Merrill loses veteran advisors to LPL and First Republic
Merrill Lynch lost a father-son advisor team managing $100 million to LPL Financial, as well as a third advisor to First Republic Bank.
More wirehouse advisors are breaking away from their old firms, according to a report by Charles Schwab, which found a 20% year-over-year increase in 2017.
Brent Brookshire and his son and namesake Brent Brookshire Jr., based in Lufkin, Texas, joined LPL’s broker-dealer and registered investment advisor platforms. The duo works with business owners, advising them on family legacy planning, succession planning and estate planning, according to the firm. The elder Brookshire brings personal experience to his advisory work, having spent 13 years working for his own family’s grocery business before shifting to financial services. He spent nearly two decades with Merrill Lynch, where he started his second career. His son joined his father at the firm in 2013.
The elder Brookshire says he will be able to better serve clients thanks to LPL’s open platform and its technology.
“LPL offers us a platform that allows us the freedom to provide objective financial guidance to our clients,” he said in a statement. “They also offer technology that lets us run our business efficiently.”
In San Francisco, Arif Ahmed joined First Republic after nearly 21 years at Merrill Lynch, where he started his career in the wirehouse’s Palo Alto office. He is slated to become managing director and a wealth manager, according to his new employer. Ahmed’s clients have included endowments, foundations, family offices and high-net-worth investors, according to a statement. A spokesman for First Republic would not say how many client assets he oversaw at Merrill Lynch.
A spokeswoman for Merrill Lynch did not respond to a request for further comment on either move.