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LPL Financial Attracts $580M Advisor Practice From Merrill Lynch

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LPLA$324.61 −1.67%

Financial advisor Nick Economos has launched Economos Private Wealth by affiliating with LPL Financial Holdings Inc. (NASDAQ:LPLA) through its supported independent advisor network. Economos moves to LPL from Merrill Lynch, bringing a Danville, California-based advisory team that manages approximately $580 million in advisory and brokerage assets.

The transition underscores an ongoing industry trend of established wealth managers departing traditional wirehouse firms for independent platforms. For LPL Financial Holdings Inc. (NASDAQ:LPLA), adding an advisor with over 25 years of industry experience expands its network, which currently supports more than 32,000 advisors and custody services for roughly $2.6 trillion in client assets.

Market participants will watch whether LPL can continue recruiting advisor teams to sustain its net asset inflows. Upcoming quarterly reports will offer visibility into asset retention and revenue contribution from newly affiliated independent practices.

Key points

  • Nick Economos launched Economos Private Wealth within LPL Financial's independent advisor network.
  • The team transitions from Merrill Lynch and manages around $580 million in advisory and brokerage assets.
  • Based in Danville, California, the practice includes team members Heather Stickney and Tyler Economos.
  • LPL Financial Holdings Inc. supports over 32,000 advisors and holds approximately $2.6 trillion in assets.

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Questions and answers

How much in client assets does Economos Private Wealth manage?

Economos Private Wealth reported serving approximately $580 million in advisory and brokerage assets.

Which wealth management firm did Nick Economos leave?

Nick Economos left Merrill Lynch to establish Economos Private Wealth with LPL Financial.

Where is Economos Private Wealth based?

The advisory team is based in Danville, California, located outside of San Francisco.