At a glance
- Nick Economos has left Merrill Lynch for LPL Financial's supported independence model with about $580 million, according to InvestmentNews.
- Perennial is an eight-person team that most recently operated inside Hightower and manages more than $500 million for high-net-worth individuals and families, business owners, executives, professionals and retirees.
- The team includes financial advisers and operational partners Ben Audley, Sam Awad, Greg Bogdan, Kurt Helmich, Michael Im, Mary Beth McLean, Brady Peat and Carrie Shoener.
Perennial Wealth Partners has left Hightower Advisors for Integrated Partners, moving more than $500 million in client assets.
Nick Economos has left Merrill Lynch for LPL Financial's supported independence model with about $580 million, according to InvestmentNews. The two teams together carry more than $1 billion in client assets.
Perennial is an eight-person team that most recently operated inside Hightower and manages more than $500 million for high-net-worth individuals and families, business owners, executives, professionals and retirees.
The team includes financial advisers and operational partners Ben Audley, Sam Awad, Greg Bogdan, Kurt Helmich, Michael Im, Mary Beth McLean, Brady Peat and Carrie Shoener.
"Our relationship as a team is an incredible asset for our clients and we're thrilled to be moving forward to find new ways to deliver incredible service to them," said Im, the firm's chief operating officer and founding partner.
Perennial chose Integrated Partners for its customizable open-architecture platform, back-office infrastructure and a CPA partner program. Integrated will serve as the practice's registered investment adviser. Founded in 1996, Integrated Partners supports more than 220 advisers across 116 regional offices, per InvestmentNews.
Hightower's own model has been changing: InvestmentNews has reported the firm is pushing its Signature Wealth division toward a direct-employee W-2 structure that trades some autonomy for greater integration.
Perennial's members formed the practice to exercise fuller control over how they operate and serve clients, according to the report.
"We chose the name Perennial to reflect our commitment to being a consistent, trusted presence for our clients – not just for a season or market cycle, but for the long term," said Bogdan, a principal adviser, partner and chairman.
Economos launched Economos Private Wealth from Danville, Calif., outside San Francisco, through LPL's Independent Advisor Network, bringing approximately $580 million in advisory and brokerage assets from Merrill Lynch.
He holds the CFP, CPFA, CEPA and CRPC designations and has more than 25 years in the industry serving corporate executives, business owners and multigenerational families. His father founded The Economos Group, per the same report.
An RIA platform and a broker-dealer channel
The two launches show how much of independence is now a purchasing decision.
The two launches show how much of independence is now a purchasing decision.
Reported by the Recruiting & transitions desk from InvestmentNews. Published . Corrections