Latigo Peak Partners: $18B Breakaway Stuns Wealth Industry

Two longtime wealth management professionals have quit JPMorgan to launch their own firm in one of the largest bank-to-RIA breakaway moves in recent years. Latigo Peak Partners opened its doors on Monday, Oct. 19, 2026, with about $18.6 billion in assets under management and 48 professionals. The launch, announced on Monday, caps months of preparation behind the scenes. The firm is founder-owned and self-funded, with no private-equity backing, a structure its founders say keeps the focus squarely on clients rather than outside investors.

Latigo Peak Partners targets ultra-wealthy families

The new firm will target ultra-high-net-worth families, entrepreneurs and business owners, offering estate planning, gifting, philanthropy and next-generation education alongside investment management. Client assets will be custodied at Charles Schwab and BNY Pershing, two of the largest independent custodians. Latigo Peak Partners is based in Palm Beach Gardens, Florida, with hubs in Bellevue, Washington, and Boston, plus a field office in Los Angeles, giving it a presence on both coasts. The firm's pitch centres on continuity: clients keep the advisers they know, while gaining the flexibility of an independent platform with open-architecture investment options.

Founders Phil Scott and Jim Atwood led two of the largest wealth practices at JPMorgan Advisors, having arrived via First Republic, which JPMorgan acquired in 2023. Both men started their careers at Merrill Lynch in 1984, and over the past six years they grew combined annual revenue from $34 million to more than $130 million. Their practices ranked among the biggest inside the bank's advisory division, making the pair's exit particularly significant for the franchise. The scale of the Latigo Peak Partners launch reflects the client following the pair built over four decades in wealth management.

Why the Latigo Peak Partners breakaway matters

Breakaway moves of this size remain rare, and the departure is a notable talent loss for JPMorgan Advisors. Phil Scott said: "Our goal here is to build a firm geared principally towards investment performance and a distinctive client experience." Jim Atwood added: "The value of independence is the ability to think independently." The comments capture the pitch resonating across the industry: advisers want freedom from bank bureaucracy and product agendas, while clients want continuity with the teams they trust.

The independent model has been gaining ground for years, but most breakaways involve far smaller books of business. By launching with about $18.6 billion, Latigo Peak Partners enters the market as an instant heavyweight, with the scale to invest in technology, planning expertise and talent. Industry consultants say the move will intensify competition for top advisers, as banks weigh how much autonomy to grant their biggest producers. For banks, the risk is asymmetric: losing a team of this size means losing decades of client relationships in a single move, and replacing that revenue takes years.

What comes next for Latigo Peak Partners

The founders say growth will be deliberate rather than acquisition-driven. With no private-equity backers demanding rapid expansion, Latigo Peak Partners can focus on organic growth from existing relationships and selective hiring. The founders emphasised that the 48 professionals joining the firm were chosen for depth across planning, investments and client service, rather than assembled through acquisition. The 48-strong team gives the firm depth across planning disciplines, from estate work to philanthropy, that smaller start-ups often lack.

For JPMorgan Advisors, the exit underscores the retention challenge facing every large wealth franchise. Phil Scott and Jim Atwood spent decades building practices inside big banks before choosing independence, and their departure will be studied across the industry. Whether the firm can translate its breakaway momentum into lasting growth will be one of the wealth stories to watch into 2027.