Recently-launched Lebenthal Wealth Advisors has brought in its second large advisory team with the addition of a $600 million practice from BNY Mellon.
Lebenthal, which is affiliated with Lebenthal Holdings, announced on Monday that the two founders of the Goldstein-Patterson Group, Brendan A. Goldstein and William F. Patterson, have left BNY Mellon to join the young New York-based firm. The GPG practice concentrates on clients in the sports and entertainment industries.
Patterson says he and Goldstein had other offers from both the wirehouse and banking channel, but were attracted to Lebenthal due to its heavy focus on providing the holistic planning experience for clients.
"There are not too many firms that allow their advisors to lead with true comprehensive wealth planning," says Patterson. "The planning side of the business is instrumental and is not discussed enough."
Lebenthal's addition of GPG comes four months after adding the $1.2 billion breakaway Morgan Stanley team of Carrie Galloway and Andrew Stern from the Sorenson Group. Lebenthal CEO Frank Campanale says the firm has been seeking "quality over quantity" when adding advisors. The addition of Patterson and Goldstein brings Lebenthal's assets under management above $2 billion with more moves to be announced shortly, according to Campanale.
"We're doing our onboarding and selection of advisors very judiciously," says Campanale, a Wall Street veteran who helped launch Lebenthal's wealth management business with Lebenthal Holdings CEO Alexandra Lebenthal as well as Jeffrey Lane, a former executive at Bear Stearns Asset Management, Neuberger Berman and Lehman Brothers. "We're making sure we pick up advisors that meet our quality criteria."
He also notes that the momentum the company is building comes even before a marketing plan goes into focus starting later this month.
Patterson and Goldstein will operate under Lebenthal's employee model out of the firm's headquarters in Manhattan's Helmsley Building on 230 Park Ave., but Lebenthal is also in the process of adding satellite offices in areas that feature a large high net worth population. The firm opened its second office this summer in Bridgegampton, N.Y. located along the Hamptons area of Long Island. Additional Lebenthal locations are also planned soon for Greenwich, Conn. and in Florida's Palm Beach County, Campanale says.
- Billion-Dollar Breakaways Join New Lebenthal Firm
- Power Trio to Launch New Wealth Management Firm
- Lebenthal Shutters Muni Underwriting to Focus on Wealth Management
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access