LPL has just helped a $1 billion team from Merrill Lynch launch their own independent practice.
The wealth giant announced that financial advisors James “Jamie” P. Debuque and Timothy M. Baltz are starting their own practice, Continuity Private Wealth, through LPL Strategic Wealth Services, its supported independence platform.
Debuque and Baltz are joining LPL’s advisor network from Merrill Lynch, where they reported overseeing a roughly $1 billion book of advisory, brokerage, and retirement plan assets.
Their client base includes high-net-worth families, business owners, executives and professionals.
The Doylestown, Pennsylvania-based pair are transitioning over to LPL along with a staff that includes their longtime chief operating officer, Wendy A. Fratrik, their client relationship manager Nicole Ferrara, and wealth management associate Lisa Baltz.
“We have a long history in the community, having built our practice through both M&A and a large referral network, and our team has cultivated meaningful relationships with multiple generations,” Fratik said in a statement.
“We were drawn to LPL’s advisor-centric culture that gives us the flexibility to run our business as we see fit,” Debuque said.
He highlighted Continuity Private Wealth’s ability to work based on a fiduciary standard without being influenced by corporate interests, as well as its access to an expanded shelf of investment options, financial planning software, and a group of specialists to help create differentiated experiences for clients.
With $130 billion in HNW AUM currently under its wing, LPL possesses resources specialized for high-net-worth clients’ needs such as estate and philanthropic planning, tax planning, and complex life insurance planning, among others.
“We are excited to be able to offer our clients comprehensive financial services in alignment with their personal tax and estate planning goals, without limitations,” Baltz said.
Last August, LPL helped another Merrill Lynch team start their own journey of independence. That HNW practice, Breakaway Wealth Management, reportedly had $270 million in assets.
The following month, LPL signed another billion-dollar practice by welcoming The Francis Group, a father-son tandem operating out of the Los Angeles area.
With targeted "comfort calls" and strategically automated follow-ups, advisors who leverage their CRM systems effectively can show up when clients need them most.
The plan could offer $24,000 in relief for some taxpayers, but experts warn of consequences.
"I've seen lots of denial in this business but this GPB thing take the cake," says one industry executive.
Commentary from state-owned publication blasts sale to investor consortium as "spineless groveling," denting Hong Kong-based firm's stock.
Higher interest rates and a strong US dollar, which traditionally act as headwinds, haven't deterred market-stung investors from seeking refuge in the yellow metal.
In an industry of broad solutions, firms like intelliflo prove 'you just need tools that play well together'
Blue Vault Alts Summit highlights the role of liquidity-focused funds in reshaping advisor strategies
