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 joining LPL's high net worth focused model, LPL Private Wealth Management. They have launched BrookBridge Private Wealth in Melville, NY
The two joined in 2015 and focus on serving private wealth clients, including business owners, nonprofit organizations and foundations, professionals and executives, primarily in Brooklyn. With this move, they expect to expand into new customer segments.
They chose LPL's private equity model because it provides them with the support they need and gives them the autonomy to run their practice the way they want.
“When looking for a new wealth management firm, we wanted to make sure that there was not only an investment platform offered that offered the solutions our clients are used to, but also more options for services that they could not 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, equity-focused positions or even traditional mediation,” Duane said in a statement.
LPL launched its private wealth linkage model last November. It is an employee model and is intended to provide the resources and structure that a higher-paid office advisor would typically have. 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.
This follows yesterday's news that LPL added Northern Plains Financiala team with $225 million in assets, from Cetera. The Grand Forks, ND firm was founded in 2014 and is led by Michael Elsberry.