Leaving the 4-Decade Legacy Behind: Why this $1.5B Merrill Family Business Opted for Independence

The Diamond Podcast for Financial Advisors

With Brent Chappell & Brad Chappell Managing Partners & Founders, Chappell Wealth Management

Overview

Brent and Brad Chappell share unique perspectives as next gens of a business conceived by their father decades ago at Merrill. They offer insightful thoughts about family dynamics and succession, the value of mentors and education, what it takes to build a $1B wealth management business, and more.

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NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation.

About this episode…

Many successful people attribute their achievements to having a great mentor.

For Brent and Brad Chappell, their father was a “childhood hero who became their business mentor.”

Robert Chappell founded his wealth management practice at Merrill in 1984, when being part of the “Thundering Herd” was like being part of a much larger family.

The brothers proudly reminisce about the influence Robert and his work at Merrill had on them, so it was no surprise when Brent and Brad joined the firm in 2002 and 2006, respectively.

The Chappells’ early experience at Merrill was one of two families blended together. Yet that kinship diminished after the firm’s sale to Bank of America, and the team’s ability to serve clients and conduct daily business became challenged.

Like many successful wirehouse teams, the Chappells credit the firm for being the foundation of their family business. But they saw the handwriting on the wall, and it said that they owed it to themselves and their clients to explore their options.

In February 2023, Brent, Brad, and their team left the firm their father retired from and launched Chappell Wealth Management as one of the largest teams on the Sanctuary Wealth supported independence platform.

In this episode with Louis Diamond, Brent and Brad talk about their journey and motivations, including:

• Growing up with Merrill—and what changes they witnessed over the years.
• Their unique perspective as next gens in a family business—and when it became clear that “what got them here wouldn’t get them there.”
• The economics of a move to independence—and how they reconciled the fact that they would owe money back on their father’s CTP agreement.
• Their exploration and transition process—and why “education” was one of the most valuable facets.
• Plus, what it really takes to build a $1B+ business.

Listen in as they candidly share a unique narrative about a changing wirehouse world, family dynamics, succession, and building a strong business designed to achieve long-term enterprise value.

Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002.

Related Resources

The Next Gen Dilemma: 5 Unique Realities Faced by Successors
The path for next gen advisors can be wrought with some pitfalls, yet when walked with confidence and flexibility, it can be immensely rewarding.

Transition Announcement: $1.5B Legacy Merrill Team Opts for Supported Independence
With Merrill roots dating back to the 1980s, brothers Brent and Brad Chappell decided that independence with Sanctuary Wealth provided a better path for the future of Chappell Wealth Management.

What We Can Learn When Top Advisors Leave Their Firms
If changing firms made sense to these $1B+ financial advisors, what lessons can be learned by those who manage less but aspire for more?

Merrill Advisors Ask…
Answers to the most frequently asked questions when considering a transition from Merrill Lynch.

Brent R. Chappell, CFP®, CIMA®
Managing Partner & Founder

Brent Chappell is a Managing Partner and Founder of Chappell Wealth Management. Brent helps clients through a collaborative approach designed to simplify the complexities of their financial lives. With more than two decades of experience, his goal is to give clients the peace of mind that comes from knowing that they have engaged with a seasoned and highly distinguished team of professionals that are willing to spend the time to fully understand the dynamics of their goals and to solve for the specifics.
Brent was an honors student at the University of Texas at Austin and graduated in 2001 with dual degrees in Finance and Spanish. He joined Merrill Lynch Wealth Management in 2003 and departed as a Managing Director in 2023 to found Chappell Wealth Management. Brent was accepted into MENSA in 2006 and received his CIMA® designation from the Investments & Wealth Institute™ (The Institute) after completing executive education in investment management from the Wharton Business School. He is also a CERTIFIED FINANCIAL PLANNER™, CFP® certificant, awarded by the Certified Financial Planner Board of Standards, Inc. He holds a Series 7, Series 66 and Series 31 FINRA registrations.
Brent and his wife, Elizabeth and their 3 children reside in The Woodlands, TX. Brent enjoys playing golf and pickleball and cheering on his children at their sports and academic contests.

• Forbes “Best-in-State Wealth Advisors” for five consecutive years – 2018-2022Barron’s
• “Top 1,200 Financial Advisors: State-by-State” – 2020, 2021, 2022
• Forbes “Best-in-State Wealth Management Teams” – 2023

Brad C. Chappell, CIMA®
Managing Partner & Founder

Brad Chappell began working in the Financial Services industry in 2004. He graduated with honors from The University of Texas with a BBA in Finance. Before graduating from The University of Texas, Brad was the captain of his collegiate basketball team at Southern Virginia University.
Brad loves working with people and is passionate about his job as a financial advisor. He excels at taking on the complexities of each client’s financial situation so that they can focus on what matters most to them.
Brad holds the Chartered Retirement Planning Counselor™ designation in addition to the CIMA® designation from Investments & Wealth Institute™ (The Institute), which is taught in conjunction with The Wharton Business School. Having spent 2 years as a missionary in Brazil, Brad is fluent in Portuguese. Brad, his wife Elizabeth, and their 3 children reside in Spring. When he’s not working, Brad enjoys coaching basketball, playing pickleball and spending time with his family.
He holds a Series 7, Series 66 and Series 31 FINRA registrations.

• Financial Planning’s “Top 40 Advisors Under 40” 2021
• On Wall Street “Top 40 Advisors Under 40” 2020
• Barron’s “Top 1,200 Financial Advisors: State-by-State” 2020-2021
• Forbes “Best in State Wealth Advisors” 2019-2022
• Forbes “Best-in-State Wealth Management Teams” – 2023

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