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.
While industry statistics pointing to a succession crisis can cause alarm, advisor-owners should be free to consider a middle path between staying solo and catching the surging wave of M&A.
New joint research by T. Rowe Price, MIT, and Stanford University finds more diverse asset allocations among older participants.
With its asset pipeline bursting past $13 billion, Farther is looking to build more momentum with three new managing directors.
A Department of Labor proposal to scrap a regulatory provision under ERISA could create uncertainty for fiduciaries, the trade association argues.
"We continue to feel confident about our ability to capture 90%," LPL CEO Rich Steinmeier told analysts during the firm's 2nd quarter earnings call.
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.
