Continuity Private Wealth launches with support from LPL Strategic Wealth Services
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Insights
The formation of Continuity Private Wealth by advisors James Debuque and Timothy Baltz, who manage approximately $1 billion in assets, represents a significant move within the wealth management industry. This transition indicates a trend where financial advisors are seeking independence from traditional brokerage firms to offer more personalized services. By affiliating with LPL Financial's Strategic Wealth Services, they aim to leverage the flexibility and comprehensive resources provided by LPL to better serve their high-net-worth clients. This shift could signal a broader trend towards boutique wealth management firms that prioritize customized client experiences over the one-size-fits-all approach of larger institutions.
The decision by Debuque and Baltz to leave Merrill Lynch and join LPL Financial is financially significant due to the assets under management they bring. The move could affect Merrill Lynch's market position, potentially leading to a reevaluation of its strategy to retain top talent. LPL Financial, on the other hand, may see an enhancement of its reputation and an increase in its assets under management. This could improve LPL's competitive edge in the wealth management sector, particularly in the high-net-worth segment. Investors and stakeholders of LPL Financial may view this partnership as a strategic win, potentially leading to positive market sentiment and stock performance.
The transition to LPL Strategic Wealth Services allows the advisors to operate under a fiduciary standard, which mandates that they act in the best interests of their clients. This move underscores the growing importance of fiduciary responsibility in wealth management. For clients, this could mean more transparent and client-focused advice, potentially leading to better financial outcomes. For LPL and Continuity Private Wealth, it means adhering to stricter regulatory standards, which could enhance client trust and loyalty but also requires rigorous compliance infrastructure.
SAN DIEGO, Feb. 27, 2024 (GLOBE NEWSWIRE) -- LPL Financial LLC announced today that financial advisors James “Jamie” P. Debuque, CPFA®, CPWA®, CRPC™ and Timothy M. Baltz, CPFA®, CRPC™ have launched a new independent practice, Continuity Private Wealth, through affiliation with LPL Financial’s supported independence model, LPL Strategic Wealth Services. They reported having served approximately
Based in Doylestown, Pa., the seasoned advisors partnered nearly 15 years ago to build out a private wealth team focused on helping affluent clients manage sophisticated estate and tax planning, as well as investment issues. They are joined by longtime Chief Operating Officer Wendy A. Fratrik, CRPC™, Client Relationship Manager Nicole Ferrara and Wealth Management Associate Lisa Baltz, all whom share their passion for helping people connect pieces of their financial lives to work toward their goals.
“We have a long history in the community, having built our practice through both M&A and a large referral network, and our team has cultivated meaningful relationships with multiple generations,” Fratrik said, noting their client base is comprised of high-net-worth families, business owners, executives and professionals. “It’s our goal to provide exemplary services and financial education to help each client understand complex topics without the financial jargon.”
Looking for more autonomy as they create their ideal practice, along with the ability to enhance their offering with more high-net-worth services, the team turned to LPL Strategic Wealth Services.
“We were drawn to LPL’s advisor-centric culture that gives us the flexibility to run our business as we see fit,” Debuque said. “By making this move, we now have the freedom to follow a fiduciary standard for our clients without corporate influence. We have access to more investment selections, robust financial planning software and a group of specialists who will help us create differentiated experiences for clients.”
The team was drawn to LPL’s comprehensive supported independence solution, LPL Strategic Wealth Services (SW), which combines the freedom and flexibility of entrepreneurship with hands-on business services and support to help practices thrive, both operationally and strategically. In addition to having access to LPL’s innovative wealth management platform and sophisticated resources, SW advisors benefit from a truly integrated service that includes simplified pricing, technology and dedicated support to launch their practice. Then, after the transition is complete, SW teams receive ongoing operations support managed by their team of experienced professionals including a business strategist, marketing partner, CFO and administrative assistant. Advisors have one point of contact, a dedicated team and priority access to advocacy and project management for complex business issues, ultimately allowing them to stay focused on the enduring needs of their clients and the culture and evolution of their practice.
Additionally, because the Continuity team serves numerous high-net-worth clients, it was equally important to partner with a firm that offers dedicated Private Wealth resources and customized solutions to support those clients’ unique and sophisticated needs. LPL currently serves
“We are excited to be able to offer our clients comprehensive financial services in alignment with their personal tax and estate planning goals, without limitations,” Baltz said. “By making this move, we now have access to a combination of high-net-worth resources and specialists we can lean on for complex situations.”
Scott Posner, LPL Executive Vice President, Business Development, stated, “We extend a warm welcome to Jamie, Tim, Wendy and their team and congratulate them on the launch of Continuity Private Wealth. We are honored to be their chosen partner as they build out the next phase of their ideal practice. We’ve seen a growing trend of advisors looking for more autonomy; to be the CEO and call the shots for their practice while still having access to sophisticated resources and an open-architecture platform. LPL’s Strategic Wealth Services allows advisors to do just that—to run their business on their terms and decide what’s best for their clients, all while receiving comprehensive modern services and support. We look forward to supporting Continuity Private Wealth for years to come.”
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Advisors, find an LPL business development representative near you.
About LPL Financial
LPL Financial Holdings Inc. (Nasdaq: LPLA) was founded on the principle that LPL should work for advisors and enterprises, and not the other way around. Today, LPL is a leader in the markets we serve, serving more than 22,000 financial advisors, including advisors at approximately 1,100 enterprises and at approximately 570 registered investment advisor ("RIA") firms nationwide. We are steadfast in our commitment to the advisor-mediated model and the belief that Americans deserve access to personalized guidance from a financial professional. At LPL, independence means that advisors and enterprise leaders have the freedom they deserve to choose the business model, services and technology resources that allow them to run a thriving business. They have the flexibility to do business their way. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors and enterprises, so they can take care of their clients.
Securities and Advisory services offered through LPL Financial LLC ("LPL Financial"), a registered investment advisor. Member FINRA/SIPC. LPL Financial and its affiliated companies provide financial services only from the United States. Continuity Private Wealth and LPL Financial are separate entities.
Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial.
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*Value approximated based on asset and holding details provided to LPL from end of year, 2023.
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FAQ
Who launched Continuity Private Wealth through affiliation with LPL Financial's supported independence model?
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