Ex-Morgan Stanley Trio With $770M In Assets Goes Independent With LPL – Financial Advisor Magazine

A former Morgan Stanley trio of advisors with about $700 million in advisory, brokerage and retirement plan assets has launched a new independent practice in partnership with LPL Financial’s Strategic Wealth Services (SWS), an affiliation model for breakaway advisors, LPL announced today in a news release.

Los Angeles, Calif.-based PBC Private Wealth, which also has an office in Las Vegas, was founded by Steven Bailin, Jodie Cohen and Jeffrey Prince, longtime colleagues who partnered a decade ago to provide planning-focused, customized advice and investment strategies to affluent individuals, multi-generational families and small business owners, the release said. According to their BrokerCheck profiles, they joined Morgan Stanley in 2009 from Citigroup Global Markets Inc.

The team helps clients with investments and wealth management, budgeting, education savings, retirement planning and wealth transfer planning, among other services, the release noted.

Bailin said the decision to launch PBC Private Wealth was a call to action. “It’s what our clients are asking for. LPL’s integrated digital platform provides us with more flexibility and open architecture where we can offer a suite of innovative solutions, financial planning and digital tools to truly help our clients gain a better understanding of their financial situation,” he said in a statement.

The advisors said the combination of LPL’s innovative technology and the support provided by SWS solidified their decision to make the move. “The SWS model is a real differentiator,” Prince said. “It gives us dedicated transition support before we even join to help us with everything from finding real estate to developing our brand and marketing tactics.”

The team said they also chose LPL because they are looking to take control of their business and integrate more financial planning services into their firm, the release noted. “We are excited to start PBC so our clients can do business the way they want to do business,” Cohen said. “We are passionate about incorporating our clients’ values and goals into their financial plan. With balanced portfolios and financial choices, we will commit to servicing our clients and continuing their legacy,” she added.

PBC, the release noted, are the combined initials of the advisors’ last names and, also stands for principled, balanced and committed. “We feel like we make a difference in our client’s and their family’s lives; it’s much more than just wealth management. Our goal is to provide outstanding service as we help bring order to our clients’ financial lives, simplify complex issues and help them work toward their financial aspirations,” Prince said.

PBC Private Wealth is the 10th team to join LPL Strategic Wealth Services since the affiliation model was launched in 2020.