A team of three advisers — Steven Bailin, Jodie Cohen and Jeffrey Prince — managing $700 million at Morgan Stanley in Los Angeles have formed PBC Private Wealth and gone independent, affiliating with LPL Financial.
The new firm is using the services of LPL’s strategic wealth services team, which supports the needs of breakaway advisers.
Bailin, who started his career in 1987 at Bateman Eichler, had been with Morgan Stanley and predecessor firms for 30 years. Cohen worked at those two firms over the same time period. Prince, also an industry veteran, was with Morgan Stanley for 23 years.
The wirehouse-focused aggregator's rollout to more than 100 advisors lands as financial advisors race to add tax and estate planning tools.
Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.
Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.
Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.
Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
