A South Carolina-based team managing about $1.25 billion in client assets is joining independent broker/dealer LPL Financial from UBS.
According to LPL, Jeffrey Allen, Steve Armaly, Brian Blackburn and Michael S. Lee are forming the independent practice Ox Road Capital and affiliating with LPL’s strategic wealth services model (fashioned for breakaway wirehouse reps).
The team is based in Greenville, S.C., and joined forces in 2016. FINRA records indicated that, besides Lee, the team spent their entire careers at UBS (Lee registered in 2001 with a multi-year stint at JPMorgan before joining UBS in 2009).
Their clients include ultra-high-net-worth individuals (including pre-retirees and retirees), C-Suite executives and medical professionals. In addition to the four principals, the Ox Road team includes Wealth Strategy Associates Marley Landrum, Brandon Mills and Nick Ray and client service associates Kyle Goff, Jack Shubert, Wendy Levi and Clark Rettberg.
According to Lee, the team started conducting due diligence for a new partner after realizing its business had entered a new “season.”
“We reached that final stage where we began to think about legacy, and it was clear we needed to make a move to really build something that could outlast the founders,” Lee said. “In all, we are excited about the ability to build our own brand.”
According to Allen, the firm began winnowing down potential options based on what the team didn’t want, including becoming a W-2 employee, taking on equity partners or bringing another partner into the firm.
This search eventually led them to the supported independent model and what LPL offered through Strategic Wealth. Allen said the firm sealed the deal by visiting LPL’s offices and meeting with CEO Rich Steinmeier.
LPL launched Strategic Wealth Services in 2020, a premium affiliation model designed for advisors exiting the wirehouses or regional firms (who will operate as independent contractors). The model was made for advisors with high production who manage over $200 million and are frustrated with the low autonomy and declining participation in employee channels.
Once it attracts a new team, LPL will provide free transitional services, including planning their exit from their current firm and onboarding clients on LPL’s platform. LPL will also help teams find real estate, integrate LPL technology, and develop the firm’s brand. LPL also offers third-party chief financial officer consultants, marketing strategists, tech support and administrative assistance.
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