A father-son advisor team in New Jersey has left Hornor, Townsend & Kent, an independent broker/dealer owned by Penn Mutual, to launch their own registered investment advisor. Lance and Gideon Drucker, who manage $750 million in client assets in Woodcliff Lake, N.J., have created Drucker Wealth.
The firm has chosen Fidelity and Altruist for custody, as well as PKS Investments as their broker/dealer.
The Druckers had previously been with Hornor, Townsend & Kent for over 40 years, where they were the largest advisory team for 18 straight years. Their firm has 12 people and serves over 800 clients.
The advisors say the move was driven by the evolution of the firm, which has been hiring and training new advisors each year to build scale. It’s also added new services and partner integrations.
But the model had limitations, and they needed greater customization and flexibility in technology offerings and client service. The move will provide the firm with greater freedom and control, they said.
"While getting to this point took a lot of long nights and hard work, we could not be more excited about the opportunities it affords us to innovate and provide even greater value to clients long term," Gideon Drucker said in a statement.