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Industry Spotlight > Broker Dealers

LPL Financial Nabs $700M Morgan Stanley Team

By Janet Levaux

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What You Need to Know

  • CFPs Steven Bailin, Jodie Cohen and Jeffrey Prince worked together for about 10 years before launching PBC Private Wealth.
  • LPL started the wirehouse-breakaway affiliation program about a year ago.
  • As of March 31, LPL had 17,672 affiliated advisors and some $958 billion in client assets.

LPL Financial says a $700 million team from Morgan Stanley has joined its breakaway channel. 

Certified financial planners Steven Bailin, Jodie Cohen and Jeffrey Prince — who have worked together for about 10 years — launched PBC Private Wealth, through their affiliation with LPL’s Strategic Wealth Services. The group is based in Los Angeles and has an office in Las Vegas.

LPL launched the wirehouse-breakaway affiliation program about a year ago. Last month, it added a $1.3 billion team from Wells Fargo Advisors, and a $650 million group from Merrill Lynch joined in April. 

According to Bailin, who has been in the business for 34 years, “the decision to launch PBC Private Wealth was a call to action; it’s what our clients are asking for. LPL’s integrated digital platform provides us with more flexibility and open architecture where we can offer a suite of innovative solutions, financial planning and digital tools to truly help our clients gain a better understanding of their financial situation.”

“We are excited to start PBC so our clients can do business the way they want to do business,” Cohen said in a statement. “We are passionate about incorporating our clients’ values and goals into their financial plan. With balanced portfolios and financial choices, we will commit to servicing our clients and continuing their legacy.” (She’s been an advisor for 35 years.)

LPL is set to release its second-quarter earnings report next week. As of March 31, it had 17,672 affiliated advisors and some $958 billion in client assets.  

Janet Levaux

@Think_JanetL

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