Four Merrill Lynch advisers managing $420 million have bolted to launch a boutique practice under LPL Financial after its CEO predicted the movement of advisers and assets under the fiduciary rule.

LPL CEO Dan Arnold told analysts in late April that the nation’s largest independent broker-dealer expects the Department of Labor rule to “create disruption” in coming months and years. The Choice Group Wealth Management of Melville, New York, registered with LPL the following day.

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