A four-person team that managed nearly $1 billion in client assets left Merrill Lynch last Friday and opened the doors to its new independent firm in Westport, Conn., this Monday. The team members, which include Bill Loftus, Bill Lomus, Kevin Burns and Jim Pratt-Heaney, are just four of the many wirehouse brokerage advisors who are making the leap to independence as their former employers' troubles continue to splash across headlines.

The team was formerly known as the LLBH Group of Merrill Lynch. Its members, who have been in the wirehouse world a combined 98 years and at Merrill a combined 38 years, will now be principals at the new firm, LLBH Group Private Wealth Management. Loftus will head corporate executive services, lending and alternative investment operations; Burns will run client asset acquisition and client service and contact; Pratt-Heaney will be responsible for asset management; and Lomus, a CFP, will oversee the investment planning process.

LLBH Group Private Wealth Management will custody through Pershing, a division of Bank of New York Mellon. According to Pershing, the group plans to transition $900 million in client assets to the new firm.