Christopher Cervantes, who managed $564 million at Merrill Lynch, has formed Valorous Advisors in Plano, Texas, and affiliated with Sanctuary Wealth. He will use Bank of New York Mellon Pershing as the firm’s custodian.
Cervantes had been affiliated with Merrill Lynch for 22 years, according to his BrokerCheck report.
Cervantes and his team, which includes wealth planner Tracey A. Gledhill and relationship manager Larry Jackson, specialize in retirement plan consulting.
"Corporate interference has become more and more disruptive over recent years," Cervantes said in a statement. "It became clear to me that we could offer our clients a better experience as an independent firm free from those distractions."
The industry watchdog's own reports reflect failures to deter "willful" and "repeat" violations, raising a crucial question about the future of regulation.
Acting Chairman Mark Uyeda directed SEC staff to initiate a pause in court while the commission awaits a quorum. The SEC may decide to withdraw from defending itself in a lawsuit over last year's climate disclosure rule.
The top estate planning platform's veteran hire will lead its legal team's efforts to develop estate planning, tax analysis, and wealth transfer solutions for ultra-high-net-worth clients.
“If Morgan Stanley had called my client’s son, this wouldn’t have happened,” the investor's attorney said.
Meanwhile, Ameriprise has bolstered its own ranks as an LPL defector joins its branch channel in California.
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