A team of two Merrill Lynch advisers has broken away from the electric house to launch their own registered investment adviser, The Pines Wealth Management, in Southern Pines, NC, according to regulatory filings.

The team, led by advisors Evans Neville and Shelly Robinson, were previously part of the Neville Robinson Group at Merrill, where they managed nearly $500 million in client assets, according to Forbes.com. Neville, who began his career in financial services in 1993, was with Merrill for nearly 30 years, according to his BrokerCheck profile. Robinson was with Merrill for about eight years.

A spokeswoman for Merrill declined to comment.

The firm will use Purshe Kaplan Sterling Investments for the brokerage business and maintain custody with Schwab. RIA has also joined the Protocol for the Recruitment of Intermediaries.

Pines principals Neville and Robinson are joined by Colleen O'Donnell, registered wealth management client associate, and Leslie Harrington, wealth management client associate.

“Being a registered investment advisory firm allows us to provide personalized service at a much higher level,” Robinson said in a video on the team's website. “We will have access to comprehensive resources, the latest technology and the freedom to choose the solutions that best meet our customers' needs.

The RIA will provide comprehensive financial planning and asset management for pre-retirees, retirees, executives, small business owners and multigenerational families, according to its website.

The move follows Tuesday's news that two Greensboro, NC advisors left Merrill to launch their business with the support of Sanctuary Wealth. Vincita Investment Partners, led by partners JJ Marus and Lauren Norris, joined Sanctuary's “partnership independence” model, bringing $700 million in client assets from Merrill.