Financial advisor David Sprenkle has partnered with 1792 Wealth Advisors in Morristown, N.J., to launch his own York, Pa.-based independent practice with $130 million in assets, the company said in a news release.
1792 Wealth Advisors is a Raymond James platform and helps advisors and RIAs considering independence.
A native of Red Lion, Pa., Sprenkle worked for several wirehouses over three decades of service, beginning his career with Merrill Lynch before joining Legg Mason, Smith Barney and, most recently, Janney Montgomery Scott. His team also includes Theresa Lehigh, a senior client services manager, who has worked with Sprenkle the past 24 years, and joins his newly independent practice, Sprenkle Wealth Management.
In an email response for comment, Sprenkle discussed the leap from wirehouse advisor to independent advisor. He said his biggest concern was the potential cost associated with going independent.
“I wasn’t sure I had enough assets under management (AUM) to handle all the expenses related to being independent, like rent, salaries, insurance equipment and more,” Sprenkle said in the email. “In working with 1792, they helped with the transition of clients and were able to advise me on how to handle the expenses related to the move to independence."
Sprenkle said his long-term goal was to scale his nascent business, and eventually bring in a partner to help run it.
In a separate email, Bob Milligan, managing partner and founder of 1792 Wealth Advisors, said that getting advisors over the finish line to partnered independence was not a journey for the faint of heart, and that partnered independence might not be right for everyone. But according to Milligan, for a select few advisors imbued with an entrepreneurial spirit and a sense of adventure, the world is their oyster.
“For us, partnered independence is about a group of like-minded advisors who not only share and scale back office support, but adhere to the principle of always putting the best interests of clients above all else and treat their teams and partners like clients,” he said.
He also spoke about the origin of his firm's name, which relates to the founding of the New York Stock Exchange in Manhattan: “Like the 24 traders who came together and formed the Buttonwood Agreement under a buttonwood tree on May 17, 1792, we too are stronger together than apart!”
1792 Wealth Advisors is a consulting agency that provides risk management, banking, business, education and financial planning services. The company is not a registered broker-dealer, and is independent of Raymond James Financial Services.