At a glance
- Scott and Atwood previously led two of the largest wealth management practices within J.P. Morgan Advisors.
- Bank of America downgraded Ameriprise over retention-bonus costs, and the shares closed at $480.41 on Oct. 19, down 4.07%.
- Osaic said ICG Next left LPL with $2.3 billion and that the firm plans to make acquisitions.
Phil Scott and Jim Atwood have left J.P. Morgan Advisors to launch Latigo Peak, an $18.6 billion RIA that is funding itself rather than taking private equity capital. The Palm Beach Gardens, Fla., firm opens with 48 professionals and will custody assets at Charles Schwab and BNY Pershing. Scott and Atwood previously led two of the largest wealth management practices within J.P. Morgan Advisors.
Bank of America downgraded Ameriprise over retention-bonus costs, and the shares closed at $480.41 on Oct. 19, down 4.07%. Analysts questioned whether retention bonuses can hold teams that RIA ownership keeps pulling away.
Osaic said ICG Next left LPL with $2.3 billion and that the firm plans to make acquisitions. The Wall Township, N.J., firm launched on LPL's platform in 2019 and has nearly tripled in size, according to Osaic.
Reported by the Features desk from PWD coverage. Published . Corrections