An advisor with some $400 million in client assets has left the Merrill Lynch Private Bank and Investment Group to start a new independent advisory firm in partnership with Dynasty Financial.
Miguel Sosa, who was with Merrill since 1982, recently launched Premia Global Advisors, in Coral Gables, Florida, near Miami. He is joined by Juan Landivar, manager of financial planning, and Eddy Park, client relationship manager, who also departed from Merrill Lynch.
“Miguel and his team have a strong track record working with institutions and families in Latin America, Europe and around the world on a broad array of complex financial issues,” said Shirl Penney, president and CEO of Dynasty, in a statement.
LPL-Affiliated Firm Partners With Ohio Bank to Boost Wealth Management
Meanwhile, LPL Financial says Cortland Savings and Banking Co. of Ohio is teaming up with Ellsworth Private Wealth Management, an LPL affiliate, to boost the bank’s wealth services using LPL’s advisory platform.
The newly launched program, Cortland Private Wealth Management, includes five advisors. Ellsworth principals Timothy Clepper and Kelly Kuennen will work with the institutional clients and middle-market business banking customers.
“The relationship between Ellsworth and Cortland Banks demonstrates how the flexibility of LPL’s independent platform can create opportunities that help our clients grow their businesses,” Craig Kamis, LPL senior vice president, institution recruiting, said in a statement.
“It also is a great example of how a bank can leverage a wealth management program to create growth opportunities. We look forward to supporting these clients with the tools and resources that will enable them to help their clients work toward their financial goals.”
Phoenix-based SagePoint Financial – part of the Advisor Group – says advisor groups with close to $500 million in client assets have become affiliates.
In Sparta, New Jersey, Elite Retirement Consultants formed a relationship with the broker-dealer, bringing more than $200 million in client assets; ERC was formerly associated with Cadaret, Grant.
ERC, which has seven advisors and one office of supervisory jurisdiction (OSJ), has multiple satellite offices within the state and plans to expand to California in 2016.