Three advisors who managed more than $1 billion in advisory and retirement plan assets at Fifth Third Private Bank have joined LPL Financial’s employee advisor channel, Linsco by LPL, the firm announced Monday.
The trio are launching PB FAM Private Wealth in Atlanta.
Raanan Pritzker, who will lead the new firm as its managing director, had been affiliated with Fifth Third since 2011. Brian Brenneman, who has worked with Pritzker since 2011, will run the firm’s investment portfolio strategy. Neal Foushee, who joined Brenneman and Pritzker in 2017, will be in charge of practice management.
The advisors were looking for more freedom, more resources to serve high-net-worth clients and the ability to build a family-focused office.
“In order to take our business to the next level, we need ownership without limitations,” Brenneman said in a statement. “With Linsco, we can do more for our clients, and it will help springboard our practice faster with the full support of LPL behind us.”
The PB FAM team also cited LPL’s resources for high-net-worth clients, such as The Private Trust Co., advanced estate and income tax planning, and access to alternative investments.
“We appreciate the open architecture to design portfolios and provide our clients with the concierge services they expect and deserve,” Foushee said. “This move to LPL is best for our clients and our team, and we look forward to welcoming our clients to an environment where we can provide enhanced levels of service and guidance.”
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
