$685M Merrill Lynch trio departs for LPL

LPL Financial is expanding its profile in the midwest as it helps three Merrill advisors make the leap to independence in Kansas

The firm has announced that financial advisors Michael Caffrey, Derek Keller, and Gabriel Parham have launched their new independent practice, Air Capital Wealth Management, in Wichita. The firm is affiliating with LPL Strategic Wealth Services, a model designed to offer advisors operational and strategic support as they transition to independence. The team reported managing around $685 million in assets, previously under Merrill Lynch.

The advisors bring diverse backgrounds to their new venture. Michael Caffrey was mentored by his father, Ron Caffrey, and has been recognized on several Forbes lists. Gabriel Parham, whose early interest in finance began by helping his mother file paperwork, noted how those experiences shaped his career. Derek Keller adds nearly 20 years of experience guiding clients' financial lives. Together, they aim to offer comprehensive financial services, aided by two assistants.

“Our mission is to help each individual client with their financial goals by simplifying the complexities, making it easier for them to understand,” Parham said in a statement while emphasizing the diversity in their clientele, encompassing doctors, engineers, teachers, and small business owners.

The team made the shift to independence to better serve their growing client base. According to Caffrey, the decision to partner with LPL was driven by the need for greater flexibility.

“We want to be able to focus on clients, their goals and objectives, not corporate mandates," he said, highlighting how their new firm's model "provides us with the flexibility and resources we need to make our own decisions and build our business how we want."

Keller echoed these sentiments, citing LPL's extensive resources and support services as a key factor. “We truly appreciate all of these dedicated resources...while also ensuring clients are getting the best care,” he said.

LPL's latest move in Kansas extends its busy October, the highlights of which have so far included welcoming two advisor teams from Raymond James, closing its Atria acquisition deal, and terminating its CEO under still-unclear circumstances.