Oklahoma City-based advisors Alain Verhille and James S. Wood have left Merrill Lynch to join LPL Financial's membership model for high net worth-focused advisors, LPL Private Wealth Management. Advisors is 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 are joined by Senior Certified Licensed Counselors Erikka Moore and Kathy Isernhagen.
“It took us two years of due diligence after analyzing many companies to find the right fit,” Verhille said in a statement. “We wanted the leading 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 with the financial planning side of our business.”
LPL launched its private wealth linkage model last november. It's an employee model and aims to provide the resources and structure that an office advisor would typically have, with a higher fee. The payout in this model ranges from 64% to 70% for qualifying advisors.
This unit offers advanced estate and philanthropy planning, income tax strategies, fiduciary services, an alternative investment platform, banking and lending solutions, and complex life insurance planning.
The firm currently has more than $30 billion in potential advisor AUM for this model and plans to expand its capabilities in this space in the coming months.