Merrill Veteran Producers Go Indie with LPL and Raymond James Affiliate
A solo producer managing $280 million in Louisiana and a duo managing $300 million in client assets in New Mexico have left Merrill Lynch for LPL Financial and Concurrent Advisors.
In Monroe, Louisiana, Ivan Hendricks on July 8 registered with LPL after 11 years with Merrill, according to registration records and an announcement Tuesday from LPL. He had generated roughly $1.35 million in annual revenue, according to a source familiar with his practice.
His practice, called Candor Wealth Partners, affiliated with LPL through its Strategic Wealth Services (SWS) channel for wirehouse breakaways, according to the announcement. The burgeoning model has attracted about two-dozen teams since its April 2020 launch.
Brokers who subscribe to SWS pay a flat fee for more support on setting up office space, compliance, marketing and operations than if they had just affiliated directly with LPL.
Hendricks spent almost a year searching for a new firm and said that while the SWS model offered lower payouts than other contenders, due to the expenses of having a turnkey advisory platform, it suited his needs for his solo practice.
“They have delivered on what they promised,” he said. “There is a huge depth of support and I have many accountability coaches and helpers keeping all the cogs moving for me so I can focus on [client] acquisition right now.”