$685M Merrill Trio Heads to LPL Strategic Wealth Services 

LPL Financial LLC has added a trio of ex-Merrill Lynch advisors managing $685 million to its independence model, Strategic Wealth Services. 

Air Capital Wealth Management is led by Michael Caffrey, Derek Keller, and Gabriel Parham, and counts doctors, engineers and pilots to farmers, teachers and small business owners as its clients. 

“We want to be able to focus on clients, their goals and objectives, not corporate mandates,” Caffrey said. “LPL provides us with the flexibility and resources we need to make our own decisions and build our business how we want.”  

LPL’s Strategic Wealth division is a breakaway channel for wirehouse advisors seeking to gain more control over their business. Advisors affiliated with the model are 1099 independent contractors, but they receive help from LPL’s main office in areas including technology, pricing, human resources, and marketing.  

In August, the San Diego-based firm added 4Point Wealth Management, a $375 million Davidson, NC-based advisory team from Wells Fargo to its independence model. In May, Thimble Island Private Wealth, an $830 million New Haven, CT-based practice formerly at Janney Montgomery Scott, also joined LPL’s affiliation model. That same month, LPL welcomed Spokane, WA-based Burlwood Wealth, a $275 million firm formerly at UBS. 

Pictured l to r: Michael Caffrey, Gabriel Parham and Derek Keller