Breakaway Wealth Management is a young, entrepreneurial team that values simplicity and transparency, with a desire to operate independently and provide a wider range of options and more personalized attention to their clients.
You start seeing all these big Merrill FA teams leave, and you’re like, ‘There’s got to be something to this.’ And Andy Sieg even left Merrill.
Roger J. Relucio, Jr.
Managing Partner and Founder
Breakaway Wealth Management
A young, entrepreneurial advisor, Roger Relucio built a strong, growing business at Merrill, managing some $270mm in client assets. He got his start in wealth management at Morgan Stanley but spent 15 of his 17-year career at Merrill, earning a spot on Forbes’ “Top Next-Generation Wealth Advisors” list in 2020 and 2021.
A strong commitment to client success led Roger to create a team of specialists at Merrill who were able to cater to each client’s unique needs, starting with an internship program, where he mentored Pat Ruffa and David Kraus before hiring them as advisors after college.
Yet, about a year ago, Roger started to see that the “DNA” of the wirehouses had changed. There was more “red tape” and continually shifting targets that his team had to hit for support, such as client associates or funding for marketing events.
That’s when he reached out to Diamond Consultants.
Roger shared his frustrations around limitations at the bank. He wanted to operate independently and provide their clients a wider range of options and more personalized attention.
Digging deeper, it became clear that Roger had a desire to build his own firm and recruit like-minded advisors.
To that end, we focused our exploration efforts on the independent space and worked closely with him to better understand the different options and varying levels of support available.
Ultimately, they homed in on LPL’s Strategic Wealth Services independent model.
“The whole picture of Strategic Wealth Services was really compelling to us,” Roger said. “It allows us partnered, supported independence so we’re not starting off all on our own. We have a full team behind us to take care of the operational side of the house so that we can concentrate on growing our business and giving clients the boutique-style service they deserve.”
On August 15th, Roger, along with Pat, David, and Client Services Associate Jenna Looney, announced the launch of Breakaway Wealth Management in Hoboken, NJ.
“You start seeing all these big Merrill FA teams leave, and you’re like, ‘There’s got to be something to this.’ And Andy Sieg even left Merrill.” Roger said in an interview.
“The culture of LPL, specifically the culture within the Strategic Wealth program, is aligned with what we’re trying to create,” Roger stated.
Diamond Consultants is pleased to have represented Roger and the team and looks forward to hearing more about Breakaway’s success in the future.
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