NEW YORK, July 18 LPL Financial, the largest
U.S. independent broker-dealer by revenue, said on Thursday it
added to its network the Chicago-based independent adviser group
IHT Wealth Management, which was recently launched by a group of
brokers from Merrill Lynch.
Firm president Steven Dudash started IHT on June 27 after
resigning from Bank of America's Merrill Lynch, Pierce,
Fenner & Smith, where he and his team of five advisers managed
$592 million in client assets. The firm joined LPL's network the
Boston-based LPL Financial, a subsidiary of parent company
LPL Financial Holdings Inc, provides brokerage,
clearing and other professional services to roughly 13,700
self-employed advisers and about 720 financial institutions.
IHT has six financial advisers targeting mass affluent
clients with at least $250,000 of investable assets, as well as
high net worth clients with $10 million in investable assets.
Though they launched with just a handful of advisers, Dudash
said IHT will target financial advisers who are nearing
retirement for its recruiting.
"I think we're going to be very attractive to retiring
advisers and there are a lot of retiring advisers in our
industry," Dudash said.
A spokeswoman for Merrill Lynch confirmed Dudash left the
firm, but declined to comment further.
(Reporting by Elizabeth Dilts; Editing by Phil Berlowitz)