Jan 5 (Reuters) - Harbour Investments, the Madison, Wisconsin-based independent broker-dealer, has hired its largest ever adviser team with the addition of Jon LeBaron and Richard LeBaron, who together manage about $300 million in client assets.
The two advisers focus on cash management in addition to investment, retirement, insurance, estate and education planning for clients in Western and Central Michigan.
The father-son team, who together manage the LeBaron Financial Group, had been with their previous broker-dealer, New York-based AXA Advisors, for more than four decades.
“Technology-wise, the world had moved beyond the environment provided at AXA,” Jon LeBaron said in an interview, attributing their decision to switch broker-dealers to growth in his and his father’s practice.
The LeBaron Financial Group’s client assets now make up the biggest piece of Harbour Investments’ $4.5 billion in total client assets.
The advisers spent more than a year looking for an alternative broker-dealer, before settling on Harbour Investments in March. They officially moved late last year.
They also made the move because they wanted to be with a firm that remained free of pressure to cross-sell products or raise revenue through alternative means, LeBaron said.
The advisers limited their broker-dealer selection to firms that were located within the Big Ten Conference, a college athletic conference primarily based in the Midwest, where their clients are based.
“The new firm, being smaller and Midwestern, they’re willing to bend over backward to help us,” Jon LeBaron said.