$2B Morgan Stanley Team Jumps to LPL

"To make this move now, during a global pandemic and in the midst of market uncertainties, was a huge, carefully calculated decision," Gallagher said in a statement. "We are entrepreneurs at heart and have decided to build a business that is our own, where we can be fiduciaries and keep our clients' best interests at the forefront of everything we do."

The partnership with LPL and Gladstone gives them a platform to build a high-end, boutique firm that can support their clients' comprehensive financial needs, according to Levin.

"The open architecture of LPL's platform, along with the ability to choose our own partners, allows us to extend our team of experienced professionals to provide clients with a total package for all their financial needs," Levin said in a statement.

Gallagher and Levin previously worked at Morgan Stanley with Richard Frick, now the managing partner and CEO of Gladstone, and their existing relationship played a large role in their decision to join LPL and Gladstone, according to Gallagher.

LPL Financial had 17,168 affiliated independent advisors as of Sept. 30, working with $810 billion of client assets. Gladstone has about 700 advisors working with more than $28 billion of  client assets after its recent merger with Financial Resources Group.

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