Williston wealth advisors get big city backers

New York City’s Lebenthal enters market through local partnership

BY MARNIE LAHTINEN

In November, Williston’s TruWealth Financial entered into a partnership with Lebenthal Wealth Advisors, a major national financial services firm. Three Williston natives and financial advisors — Clay Skurdal, Brion Norby and Brent Lee — now lead TruWealth Financial, a Lebenthal Wealth Advisory Practice.

Lebenthal Holdings, based in New York City, launched Lebenthal Wealth Advisors earlier this year in an effort to expand the firm’s ability to serve institutional and retail clients with a range of financial products and services. Lebenthal Weath Advisors focuses on personal wealth management, high and ultra-high net-worth family offices and corporate debt and equity underwriting.

Norby and Lee co-founded TruWealth Financial in Williston in 2013. “Our mission was to bring the best financial services that were available anywhere in the world to the people of our local community,” Norby says.

Business grew rapidly, and within a year, Norby and Lee were looking to add additional advisors. A fateful meeting at an investment conference led them to Skurdal.

“We got connected with Clay while in Chicago … and that’s how TruWealth got connected with Lebenthal,” Lee says. “Now, through this partnership we have top-shelf expertise and product availability, with big city capabilities and small-town connections right here in Williston.”

The advisors believe their Williston lineage offers something unique to Williston investors: Wall Street financial expertise from guys who grew up down the street.

“It’s a small community,” Lee says. “It’s absolutely critical that we were born and raised here and our families did business with families that are now our clients.”

“It’s not the local advisor on Main Street we are competing with … it’s JP Morgan, Merrill Lynch and the like that are flying in on jets, taking the accounts, getting back on a plane and flying away,” Lee explains. “It was our mission to be able to compete on that level, and through our partnership with Lebenthal, we actually exceed what those firms are able to bring to the table.”

“There are a couple of differences about our firm that really stand out,” Skurdal adds. “Depending on an income or wealth valuation of a family, there comes a point where you really need to be able to have a bigger toolbox available in terms of services.”

The advisors believe Lebenthal is a good fit because it affords TruWealth Financial access to its Family Office Platform.

“We believe Lebenthal has put together a group of best-in-class asset managers and an open architecture that allows advisors like ourselves to tap into the best of the best and have direct access to those individuals though the relationships Lebenthal has established over its long history,” Skurdal says.

Business is good, and growing, according to the advisors.

“Business has lived up to our expectations and that’s because of the close relationships we have established from growing up here and living here,” Norby says. “We have spent a lot of time building our tool chest … We have enhanced current relationships and developed new relationships along the way.”

The recent dip in oil prices is not of great concern to these financial advisors. “As far as our business goes, a lot of our clients are not completely reliant on just oil,” Norby says. “We work with farmers and business owners … with the dip in oil we are not going to see businesses closing up and people leaving town unless something drastic happens. We anticipate that things may slow down; however, we don’t anticipate businesses closing.”

Lee agrees. “A lot of our core clients have already made their wealth in oil. They have weathered previous busts and are prepared if the brakes go on … they are more than ready.” PB

Marnie Lahtinen Contributing writer MarnieLahtinen@gmail.com