A Merrill Lynch team that oversaw $1.4 billion in client assets has gone independent with help from Dynasty Financial Partners, the firm said.

The team, based in Aventura, Fla., consists of advisors Steven Wagner and his son, Michael, as well as Ivan Hernandez. Also moving are Diana Torre, director of client services, and Cherie Cohen, director of operations.

The elder Wagner said that they made the move in order to offer their clients "a higher end, more personal level of service in a conflict-free environment." Wagner has nearly four decades of industry experience, according to FINRA BrokerCheck records. He started his career at J.B. Hanauer, and later worked at Smith Barney and UBS before joining Merrill in 2009.

The junior Wagner joined his father at UBS in 2006. Hernandez also started his career J.B. Hanauer in 1995. He moved to UBS in 1998. The two advisors joined the senior Wagner in making the move to Merrill in 2009.

Dynasty last announced new breakaways at the end of August, when a Wells Fargo team that oversaw more than $250 million in client assets left the wirehouse.

Advisors Charles Eberly, Jr. and Lawrence DeFluri founded a new firm, SevenBridge Financial Group, with Dynasty's assistance in Harrisburg, Pa.

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