Lebenthal Wealth Advisors is shutting down its operations after three years in the business.
The news comes a month after a large group, YorkBridge Wealth Partners, left the firm, moving its advisors and some $750 million in client assets to Dynasty Financial Partners.
“We really looked at the human and other resources put into Lebenthal Wealth Advisors, the assets and success of this business and of our other two businesses [in asset management and capital markets],” said Alexandra Lebenthal, CEO of Lebenthal Holdings. “The reality was we really wanted it to work, but it has not been providing us with what we hoped in would — in terms of success and returns on capital.”
A year ago, the wealth group’s then-CEO Frank Campanale departed. He had been in the post for the past two years (and now is working as a branch manager for Wells Fargo Advisors in Michigan, according to his LinkedIn profile).
The wealth group officially closes its doors on Sept. 30. The operations now include about one team, one advisor and some $100 million in client assets.
Lebenthal’s grandparents, Louis and Sayra Lebenthal, founded Lebenthal & Co., a municipal bond specialist, in 1925. She followed her father, James Lebenthal, as the company spokesperson after joining the company in 1988, becoming president and CEO in 1995; she remained at the firm for four years after its sale, leaving in 2005 and then starting a new firm with her dad in 2006.