Ex-Morgan Stanley, Merrill Lynch Teams Combine to Form $2B Firm on Arkadios Capital Platform
Two advisory teams from competing wirehouses, Morgan Stanley and Merrill Lynch, announced that they have combined their practices to form Longleaf Capital Group, an independent wealth management firm with more than $2 billion in assets under advisement on the Arkadios Capital platform.
According to the firm, the six founding directors bring combined expertise in the following areas: wealth management, institutional investing, accounting, banking, and insurance.
“This is the kind of high-caliber team and unique founding story that doesn’t happen often in our industry,” said David Millican, chief executive officer of Arkadios Capital. “By uniting, Longleaf Capital Group is positioned to deliver truly comprehensive services to clients at the highest level.”
The new team said it falls into the trend of advisers leaving large banks in favor of the independence and flexibility of a hybrid registered investment adviser model. Together, they said they have guided clients through multiple market cycles, advised on complex estate and tax matters, and built long-term relationships with high-net-worth individuals, families, and institutions.
“By joining forces, we’ve combined complementary expertise in wealth management, personal financial planning, tax planning, institutional retirement planning and estate planning strategies under one roof,” said Jonathan D. Lee, managing director, Longleaf Capital Group. “Arkadios provides the infrastructure and resources to let us operate as entrepreneurs while still offering institutional-quality tools and support for our clients.”
Based in Dothan, Ala., Longleaf Capital Group offers full-service capabilities including financial and retirement planning, institutional retirement plan consulting, estate and tax strategies, alternative investments, insurance solutions, liquidity event planning, and philanthropic advisory.
The founding partners include Todd P. Thornell Sr., a former managing director and senior financial adviser with Merrill Lynch; Cory A. Singletary, CFP, a former senior financial adviser with Merrill Lynch; C. Thomas Lee, CFP, a former senior vice president and wealth adviser at Morgan Stanley with earlier experience at Merrill Lynch; George M. Liddon, CFP, a former senior vice president and wealth adviser at Morgan Stanley with earlier experience at Merrill Lynch; Jonathan D. Lee, CFP, a former first vice president and senior portfolio manager with earlier experience at Merrill Lynch; and Lee E. Forehand, CIMA, C(k)P, CPFA, a nationally recognized retirement plan consultant and former Morgan Stanley corporate retirement director.
Arkadios Capital, a hybrid independent broker-dealer with more than 75 offices and over $14 billion in assets under advisement nationwide, specializes in supporting larger and growth-oriented wealth management firms.
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