In two separate moves last week, an Iowa duo managing $1.2B and a team from Oklahoma City managing $705mm left Merrill.
These teams initially explored independent models, looking to achieve greater freedom and control, but they liked the support that a full-service firm provided. Ultimately, both opted for employee models that offered a “best of both worlds” approach to serving clients and growing their businesses.
These two transitions have a lot in common. Two highly successful teams with longstanding businesses at Merrill could have opted for recruiting deals from competitive wirehouses. Yet they took time to think about their goals and conduct thoughtful due diligence with Diamond Consultants to identify the right partners for the next phases of their business lives.
The Clark Malone Group in Des Moines, IA, Joins Stifel
Grant Clark and Mark Malone started their careers in wealth management at Merrill, joining the firm in 1999 and 2011, respectively. They built an extraordinary business managing $1.2B in client assets.
Their relationship with Diamond Consultants started a decade ago, serving to keep them up to date on changes in the industry landscape and where their colleagues were finding success.
That knowledge led to greater curiosity as they learned of ongoing shifts in the industry, particularly the growth of the independent space and how advisors could not just replicate but enhance offerings for clients. Although the team was attracted to the potential for greater customization, control, and flexibility that independence offered, they also liked the depth of platform and comprehensive resources available from the wirehouses.
Their exploration led them to Stifel, which they saw as a model offering the best of both worlds: more freedom and control and less bureaucracy paired with wirehouse-caliber resources. Access to Stifel’s decision-makers gave them confidence in the ability to get things done quickly and efficiently, and a culture focused on supporting the advisor ensured they would have everything they needed to serve their clients best.
“We searched for a firm that deeply values the advisor-client relationship and where the interests of our clients always come first,” Mark said in a statement.
Stifel opened a new flagship office for The Clark Malone Group in West Des Moines, a win-win scenario for the team and the firm creating an opportunity to expand their presence in that market.
Auctus Legacy Private Wealth of Oklahoma City, OK, Becomes the First Team on LPL’s Private Wealth Management Platform
James Wood and Alain Verhille also built an extraordinary business at Merrill, managing in excess of $700mm in client assets. Over more than a decade, Diamond Consultants served as a guide and confidant, educating them on emerging models and transition trends.
The team decided they wanted to leave the wirehouse world, with the goal of achieving greater freedom in how they built their business and served their clients. Initially considering only supported independence as an option, they decided to join LPL’s new Private Wealth Management unit, which offered the autonomy and ownership they coveted, but with the support of a full-service employee model.
Diamond Consultants creatively helped them find an option that was initially not on their radar but, based on our understanding of their goals, we believed met all their needs.
“It took us two years of due diligence as we analyzed a lot of companies to find the right fit,” said Alain. “LPL provides us with a dedicated team and white-glove service while giving us access to help on the financial planning side of our business.”
Auctus Legacy Private Wealth Management, as they are now known, is the first to join LPL Financial’s Private Wealth Management unit since its launch in November.
Diamond Consultants is pleased to have represented both The Clark Malone Group and Auctus Legacy Private Wealth Management and looks forward to hearing more about their success in the future.
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