A team of advisors managing $700 million in assets has joined LPL Financial from Bank of America Private Bank. Private Client Advisor John Duane and Portfolio Manager Gregory Giantsos are affiliating with LPL’s high-net-worth-focused model, LPL Private Wealth Management. They’ve launched BrookBridge Private Wealth in Melville, N.Y.
The two teamed up in 2015 and focus on serving private wealth clients, including business owners, non-profit organizations and foundations, professionals and executives, primarily in Brooklyn. With the move, they expect to expand into new client segments.
They chose LPL’s private wealth model because it provides the support they need and gives them the autonomy to run their practice as they want.
“When looking for a new wealth management firm, we wanted to make sure there was not only a deliverable investment platform that offers the solutions our clients are used to but also more opportunities for services that we couldn’t offer in the past,” Giantsos said in a statement. “With LPL, we can build BrookBridge the way we want, with the autonomy, support, resources and services we need.”
They will also be able to expand their services.
“While core asset management will always be the most important element of what we do, we can now serve clients across a new spectrum, including but not limited to alternative investments, concentrated stock positions or even traditional brokerage,” Duane said in a statement.
LPL launched its private wealth affiliation model last November. It’s an employee model, and it aims to provide the resources and structure that a wirehouse advisor would typically have at a higher payout. The payout in this model ranges from 64% to 70% for qualifying advisors.
This unit provides advanced estate and philanthropy planning, income tax strategy, trustee services, an alternative investment platform, banking and lending solutions and complex life insurance planning.
This follows news yesterday that LPL added Northern Plains Financial, a team with $225 million in assets, from Cetera. The Grand Forks, N.D. firm was founded in 2014 and is led by Michael Elsberry.
