A Melbourne, Fla. advisory team managing $175 million in client assets has departed UBS to join Kestra Private Wealth Services, a division of the independent broker/dealer that helps wirehouse advisors go independent, providing office logistics assistance, consultative compliance support, a comprehensive platform, a transition plan and daily management support.
Three Bridge Planning consists of a five-person team, including Dennis Laughlin, director of portfolio management; his son, Brian Laughlin, director of financial planning; Judy McCarthy, client relationship manager; her son, Brendan McCarthy, director of wealth management; and Samantha Verzi, client service expert.
“Sophisticated teams like Three Bridges Planning are stepping out of the wirehouses in droves and establishing their own businesses for the first time,” said Rob Bartenstein, CEO and senior management director of Kestra PWS. “Our turnkey model has proven highly effective for advisors in these exact scenarios.”
Some IBDs have introduced models to help employee and wirehouse advisors go independent, making the transition easier. LPL is the latest working on a formal offering for these advisors.
Kestra’s majority shareholder, Stone Point Capital, recently sold the company to Warburg Pincus. Stone Point will retain a minority interest.