The leader of the new team has worked at Merrill Lynch for 37 years, and his departure to create a new independent business is part of a wider trend in the sector.
Proquility Private Wealth Partners
A new firm, Proquility Private Wealth Partners, has been created by ex-Merrill Lynch advisor Andy Ferguson and his team, partnering with Fidelity Clearing & Custody Solutions and Dynasty Financial Partners.
The new business is based in Las Vegas.
Prior to this, Ferguson was managing director-Investments for Merrill Lynch in Las Vegas. Ferguson and his team previously managed $360 million in client assets. Ferguson worked for Merrill Lynch for 37 years, joining the firm in 1983.
Also joining from Merrill Lynch is Patty Yeager, as a wealth advisor. In addition, Proquility has hired Trevor Hooton as a client experience director.
This publication recently spoke to Harris Baltch, of Dynasty, about M&A and capital requirement trends in the North American wealth management sector.