April 12, 2021
Louis Diamond Quoted
By Jake Martin
A four-broker team in Greenville, South Carolina has left Merrill Lynch to launch an independent practice affiliated with LPL Financial’s fledgling Strategic Wealth Services model for wirehouse breakaways.
The group, which moved on Thursday and is called NorthEnd Private Wealth, includes William Joshua (Josh) Brown, Scott Thompson, Joel Gray and James “Jake” Cluverius, Jr. They moved with their administrative assistants Jeannie Fowler and Ashley Thomason.
“Most wirehouse teams want turnkey support when they’re transitioning,” said Louis Diamond, an industry recruiter with Diamond Consultants who placed the team. “I would expect this will draw out many others.”
Diamond declined to comment on specifics of the offers, but recruiters have said previously that LPL typically grants upfront “transition bonuses” of 30 to 50 basis points of the assets that brokers joining its core independent channel are expected to move from their former firms.