Ex-BofA Pair With $700 Million in Assets Joins LPL to Launch BrookBridge Private Wealth
Private client adviser John Duane and portfolio manager Gregory Giantsos have joined LPL Financial’s high-net-worth-focused employee affiliation model, LPL Private Wealth Management, to launch BrookBridge Private Wealth based in Long Island, N.Y. The team reported having served approximately $700 million in advisory, brokerage, and retirement plan assets. It joins LPL from Bank of America Private Bank.
Duane has been a part of the financial industry for 30 years, with 25 years exclusively in private banking. Giantsos joined the industry in 2012 as a portfolio manager and credits his unending curiosity about markets for his success. Duane and Giantsos have been colleagues since 2015, offering a range of high-end wealth management services, including investment management, financial planning, and custom lending solutions to their private wealth clientele. Their client base has traditionally included business owners, nonprofit organizations and foundations, professionals and executives as well as legacy wealth, with a special affection for the Brooklyn market. The move to LPL allows Duane and Giantsos to offer expanded services to additional client segments.
“Our goal is to help clients use their wealth to live the life they want to live,” Duane said. “Our clients run the spectrum, from business owners, to families, to organizations, to folks in the media industry. We aim to help each client reach their unique goals, and we are honored to guide them on their journey.”
Looking for the right blend of independence and support to build their brand while gaining more control to offer personalized, boutique services without compromise, Duane and Giantsos turned to LPL Private Wealth Management.
“When looking for a new wealth management firm, we wanted to make sure there was not only a deliverable investment platform that offers the solutions our clients are used to but also more opportunities for services that we couldn’t offer in the past,” said Giantsos. “With LPL, we can build BrookBridge the way we want, with the autonomy, support, resources and services we need.”
According to LPL, its private wealth management arm is an independent employee adviser affiliation model featuring a comprehensive array of services and support to enhance client service delivery and business growth while upholding the tenets of independence. LPL said LPL Private Wealth advisers enjoy the benefits of higher payouts, client ownership, and business autonomy while gaining access to enhanced service, expanded capabilities, and an exclusive high-net-worth adviser community.
To support this distinct demographic, LPL has developed focused resources including advanced estate and philanthropic planning, income tax strategy, trustee services, alternative investments platform, banking and lending solutions, and complex life insurance planning, as well as a curated network of third-party specialists.
“If you strip away everything but the core of what we do, it’s about building and strengthening client relationships,” Duane said. “Every client is unique, and the journey to us is different for each – as is, in many instances, the road forward. Through LPL, our team at BrookBridge Private Wealth has the ability to onboard and serve relationships in a variety of ways. While core asset management will always be the most important element of what we do, we can now serve clients across a new spectrum, including but not limited to alternative investments, concentrated stock positions, or even traditional brokerage.”
LPL’s Scott Posner, executive vice president of business development, welcomed Duane and Giantsos and their new company to the wealth management firm.
“At LPL, we recognize the unique needs of high-net-worth-focused advisers, including advanced tools, sophisticated services and centralized support while also valuing independence and the freedom to build their perfect practice. We are committed to continued investment in our innovative platform and solutions that help high-net-worth practices like BrookBridge enhance their offerings to the benefit of their clients and client relationships,” Posner concluded.
LPL Financial Holdings Inc. serves nearly 23,000 financial advisers, including advisers at more than 1,000 enterprises and 580 registered investment adviser firms nationwide. Headquartered in San Diego, its total advisory and brokerage assets totaled more than $1.5 trillion as of June 30, 2024.
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