LPL Lures $705M Merrill Lynch Team to Private Wealth ModelLPL Lures $705M Merrill Lynch Team to Private Wealth Model
After 17 years with Merrill, Oklahoma City-based advisors Alain Verhille and James S. Wood are launching Auctus Legacy Private Wealth Management under LPL's employee model for high-net-worth-focused advisors.
Oklahoma City-based advisors Alain Verhille and James S. Wood have left Merrill Lynch to join LPL Financial’s affiliation model for high-net-worth-focused advisors, LPL Private Wealth Management. The advisors are launching Auctus Legacy Private Wealth Management, with $705 million in total assets.
Prior to joining LPL, Verhille and Wood spent 17 years at Merrill Lynch, serving primarily HNW clients. They’re joined by licensed Certified Senior Advisors Erikka Moore and Kathy Isernhagen.
“It took us two years of due diligence as we analyzed a lot of companies to find the right fit,” Verhille said in a statement. “We wanted the top firm to help us refocus our wealth management business. LPL provides us with a dedicated team and white-glove service while giving us access to help on the financial planning side of our business.”
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.
The firm currently has more than $30 billion in prospective advisor AUM in the pipeline for this model, and it plans to expand its capabilities in this space in the coming months.
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