An advisor team previously with Merrill Lynch have launched their own independent firm in Amarillo, Texas.
The four advisors who report having served around $320 million in advisory, brokerage and retirement plan assets, have launched Veritas Legacy Wealth with support from LPL Financial’s Strategic Wealth Services.
John Klein leads the team as managing director and wealth management advisor and is joined by advisor Blake Bailey, advisor emeritus Lavona Kuhn and director of client relations Summer Rudder.
With 57 years of industry experience, Kuhn played a key role in building the multigenerational practice, partnering with Klein and Bailey 21 years ago.
Among the team’s client base are professionals from the oil and gas industry, farming and other hard-working individuals approaching retirement.
Klein says that the team is like a second family and share the same values and vision for a client-centered practice, which is reflected in their business name — Veritas means "truth" in Latin.
“We understand that true wealth is not just measured by monetary gains or by your financial portfolio. It’s by the impact that it has on future generations,” he said, adding that they always considered themselves to be entrepreneurs so the freedom that their new firm allows is paramount.
By choosing to leverage the support functions of LPL Financial’s supported independence model, the new firm can focus on clients without the burden of business administration.
“There are so many hats to wear as business owners, but with Strategic Wealth Services we don’t need to worry about things like payroll, technology, or marketing. Our entire focus is the client,” concluded Klein.
Despite a lighter regulatory outlook and staffing disruptions at the SEC, one compliance expert says RIA firms shouldn't expect a "free pass."
Carson has fully acquired another firm in Florida, while Simon Quick Advisors finds its third perfect-fit partner in a Las Vegas-based boutique.
FINRA has been focused on firms and their use of social media for several years.
The model has surged in popularity thanks to its fiduciary appeal, but the show is far from over for no-fee and commission-based arrangements.
Asset managers filing to launch dual share-class mutual funds, creating an ETF sleeve for existing strategies, could end up eroding key benefits of the wrapper.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
From direct lending to asset-based finance to commercial real estate debt.