At a glance
- The SEC approved the registration Oct. 22, according to SEC records cited by Financial Advisor Magazine, which first reported it.
- Until the approval is final, the advisors remain LPL investment adviser representatives.
- Steven Bailin, Jodie Cohen-Potter and Jeffrey Prince launched PBC Private Wealth in July 2021 through LPL's Strategic Wealth Services, a unit built for wirehouse breakaways.
A Las Vegas team that left Morgan Stanley for LPL Financial in 2021 has registered its own RIA, Orion Capital Wealth and Investment Management.
The SEC approved the registration Oct. 22, according to SEC records cited by Financial Advisor Magazine, which first reported it. Orion used an agency rule that lets a new investment adviser register if it expects to become eligible within 120 days, typically by crossing $100 million in regulatory assets. Assets for the new RIA were not disclosed.
Orion's advisors will keep their LPL brokerage registrations, LPL will provide custody, trading and clearing, and the RIA requires a $500,000 account minimum, according to the firm's brochure. Until the approval is final, the advisors remain LPL investment adviser representatives. Afterward they become advisory representatives of Orion only. The firm serves individuals, high-net-worth families, trusts, charities and retirement plans. Client money will go into proprietary models running from fixed income to aggressive growth, plus a handful of LPL programs.
Steven Bailin, Jodie Cohen-Potter and Jeffrey Prince launched PBC Private Wealth in July 2021 through LPL's Strategic Wealth Services, a unit built for wirehouse breakaways. At the time, the team reported about $700 million in advisory, brokerage and retirement plan assets at Morgan Stanley. All three are certified financial planners. They renamed the firm Orion Capital in 2023. The $700 million figure dates to the team's Morgan Stanley tenure and is not a current number.
Four owners now share the parent, Orion Capital Wealth Advisors LLC: Bailin, Cohen-Potter, Prince and Eric Wasserman. Each holds a 25% to 50% stake through a personal S corporation, according to the firm's Form ADV. The firm lists 11 employees, nine of whom perform advisory work.
Reported by the Moves desk from Financial Advisor Magazine, Form ADV filings with the SEC and Private Wealth Daily's Moves Wire. Published . Corrections