$1.3B Father-Son UBS Team Jumps to LPL$1.3B Father-Son UBS Team Jumps to LPL
New Jersey-based advisors William Bruen, Jr. and his son Andrew Bruen lead the firm founded by William’s grandfather, James Bruen, in 1922.
A father-son duo with about $1.3 billion in client assets is joining LPL Financial from UBS, the independent broker/dealer announced Monday.
Advisors William “Bill” Bruen, Jr. and his son Andrew Bruen are joining LPL’s broker/dealer and partnering with Paradigm Partners, an existing LPL firm.
The firm is based in Morristown, N.J. and was founded by William’s grandfather, James Bruen, in 1922. James’ son, William Bruen Sr., took the reins in 1950 and retired in 2020 after seven decades in the industry.
William Bruen Jr., served in the Navy before joining his father at the firm, while Andrew had interned with the firm throughout high school and college. He said the firm’s vision was “a direct reflection” of his father’s and grandfather’s goals, as they’d learned the business from them. He and Andrew were “stewards” of the practice and valued the autonomy LPL provided.
“By going independent with LPL, and with an added layer of support from Paradigm, we control the legacy that our family has sustained over the past 103 years, which is diligent care of our practice and clients,” he said in a statement. “It is a promising signal for the next 100 years of our firm.”
Earlier this month, LPL was the subject of one of the final charges filed by the Securities and Exchange Commission before President Donald Trump’s inauguration (and the resignation of former SEC Chair Gary Gensler). The commission charged LPL’s broker/dealer and investment advisor for multiple failures related to its anti-money laundering program; LPL agreed to pay a penalty of $18 million and to implement changes to its AML policies.
WealthManagement.com reported in December that the Minneapolis-based RIA $96 billion Wealth Enhancement Group would disaffiliate from LPL Financial, which operated as a super office of supervisory jurisdiction for 17 years (the change takes effect on June 30).
An LPL spokesperson said the decision aligned with the firm’s “strategic intent to focus our investments on partnerships that reflect LPL’s mission and operating models.”
Last October, LPL’s board of directors named Rich Steinmeier as its permanent CEO after he’d taken over on an interim basis earlier that month. Steinmeier stepped in after the board fired former CEO Dan Arnold for statements violating the firm’s Code of Conduct.
