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Practice Management > Building Your Business

Lebenthal Launches Wealth Firm, Names Campanale CEO

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Lebenthal Holdings announced Tuesday that two Wall Street veterans, Frank Campanale and Jeffrey Lane, have been brought on to lead the firm’s newly launched Lebenthal Wealth Advisors.

Campanale will be chairman and CEO of Lebenthal Wealth Advisors. A pioneer in the managed accounts business, Campanale was most recently chairman and CEO of First Allied Wealth Management and before that served as president and CEO of Smith Barney Consulting Group.

Lane — who formerly held such high-level positions as CEO of Bear Stearns Asset Management, chairman and CEO of Neuberger Berman and vice chairman of Lehman Brothers — will be board chairman of Lebenthal Holdings.

“The establishment of Lebenthal Wealth Advisors is a natural progression of our firm, founded by my grandparents in 1925, enabling it to leverage our successful brand and proven capital markets and asset management expertise while forging a new model for entrepreneurial financial advisors,” said Alexandra Lebenthal, Lebenthal Holdings’ CEO and president, in a statement.

“Our goal is simple,” added Lane in the same statement. “We want to attract the best independent registered investment advisors and entrepreneurial wealth managers from across the nation by providing them with a culture that empowers them to deliver the best service and unconflicted advice to their clients.”

Brought on to expand the company’s wealth management and investment advisory business, Lane told The Wall Street Journal that the business, currently at about $500 million in assets, could grow to about $25 billion with about 100 advisors within the next five years.

Lane went on to say in the statement that it was “increasingly clear that advisors and clients are not being effectively served by the choices on Wall Street today and are looking for an alternative. A cornerstone of our business is higher payouts for financial advisors, an open platform to a wide array of products, and participation as partners in the firm’s growth and success.”

Camapanale added that he and Lane “share a common vision of supporting advisors in every way possible so that they can do what they do best—service their clients.

“Upon meeting the Lebenthal family, it became abundantly evident that they understood that we are in the people business, and I am very proud to be a partner with the Lebenthals and their legendary brand.”

Andrew Grillo, a former regional director of Smith Barney, will assume the role of president of Lebenthal Wealth Advisors, while James B. Lebenthal will serve as the chief investment officer and market strategist, and James A. Lebenthal will be chairman emeritus.

Check out First Allied’s Campanale on Products to Get Retirement Back on Track: Weekend Interview on ThinkAdvisor.


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