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A Florida-based advisory group of siblings is becoming a member of LPL Monetary’s independence mannequin from Merrill Lynch, creating the brand new agency Grafton Wealth Advisors with $580 million in property.
The monetary advisors embrace Sarah, William and Dexter Grafton. The trio are taking the reins from their father, William “Invoice” Grafton III, who began the enterprise in 1972. Shopper relationship managers Tanya Carroll and Percy Canteenwalla may also be a part of them at LPL.
“This transfer places us in a greater place to offer extremely custom-made methods and unbiased monetary recommendation in our consumer’s finest pursuits, exterior of company stress,” Dexter Grafton mentioned.
The group’s consumer listing features a roster of high-net-worth multigenerational households and enterprise homeowners, with the advisory group providing property, philanthropy and life insurance coverage planning, revenue tax technique, trustee providers and a platform providing numerous different funding choices.
Sarah Grafton and William Grafton IV joined the business in 2008, with Dexter Grafton following a number of years later in 2013, in response to their respective BrokerCheck profiles. The advisors have been registered with Merrill for that total interval.
Nevertheless, the trio sought extra management over their operations, main them to hunt a brand new affiliation. As an alternative of going totally solo, the group opted to hyperlink up with LPL Strategic Wealth Providers, which meant entry to LPL’s wealth administration platform, pricing, expertise and operational assist (together with a enterprise strategist, advertising and marketing accomplice, CFO and administrative assistant).
LPL based Strategic Wealth Providers in 2020 for corporations with greater than $200 million AUM coming from wirehouses or full-service corporations to melt the touchdown within the unbiased area, providing these corporations the type of enterprise assist customary within the wirehouse area. That included transition recommendation, help onboarding shoppers and serving to arrange compliance applications.
The Graftons aren’t the primary advisory group to depart Merrill for LPL this yr. In February, a duo of Pennsylvania-based advisors left the wirehouse to affix LPL’s Strategic Wealth Providers. James P. Debuque and Timothy Baltz managed about $1 billion at Merrill, creating Continuity Personal Wealth once they landed at LPL.
LPL has had a busy 2024 up to now, together with buying Atria Wealth Options, which manages about $100 billion and works with roughly 2,400 advisors and 150 banks and credit score unions. As part of the deal, Atria would transfer the brokerage and advisory property custodied underneath a number of b/ds onto LPL’s platform.
LPL additionally added a number of groups from Osaic, within the wake of that community’s deliberate consolidation of its affiliated b/ds. Cubby Bice, a North Carolina-based advisor with $130 million, mentioned he left Osaic due to the “untenable” state of affairs brought on by the mergers, accusing the agency of prioritizing scale whereas neglecting again workplace assist (Osaic denied the allegation).
The agency additionally struck a cope with Wintrust Monetary Corp. to transition its $13 billion wealth administration enterprise and $3 billion of its personal consumer enterprise to LPL, representing $16 billion in complete (the companies have been beforehand affiliated with Wells Fargo).
However the IBD additionally modified its C-suite, with Kabir Sethi, managing director and chief product officer, leaving the agency by the top of March, with an “organizational realignment of sure enterprise features” listed because the trigger (the agency had no plans to fill the position, with a spokesperson saying the place’s duties have been “realigned throughout completely different groups”). Earlier than his two-year stint at LPL, Sethi was head of digital for Merrill Lynch Wealth Administration.
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