An Atlanta-based trio of advisors with more than $1 billion in collective assets under management is leaving Fifth Third Private Bank to join LPL Financial via its employee advisor channel.
Advisors Raanan Pritzker, Brian Brenneman and Neal Foushee are launching PB FAM Private Wealth, affiliated with Linsco by LPL.
The team primarily works with ultra-high-net-worth individuals, as well as multigenerational families and business owners, offering customized investment strategies and wealth management, tax and estate planning and “lifestyle management solutions,” according to Pritzker.
He detailed how the team sought out a new partner who’d help them get more autonomy for their practice and a greater array of resources for advisors who work in the high-net-worth space. With the Linsco model, the team will keep ownership of their client relationships, but still have access to support including marketing and tech consultants and a service team.
“We appreciate the open architecture to design portfolios and provide our clients with concierge services they expect and deserve,” Foushee said.
Pritzker will serve as managing director of the firm, bringing his relationships with families, executives and top medical professionals, as well as 25 years of industry experience. Brenneman also has more than 25 years in the financial space as a portfolio manager, having joined up with Pritzker in 2011.
Foushee entered the industry in 2004 after serving with the U.S. Air Force, joined with Pritzer and Brenneman in 2017 and will now lead the practice management side of the newly established firm.
LPL had a record second quarter for recruiting in 2023, with $19 billion added in assets. Total recruited assets for the previous 12 months are now up to $60 billion. The firm also acquired the wealth management business for Crown Capital Securities, a Calif.-based b/d with about 260 advisors and $6.5 billion in assets; LPL expects to onboard those advisors by early next year.
LPL’s added a number of large firms this year, including three advisor teams from Wells Fargo with $1.45 billion in total assets, combining to launch Carnegie Private Wealth, joining with LPL’s Strategic Wealth Services (SWS). Earlier this month, a father/son duo with $1.2 billion left Morgan Stanley for the SWS division, and a Omaha, Neb.-based duo with $605 million joined LPL from Principal Securities last week.