Father-son team bolts wirehouse for LPL’s newly combined $24B business
A daddy who’s a former craft beer maker and his kid, an ex-USA Rugby gamer, left the wirehouse scrum for LPL Financial’s biggest business RIA business.
Financial consultants Bruce and Duncan Kelm of Santa Rosa, California-based ArrowPoint Wealth Management dropped Morgan Stanley to affiliate with LPL and Gladstone Financial Resources Group, the company stated Might 26. The office of supervisory jurisdiction spans 670 consultants with more than $24 billion in client possessions under a merger announced last month.
The Kelms’ practice– which manages $135 million in customer properties– is Gladstone’s first in Northern California. They left the wirehouse on May 21, according to FINRA BrokerCheck, associating with LPL after the company reached a record 16,763 consultants at the end of the first quarter.
LPL “has demonstrated every day that they are a righteous partner, so focused on the consultant experience,” Bruce Kelm stated in a declaration. “We understand LPL is a partner with whom we can walk down the roadway for the long haul.”
Representatives for Morgan Stanley declined to comment on the father-son team’s departure.
The elder Kelm ran a brewery in the 80s before releasing his financial services career with Merrill Lynch in 1992. He spent 16 years with Merrill and 10 with Morgan, starting in 2009. He traces the roots of the practice to his relationships with other small company owners.
His child, a prop and hooker, made the USA Collegiate Fifteen All-American group at San Diego State University. He later had fun with the USA Sevens, appearing in four World Rugby Seven Series events in 2011 and 2012. Duncan Kelm signed up with Morgan Stanley in 2017, carving out a specialized in serving company owner and other experts.
They’ll be utilizing LPL’s business RIA instead of Gladstone’s hybrid RIA. Those are 2 of the 4 association alternatives with Chester, New Jersey-based Gladstone after its merger with the Charlotte, North Carolina-based Financial Resources Group.
The merged enterprise– which produces as much annual income as a midsize independent broker-dealer at about $150 million– likewise consists of bank and credit union-based groups and those with part of their book from monetary organizations and part outside of them.
” We got all the services that we would have needed to construct out to support our growing company,” states Gladstone CEO Rick Frick. “For how big we are, it was a fantastic chance for us.”