Larry Sprung, founder and wealth advisor of Hauppauge, N.Y.-based Mitlin Financial acknowledges that he took a circuitous route to independence and RIA, but it’s one that he wouldn’t change.
“I had a very windy path,” he told InvestmentNews, explaining that he went independent in 2004.
Prior to 2004, Sprung had already racked up a lot of experience in the financial industry, and had also seen a lot of M&A. He worked as a financial consultant at wirehouse Salomon Smith Barney for three years early in his career, before being hired by Quick & Riley, which was then bought by Fleet Bank, which eventually became part of Bank of America. BofA’s brokerage business ultimately became part of wirehouse Merrill Lynch.
“I left as Bank of America was transitioning to Merrill,” Sprung said, explaining that he opted to go independent and founded Mitlin Financial in 2004. The company is named after Mitchell, his wife’s grandfather, and Linda, Sprung’s mother, who inspired his career in financial advice.
Initially, Mitlin Financial was affiliated with Securities America, and Sprung was dually registered as a broker and an advisor. Then, in 2011, he went full SEC-registered RIA.
“[Securities America] were fantastic - they did everything - they were a great partner for the period of time I was there,” Sprung said. “It was just that it came to a point where I didn't need the brokerage side of the business … so I formed my own RIA.”
The advisor told InvestmentNews that his Series 7 license lapsed some years ago. “I talk to young people all the time and I'm like, do not go brokerage - go RIA,” Sprung said. “I think there are so many more benefits and that's where the profession should be leaning into, not on the brokerage/wirehouse side.”
As for the benefits, the RIA model lets advisor firms better align with the needs of the families that they work with, according to Sprung. “I think at the end of the day, you put yourself in the best position to serve the families you work with,” he said.
The RIA model also opens up financial advisory firms to newer ways of marketing, according to Sprung. Then, there is the sheer independence of going RIA.
“That's a huge benefit,” he said. “You definitely have far more independence on the RIA side of the business than you do on the broker-dealers side, for sure.”
Independence and advisor movement are key themes in the wealth management industry. Research released in May by ISS Market Intelligence shows that, in 2025, around 39,000 advisors moved firm, an increase of more than 4,000 on the prior year. The data also highlighted the ongoing push toward independence, with the retail RIA channel recording a net gain of 9,525 representatives over the past five years. Independent broker-dealer channels brought in the second most new reps over the same time period, according to ISS Market Intelligence.
Just as the industry evolves, so has Mitlin Financial – in 2020 the RIA affiliated with Carson Group. Sprung explained that the decision was born out a desire to grow the business.
“From 2011 till 2020 we had a nice lifestyle practice … I wanted a lifestyle practice because I wanted to be there for my kids,” he said. But, with the kids leaving home, he and his wife, who is also part of Mitlin Financial, decided to focus on growing the practice.
By tapping into Carson Group’s resources, Mitlin Financial has been able to grow its assets under management from $50 million in 2020 to around $250 million now.
So, as he looks back on his decision to go independent way back in 2004, does he have any regrets?
“No. I wish I did it sooner,” he told InvestmentNews. “But at the same time, I'm a little bit of a realist … I don't know that I could have done it sooner without the knowledge and the resources and the support I had at that time.”
“But it was definitely one of the best decisions I've ever made for, you know, my professional career,” he added. “The best decision I ever made was marrying my wife.”
While his business has undergone a number of changes in the last few decades, one theme remains constant – Sprung’s mental health advocacy, borne out of the tragic loss of his brother-in-law to suicide in 2004. He has worked with the American Foundation for Suicide Prevention since about 2005.
“I did about a 14, 15-year stint on their board of directors and I still sit on their investment and finance committees today,” he told InvestmentNews. “My wife and I, with a lot of help, have raised over about $2 million over that period of time in my brother-in-law’s name.”
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