LPL Feasts On Another ($320M) Merrill Team Escaping The Limping Herd

LPL Financial has recently welcomed a proficient advisory team, Veritas Legacy Wealth, to its 1099 model. This team made the transition from Merrill Lynch, where they managed approximately $320 million in assets encompassing advisory, brokerage, and retirement plans.

Operating under the banner of Veritas Legacy Wealth, this team is situated in Amarillo, Texas, as confirmed by the official announcement. The team comprises advisors John Klein, Blake Bailey, and Summer Rudder, alongside emerita advisor Lavona Kuhn, as specified by LPL.

The primary motivation behind this transition was to attain the freedom to establish a business according to their own terms, within a culture that resonates with their values. Their decision was fueled by a desire to liberate themselves from the pressures of sales targets and corporate influences, emphasized by John Klein, a member of the team.

Klein further underscored that securing a partnership that prioritizes clients’ interests was their foremost objective. He stated in conjunction with the announcement that joining Strategic Wealth not only aligned with this objective but also absolved them from ancillary responsibilities like managing payroll, technology, and marketing functions.

With a substantial tenure in the industry, John Klein boasts experience dating back to 2000. Blake Bailey and Summer Rudder, both of whom initiated their careers in 2001, share his background. Their records in BrokerCheck affirm that all three professionals commenced their careers at Merrill Lynch.

Lavona Kuhn, the emerita advisor on the team, embarked on her journey in the industry back in 1984, when she registered with Merrill Lynch. However, as of July 2023, her BrokerCheck record indicates that she no longer maintains an active registration.

The shift of the Veritas Legacy Wealth team from Merrill Lynch to LPL Financial represents a strategic move to align their business with a partner that shares their client-centric values and offers the freedom to shape their enterprise independently. This development underscores the ongoing dynamic transformations within the financial advisory landscape.

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