September 17, 2025
By David Wignall
UBS continued to shed wealth managers this week, as a team of four advisors who oversaw roughly $1.25 billion in client assets jumped ship for LPL Financial. Their move comes just as UBS said it would raise advisor pay next year.
According to LPL, the four advisors—Jeffrey Allen, Steve Armaly, Brian Blackburn, and Michael Lee—are launching their own independent practice, called Ox Road Capital, based in Greenville, S.C.
Ox Road will be backed by LPL’s strategic wealth program, a model which grants advisors independent ownership while giving them the back-office support of a larger firm. LPL’s strategic wealth program specifically caters to advisors leaving large banks, according to the firm’s website.
“All businesses and individuals have three seasons they pass through—survival, success and significance,” says Lee, one of the breakaways. “We reached that final stage where we began to think about legacy and it was clear we needed to make a move to really build something that could outlast the founders.”
