Merrill PBIG Team Splits to Open Dallas Office for RIA Founded by Ex-Colleagues
A Dallas team whose leader had spent his 23-year career at Merrill Lynch has left to to join a registered investment advisory firm founded five years ago by former colleagues, according to an announcement on Monday.
Ben Gordon and Laura Blair, an operations professional who had been with Merrill 18 years, have traded their brokerage licenses to work as RIAs at Syntal Capital Partners, a Midland,Texas firm. The pair, who moved with two client associates, were part of Merrill’s PBIG (Private Banking and Investment Group) unit that focuses on ultra-wealthy clients.
At Merrill, which they left on Friday, the team managed $600 million of customer assets, according to Dynasty Financial Partners, the New York-based firm that provides business services to Syntal.
Gordon and Blair were former colleagues of the Dane Crunk and Chad Clary, who in Midland, Texas, in May 2012 after about six years at PBIG.
If the Dallas advisors succeed in moving most of the client money with them, Syntal would nearly double in size.
Syntal focuses on wealthy individuals in the energy sector, and manages about $550 million of assets
“[W]ith Ben and his team joining Syntal, we have broadened our business and will now serve clients in numerous sectors beyond energy, including real estate, consumer goods, technology and finance sectors,” Crunk said in a prepared statement.
Dynasty, which recently introduced a program to help breakaway brokers with liquidity by buying a piece of their future cashflow, assisted Gordon’s team with the transition but did not provide financial support, said Shirl Penney, a founder of Dynasty.