A New Jersey father-son advisor team has left Hornor, Townsend & Kent, an independent broker/dealer owned by Penn Mutual, to launch their own registered investment advisor. Lance and Gideon Drucker, who manage $750 million in client assets in Woodcliff Lake, NJ, have created Drucker Wealth.
The firm has selected Fidelity and Altruist for custody, as well as PKS Investments as their broker/dealer.
The Druckers had previously been with Hornor, Townsend & Kent for more than 40 years, where they were the largest advisory team for 18 consecutive years. Their firm has 12 people and serves over 800 clients.
Advisers say the move was prompted by the evolution of the firm, which has hired and trained new advisers each year to build scale. It has also added new services and partner integrations.
But the model had limitations, and they needed greater customization and flexibility in their technology offerings and customer service. The move will provide the firm with greater freedom and control, they said.
“While getting to this point took many long nights and hard work, we couldn't be more excited about the opportunities it presents us to innovate and deliver even greater long-term value to customers,” said Gideon Drucker in a statement.