LPL Recruits $705M Ex-Merrill Duo for Private Wealth Model
LPL Financial announced that its new private wealth affiliation model for high-net-worth advisors, LPL Private Wealth Management, has recruited two Merrill Lynch advisors who manage $705 million in advisory, brokerage, and retirement plan assets.
Based in Oklahoma City, SVP, wealth management advisor Alain Verhille and managing director, wealth management advisor James S. Wood launched Auctus Legacy Private Wealth Management. They both spent 17 years at Merrill Lynch, according to BrokerCheck records, primarily serving high-net-worth individuals.
They are joined by senior advisors Erikka Moore and Kathy Isernhagen, bringing more than 50 years of combined industry experience to LPL.
Verhille noted that after two years of due dilligence, he and Wood decided to work with LPL because of its ‘white glove service’ and the assistance they would receive with financial planning.
Verhille has been in the financial services industry since 1988, when he registered with Northwestern Mutual Investment Services, according to his BrokerCheck profile. He is also registered with Morgan Stanley, HD Vest Investment Services (now Avantax Investment Services), and Merrill Lynch.
Wood has also been registered as a broker since 1988, when he joined Morgan Stanley.
“We continue to make significant investments in developing our high-net-worth capabilities and offer an open-architecture platform that enables advisors to access subject matter experts in a wide variety of niche areas,” Scott Posner, LPL’s EVP of business development, said.
In November 2023, LPL unveiled its affiliation strategy, which aims to attract high-producing wirehouse advisors that specialize in high-net-worth clients.
LPL employs approximately 23,000 advisors nationwide, including advisors at around 1,100 businesses and approximately 570 registered investment advisor companies.
