Florida advisories amalgamate in the name of scale

Thomas Coyle

13 June 2008

Alvyn Harrick principal Bob Barker joins Alpha Fiduciary Wealth Management. Fort Lauderdale, Fla.-based investment advisory Alvyn Herrick has merged with RIA Alpha Fiduciary Wealth Management. As a result, Alvyn Herrick's president and managing member Robert Barker has become Alpha Fiduciary's senior v.p. and a financial advisor with the firm.

Barker "did a wonderful job in growing with the knowledge that there is a substantive, team-based organization behind their advisor," according to Lyman.

"We believe that current market conditions favor advisors who join us because we know that clients are very much concerned about the importance of receiving independent investment advice as opposed to being 'sold' something by a commission-based sales person," says Lyman, adding that Alpha Fiduciary is looking to hire "two to three more advisors" in Palm Beach County, Fla.

Focus

Last month, Alpha Fiduciary hired Jack Kriss, a former airline pilot and a childhood friend of Lyman, as a senior v.p. and investment advisor.

As it happens, the theme of long acquaintance continues with Barker, who worked with Lyman at Merrill Lynch in the early 1980s.

Alvyn Herrick's investment process was "almost identical" to that of Alpha Fiduciary," says Barker. "By merging our two firms, we will not only benefit from synergies and cost savings, but it will allow me to focus on my favorite part of the investment process: taking care of clients," he adds.

An attorney by training, Lyman founded Alpha Fiduciary late last year after leaving US Fiduciary, which he joined in 2005 from Lehman Brothers. He was founding president of Raymond James Trust Companies, president of SunTrust's Private Capital Group, and president of Wilmington Trust in Florida. -FWR

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