed added.

Doug Frank, managing partner and co-founder of Momentum Wealth Partners, commended the new advisors as a testament to Momentum’s ability to “cultivate a success-driven mindset, encouraging advisors to improve their practices and commit to outstanding client service.”

Earlier this week, LPL also welcomed financial advisor Danielle Qualls, who joined the woman-led firm Bergkamp Financial after serving roughly $160 million in assets at Stifel.

Prior to that was the news of former Ameriprise advisor W. Scott Hengerer launching his own independent practice, James River Private Wealth, in Virginia as he joined LPL broker-dealer, RIA and custodial platforms.

Latest News

Stock rally stalls on mixed tariff signals, Jefferies strategist warns worse may be ahead
Stock rally stalls on mixed tariff signals, Jefferies strategist warns worse may be ahead

Markets digest latest words on trade war, Fed chair’s position.

Are you charging less than other advisors for subscription based advice?
Are you charging less than other advisors for subscription based advice?

More advisors are using subscription models for financial planning services.

Trump forced to U-turn as economic warnings intensify
Trump forced to U-turn as economic warnings intensify

From Powell to China, president eases back rhetoric.

Dollar slide raises red flags for corporate earnings
Dollar slide raises red flags for corporate earnings

And profit guidance is set to weaken further in coming quarters.

Dip-buyers boost bullion following steepest one-day drop this year
Dip-buyers boost bullion following steepest one-day drop this year

Gold trades above $3,330 amid mixed tariff signals.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.