By Andrew Welsch

LPL Financial recruited a father-and-son advisor team from UBS that previously oversaw approximately $1.3 billion in advisory, brokerage, and retirement plan assets.

William "Bill" Bruen Jr. and his son Andrew joined an existing LPL practice, Paradigm Partners, in Morristown, N.J.

The Bruen family has been in the industry for four generations. William Bruen Jr.'s grandfather, James Bruen, started the practice in 1922, and his father, William Bruen Sr., joined the business in 1950, according to LPL. The elder William Bruen retired in 2020 after 70 years in the business, the company said.

Bill Bruen, an industry veteran of 45 years, has worked at Morgan Stanley, Smith Barney, and Lehman Brothers in addition to UBS. He and his son had worked at UBS from 2012 until moving to LPL earlier this month.

They say they made the move to gain greater control over their practice and opted to work with Paradigm for the additional support it could offer them. "By going independent with LPL, and with an added layer of support from Paradigm, we control the legacy that our family has sustained over the past 103 years, which is diligent care of our practice and clients," Bill Bruen said in a statement.

A representative for UBS declined to comment.

LPL has been steadily expanding the ranks of its advisors through recruiting and acquisitions. The company, which offers advisors several ways to affiliate with it, has more than 28,000 advisors and approximately $1.8 trillion in brokerage and advisory assets.

Write to Andrew Welsch at andrew.welsch@barrons.com

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January 27, 2025 12:38 ET (17:38 GMT)

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