William and Andrew Bruen join LPL Financial, continuing a family legacy in wealth management with $1.3 billion in assets.
Quiver AI Summary
LPL Financial LLC announced the joining of father and son financial advisors William "Bill" Bruen, Jr. and Andrew Bruen to its broker-dealer, in partnership with Paradigm Partners. The Bruens bring significant experience, managing around $1.3 billion in advisory, brokerage, and retirement plan assets, and have a rich family legacy in the financial advisory field dating back to 1922. Bill and Andrew expressed excitement about the opportunity to continue their family’s tradition of providing personalized wealth management services as they transition to their new independent practice, Bruen Wealth Management. Their decision to move to LPL was driven by a desire for greater autonomy in serving clients and maintaining their family's legacy. Both Bill and Andrew are actively involved in their community, and Paradigm Partners expressed enthusiasm about welcoming them. LPL also noted its commitment to supporting the Bruens as they grow their practice.
Potential Positives
- The addition of William “Bill” Bruen, Jr., and Andrew Bruen to LPL Financial represents a significant expansion of the firm's advisory capabilities, bringing approximately $1.3 billion in advisory and brokerage assets.
- The establishment of Bruen Wealth Management under LPL Financial enhances the company's reputation for empowering advisors with autonomy and support, aligning with strategies to attract top talent in the industry.
- The Bruen family's long-standing legacy in wealth management enhances LPL's brand as a trusted partner capable of delivering personalized and multigenerational financial advice.
Potential Negatives
- The move of the Bruen family from UBS to LPL Financial may signal instability or dissatisfaction with their previous partnership, which could raise questions about LPL's ability to retain high-profile advisors.
- The emphasis on autonomy and independence for the Bruens might suggest a lack of robust corporate support and structure at LPL, potentially highlighting weaknesses in their advisory model.
- Highlighting the legacy and experience of the Bruen family while juxtaposing it with a transition to LPL may imply that the company relies on attracting established advisors to bolster its reputation rather than building from within.
FAQ
Who are the Bruen family financial advisors?
The Bruen family financial advisors are William “Bill” Bruen, Jr., and Andrew Bruen, who have joined LPL Financial.
What assets do the Bruens manage at LPL Financial?
The Bruens manage approximately $1.3 billion in advisory, brokerage, and retirement plan assets.
Why did the Bruens choose LPL Financial?
The Bruens chose LPL Financial for greater freedom and flexibility in shaping their independent practice.
What is Bruen Wealth Management?
Bruen Wealth Management is the new independent practice launched by Bill and Andrew Bruen under LPL Financial.
What is the history of the Bruen family business?
The Bruen family has been providing investment advice since 1922, serving multiple generations of clients in Morristown, N.J.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$LPLA Insider Trading Activity
$LPLA insiders have traded $LPLA stock on the open market 1 times in the past 6 months. Of those trades, 0 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $LPLA stock by insiders over the last 6 months:
- ANERI JAMBUSARIA (Managing Director) sold 305 shares for an estimated $101,241
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$LPLA Hedge Fund Activity
We have seen 322 institutional investors add shares of $LPLA stock to their portfolio, and 347 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- CAPITAL RESEARCH GLOBAL INVESTORS removed 1,577,102 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $366,881,238
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- BOSTON PARTNERS added 1,212,715 shares (+64.3%) to their portfolio in Q3 2024, for an estimated $282,113,890
- FIRST TRUST ADVISORS LP added 901,509 shares (+1007.0%) to their portfolio in Q3 2024, for an estimated $209,718,038
- MARSHALL WACE, LLP added 863,254 shares (+inf%) to their portfolio in Q3 2024, for an estimated $200,818,778
- FMR LLC added 650,675 shares (+24.4%) to their portfolio in Q3 2024, for an estimated $151,366,525
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Full Release
SAN DIEGO, Jan. 27, 2025 (GLOBE NEWSWIRE) -- LPL Financial LLC (Nasdaq:LPLA) announced today that father and son financial advisors William “Bill” Bruen, Jr., and Andrew Bruen have joined LPL Financial’s broker-dealer, aligned with existing firm Paradigm Partners. The Bruens reported serving approximately $1.3 billion in advisory, brokerage and retirement plan assets* and join LPL from UBS.
The Bruen family has a long and distinguished history of providing investment advice and wealth management services in Morristown, N.J., dating back to 1922 with the establishment of family patriarch James Bruen’s practice. His son, William Bruen, Sr., joined the business in 1950, retiring in 2020 after 70 years of dedicated service, and now Bill and Andrew continue the family legacy, extending their services to third and fourth generations of clients.
Bill, who served in the U.S. Navy prior to joining the family business, said the opportunity to work alongside his father and son has been his greatest blessing. Andrew shares that sentiment, noting that he interned at the family practice throughout high school and college and gained valuable early insight into the industry that accelerated his career.
“For over a century, our practice’s guiding principle has been to provide clients with ‘a plan for today, tomorrow and generations to come,” Andrew said. “We want to empower individuals and families to build lasting legacies through steadfast wealth management backed by personal relationships.”
Seeking freedom and flexibility in how they evolve the next chapter of the family business, the Bruens chose to move their firm to LPL. They are proud to launch their new independent practice, Bruen Wealth Management.
“Our vision for this firm is a direct reflection of my father’s and grandfather’s goals, as we learned how the business should be operated from them,” Bill said. “As stewards of the practice, we value the autonomy to act in the best interests of our clients, outside of corporate directives. By going independent with LPL, and with an added layer of support from Paradigm, we control the legacy that our family has sustained over the past 103 years, which is diligent care of our practice and clients. It is a promising signal for the next 100 years of our firm.”
The Bruens are highly active in their community. Bill serves on the board of the Foundation for Morristown Medical Center and is a member of the Washington Association of New Jersey. He is also chairman of the Brookfield Legacy Society and a Trustee Emeritus of the United States Naval Academy Foundation. Andrew has served as a volunteer at Morristown Medical Center in a variety of capacities, currently serving on the Brookfield Legacy Society Committee. He also serves on the board of the New Vernon Cemetery Association in New Vernon, N.J.
Andrew Koltunowicz, Managing Partner at Paradigm Partners, said, “We are so pleased to welcome Bill and Andrew to Paradigm Partners. Their longstanding history in their community, commitment to clients, multigenerational wealth management expertise and focus on delivering personalized advice make them an ideal fit for our firm. We look forward to a long and successful partnership.”
Scott Posner, LPL Executive Vice President, Business Development, said, “We extend a warm welcome to Bill and Andrew, and congratulate Paradigm on growing its network. We understand that successful advisors like the Bruens want the freedom to choose what suits their clients’ needs and the autonomy to shape and enhance their client relationships. We look forward to supporting their growth as they build on their family’s impressive legacy.”
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About LPL Financial
LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports more than 28,000 financial advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $1.8 trillion in brokerage and advisory assets on behalf of 6 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com .
Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and broker dealer, member FINRA/SIPC. LPL Financial and its affiliated companies provide financial services only from the United States. Bruen Wealth Management, Paradigm Partners and LPL 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.
We routinely disclose information that may be important to shareholders in the “ Investor Relations ” or “ Press Releases ” section of our website.
*Value approximated based on asset and holding details provided to LPL from end of year, 2024.
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