LPL Financial Welcomes Bruen Wealth Management
Rhea-AI Summary
LPL Financial (Nasdaq:LPLA) announced that father and son financial advisors William 'Bill' Bruen, Jr., and Andrew Bruen have joined LPL Financial's broker-dealer, bringing approximately $1.3 billion in advisory, brokerage and retirement plan assets from UBS. The Bruens will align with existing firm Paradigm Partners and launch their new independent practice, Bruen Wealth Management.
The move represents a significant continuation of the Bruen family's wealth management legacy in Morristown, N.J., which dates back to 1922. The family has served multiple generations of clients, with the practice originally established by James Bruen, followed by William Bruen, Sr., who retired in 2020 after 70 years of service.
LPL Financial currently supports over 28,000 financial advisors and approximately 1,200 financial institutions, managing about $1.8 trillion in brokerage and advisory assets on behalf of 6 million Americans.
Positive
- Addition of $1.3 billion in assets under management from new advisors
- Strategic expansion of advisor network through established family practice
- Strengthening of institutional client base with multi-generational wealth management team
Negative
- None.
Insights
The acquisition of Bruen Wealth Management marks a strategic victory for LPL Financial, adding
The addition of a century-old practice with deep roots in the affluent Morristown, N.J. market strengthens LPL's presence in a key wealth corridor. Multi-generational practices like Bruen, serving third and fourth-generation clients, are particularly valuable as they typically have higher asset retention rates and more stable revenue streams. The practice's long-standing community involvement and institutional relationships, including connections to medical centers and historical associations, suggest a well-entrenched high-net-worth client base.
This transition from UBS represents a broader industry shift where established practices are increasingly choosing independence over traditional wirehouses. For LPL, securing such a prestigious practice could create a domino effect, potentially influencing other large teams considering independence. The partnership with Paradigm Partners also demonstrates the effectiveness of LPL's multi-affiliation model, offering various levels of support and autonomy to suit different advisor preferences.
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
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.”
Related
Advisors, learn how LPL Financial can help take your business to the next level.
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
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.
Media Contact:
Media.relations@LPLFinancial.com
(704) 996-1840
Tracking #681312
FAQ
How much in assets did Bruen Wealth Management bring to LPL Financial (LPLA)?
What is LPL Financial's (LPLA) current total assets under management?
How many financial advisors does LPL Financial (LPLA) currently support?
Which firm did Bruen Wealth Management leave to join LPL Financial (LPLA)?
When did Bruen Wealth Management join LPL Financial (LPLA)?
