At a glance
- The launch is self-funded, and Scott and Atwood are the two primary owners through a holding company, ASO Meridian Holdings, according to the announcement.
- For other large teams weighing a similar move, the financial cost likely includes forfeited deferred compensation and repayment of unvested balances on forgivable recruiting loans, two sources close to the team said.
- Their combined revenue nearly quadrupled from $34 million over the past six years, the announcement said.
Phil Scott and Jim Atwood left J.P. Morgan Advisors on Friday to launch Latigo Peak Partners, an RIA with $18.6 billion in client assets and $130 million in annual revenue.
The launch is self-funded, and Scott and Atwood are the two primary owners through a holding company, ASO Meridian Holdings, according to the announcement. Latigo Peak is based in Palm Beach Gardens, Florida, with 48 employees and offices in Bellevue, Washington; Boston; and Los Angeles. Charles Schwab & Co. and BNY's Pershing Advisor Solutions will handle custody and lending.
For other large teams weighing a similar move, the financial cost likely includes forfeited deferred compensation and repayment of unvested balances on forgivable recruiting loans, two sources close to the team said.
An $18.6B book earning 70 basis points
Client assets, annual revenue, revenue yield and headcount at launch, Oct. 2026
Revenue nearly quadrupled from $34 million
Their combined revenue nearly quadrupled from $34 million over the past six years, the announcement said. Against $18.6 billion in client assets, $130 million of revenue works out to about 70 basis points.
Both men started at Merrill in 1984 and ranked among its top five producers there. Scott also managed the personal wealth of other Merrill advisors and their clients. They joined J.P. Morgan after JPMorgan Chase bought First Republic's assets out of government receivership in 2023, putting a book built over four decades inside a bank-owned brokerage.
Frustration and recruiting plans
Two sources close to the team said Scott and Atwood had been frustrated by the technology and bureaucracy at J.P. Morgan. "Nothing to do with money," one of the sources said. "They were square pegs in a round hole."
One of those sources said the pair are likely to recruit other top producers, citing their close ties to a group of senior advisors who have met regularly in Beaver Creek, Colorado, for about two decades.
Latigo manages nine in-house investment strategies, according to the announcement, and participates as a separate-account manager on a Schwab platform, alongside its custody split with Pershing.
Reported by the Moves desk from Private Wealth Daily records. Published . Corrections