A quartet of financial advisors from Merrill Lynch whose team ranges in age from their 20s to their 90s left the wirehouse to launch an RIA.
Amplius Wealth Advisors used Dynasty Financial Partners’ RIA platform and services to start the newly independent firm that includes a father-son duo and a half dozen other employees, the companies
Like many practices that reach a certain size with a wirehouse or other firms in the employee or captive broker-dealer channels, Amplius began a search and due diligence process for their independent move about two years ago, founding partner Matthew Liebman said in an interview. The team chose the platform provider over “some really compelling options,” Liebman says.
“Our team was doing quite well, but we thought we should just take a look at the landscape and see what's out there,” he says. “They've helped us in any number of areas. They know things I didn't even know I didn't know. So it's been great so far.”
Representatives for Merrill Lynch didn’t immediately respond to a request for comment on the team’s departure.
The Blue Bell, Pennsylvania-based team officially left the wirehouse on Feb. 26 for its new RIA and a new BD relationship with hybrid-friendly Purshe Kaplan Sterling Investments, according to FINRA BrokerCheck. Amplius also chose Fidelity Clearing & Custody Solutions as its custodian.
Liebman and his father Samuel, as well as fellow founding partner Aaron Marks, had each spent more than nine years with Merrill, BrokerCheck shows. The practice’s fourth advisor, Patrick Swift, had been with Merrill since 2016. They operated as The Liebman Marks Group while with Merrill, although the business goes back decades.
The elder Liebman has worked in the industry for 50 years, including prior tenures with UBS and Prudential. An original senior partner and current Amplius director, Edward Jawer, is still working with clients after celebrating his 92nd birthday a day before the new RIA opened, Matthew Liebman says. Some clients’ families have been with the team for five decades, he says.
“We can cover basically anyone if they're looking for someone in a similar phase of life,” Matthew Liebman says. “My first five calls once we were live were to my first clients when I opened up in wealth management 13 years ago.”
In addition to Amplius, Dynasty added seven CFPs who dropped Northwestern Mutual to launch Tampa Bay, Florida-based Unique Wealth, the firms
The firm "remains committed to being the best partner in the industry for talented advisors to build and grow comprehensive financial planning practices that help clients integrate insurance and investments," Northwestern spokeswoman Betsy Hoylman said in an emailed statement.
St. Petersburg-based Dynasty has 46 practices with more than 160 advisors managing $40 billion in assets under management across its network.
“Dynasty continues to see very strong demand for advisors like the Amplius team who see the benefits and want to join the independent movement,” John Sullivan, the firm’s head of network development, said in a statement. “We expect more like-minded teams, who are committed to doing their due diligence, will ultimately determine that the fully independent model is the best path forward for clients and advisors, alike.”
