A father-son advisor team that oversees $750 million in AUM in New Jersey has made a major leap by setting up their own firm.
Lance and Gideon Drucker launched their own RIA, Drucker Wealth, after a partnership of more than 40 years with their former broker-dealer, Hornor Townsend & Kent. During that time, they distinguished themselves as rainmakers as the independent firm’s largest advisory team for a record 18 straight years.
Lance Drucker, an industry veteran with nearly four decades of experience, according to his BrokerCheck report, is chairman of the firm. Gideon Drucker is taking the helm as its president and CEO.
The newly established Drucker Wealth aims to cater to a national client base, building upon a robust practice that includes more than 45 years of experience, a dedicated 12-person team, and relationships with more than 800 client households.
The multigenerational practice’s roots extend even further back, to 1958, when Bernie Drucker, Lance Drucker’s father, started it.
The new RIA marks an evolution in the Druckers' business model that’s included hiring and training new advisors each year, adding new services and partner integrations, and creating a more systemized client calendar.
“A few years back, Gideon came to me with this wild idea of Drucker Wealth 3.0 ... a totally new and improved version of what had basically been working for the past half century,” Lance Drucker said in a statement. “Change is inevitable, and adaptability is a core attribute of successful companies.”
The Druckers’ decision to build a stand-alone RIA came from a “desire for greater customization and flexibility in technology offerings and client service,” according to a statement from the firm.
Drucker Wealth has established partnerships with Fidelity and Altruist for custody of its different client segments. It’s also chosen PKS as its broker-dealer partner.
“While getting to this point took a lot of long nights and hard work, we could not be more excited about the opportunities it affords us to innovate and provide even greater value to clients long term,” Gideon Drucker said.
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