$1B Merrill Team Launches Practice with LPL Financial
LPL Financial announced that two Merrill Lynch financial advisors, James “Jamie” P. Debuque and Timothy M. Baltz, who managed $1 billion in advisory, brokerage, and retirement plan assets, have left the wirehouse to launch Continuity Private Wealth, an advisory practice affiliated with LPL’s independence model, LPL Strategic Wealth Services.
Debuque and Baltz, who are based in Doylestown, PA, formed a private wealth team nearly 15 years ago to assist affluent clients with estate and tax preparation. They are accompanied by COO Wendy A. Fratrik, CRM Nicole Ferrara, and wealth management associate Lisa Baltz.
“We have a long history in the community, having built our practice through both M&A and a large referral network, and our team has cultivated meaningful relationships with multiple generations,” Fratrik said, noting their client base is comprised of high-net-worth families, business owners, executives and professionals.
Continuity Private Wealth is the 40th firm to join LPL’s SWS model, which is designed for wirehouse and regional advisors who want to create their own firm while obtaining back-office support like the employee model.
The team was intrigued by LPL’s SWS model due to its independence and emphasis on high-net-worth clients. LPL currently handles $130 billion in high-net-worth assets and offers specialized tools for advanced estate and philanthropic planning, income tax strategies, trustee services, alternative investments, banking and lending, and complex life insurance preparation.
LPL Financial revealed earlier this month that it had agreed to acquire Atria Wealth Solutions, a wealth management solutions holding company with $100 billion in brokerage and advisory assets.
In addition, LPL Financial Holdings Inc. and regional bank Wintrust Financial Corporation, a financial holding company, announced an agreement to transition the wealth management business of Wintrust Investments, LLC and certain private client business at subsidiary registered investment advisor (RIA) Great Lakes Advisors, LLC.