Three local Lawing Financial employees exit to form new firm

Last edited 8:43 a.m., Nov. 4, 2015

Amid ongoing litigation between Overland Park, Kan.-based Lawing Financial and former Springfield financial adviser Nadia Cavner, three of the firm’s Queen City employees have exited to form a new business.

Led by seven-year Lawing employee Andrew Denney, Prosperity Financial Group opened yesterday at Kingsley Office Park, 1354 E. Kingsley St., Ste. C.

Denney, who manages over $200 million of assets for businesses and families, joined broker-dealer platform LPL Financial Holdings Inc. (Nasdaq: LPLA), which claims over 14,000 independent financial advisers holding some $462 billion in advisory and brokerage assets. Denney said his firm would provide fee-based advisory services through Resources Investment Advisors Inc., a company that services more than 300 retirement plans and 1,000 households worth $3 billion in collective assets.

Joining Denney is Angela Sampson, former Springfield office administrator for Lawing, and Ashlea Schmidt, who worked as administrative assistant for the local office. All three resigned from Lawing Oct. 29, Denney said, noting he’s in the process of interviewing two undisclosed financial advisers as potential hires.

Denney said the three employees decided it was best to join the well-established LPL as the legal battle continues between Lawing Financial and Cavner.

“A lot of it has to do with the litigation surrounding Lawing and Nadia,” Denney said. “It was just a distraction from us being able to provide advice to our clients.”

Denney joined Lawing Financial’s Springfield office shortly after it opened in 2008. He said Sampson has worked with him for 10 years, and Schmidt was hired when Lawing acquired the Nadia Cavner Group last year.

Lawing Financial now has three advisers and three staff members in Springfield, according to Lawing Financial Director of Transition Services Melissa Sturgis.

“Mr. Denney was just one member of the Lawing Financial team in Springfield. The heart of that team is intact and will continue to provide the excellent service our clients expect,” Lawing spokesman Alex Greenwood said in a provided statement. “In response to this action, the entire firm at Lawing Financial confirms its strong commitment to the Springfield community and stands by ready to assist our Springfield team members with support as needed.”

In September, David Compere, Lawing Financial’s Springfield branch manager, left the firm to start work at UMB Bank as a senior vice president and financial adviser.

In April, Lawing Financial sued Cavner claiming breach of contract in its January 2014 purchase of the Cavner Group. Four months later, Cavner countersued, alleging Lawing Financial defamed her in the media to avoid payments owed for the purchase.

A hearing related to the Cavner case was scheduled Tuesday afternoon in Kansas City, but was later canceled, according to court records. A new date had not been set as of the morning of Nov. 4.