Corey Kupfer Weighs In on OpenArc's Historic $129B Mega-Breakaway
Sep 30, 2025
When WealthManagement.com covered the story behind OpenArc's decade-long journey to independence from Merrill Lynch, they turned to Corey Kupfer for expert analysis on what makes this deal extraordinary.
A New Frontier in Wirehouse Moves
Kupfer, who helps structure wirehouse moves at law firm Kupfer. but was not involved in this specific deal, offered crucial perspective on the significance of OpenArc's launch. The new Atlanta-based RIA manages $129 billion in assets and specializes in corporate and individual wealth management.
"When it comes to moves, this is another order of magnitude," Kupfer explained to the publication. "First of all, for a team of that size and that nature to move at all is a big deal, and not to have moved to another wirehouse or private bank—it's a new frontier."
The Reality of Major Breakaways
Kupfer's commentary highlighted an important truth about transitions of this scale. Despite careful planning and legal preparation, major wirehouse departures rarely go smoothly.
"No matter how on the mark they were on the setup, I would bet you are going to get sued," Kupfer said, explaining that he would have expected legal challenges regardless of how well the transition was structured.
His prediction proved accurate. Bank of America's Merrill filed a lawsuit in federal court in Georgia before OpenArc's formal announcement, alleging that the firm's leadership and partners Dynasty Financial Partners and Charles Schwab breached contractual obligations regarding client information, solicitation, and recruiting.
Kupfer's assessment was direct: a wirehouse would never "let a team this big leave without friction."
The Significance of This Move
What makes OpenArc particularly notable is not just its size, but its structure. The firm represents a ready-made mega-RIA that would typically take years and multiple acquisitions to build. The team comprises about 60 advisors and over 100 staff members, offering services ranging from individual wealth advice to employee benefits for Fortune 1000 companies.
The practice had been with Merrill for over two decades, growing into one of the firm's largest teams. According to court documents, leadership became frustrated with what they described as Merrill's lack of investment in their division, prompting conversations about independence that ultimately took about two years of planning.
Industry Evolution
Kupfer's insight speaks to a broader shift in the wealth management industry. The move from a wirehouse to complete independence, rather than to another large institution, reflects advisors' desire for greater autonomy and control over their business model, technology choices, and client service approach.
The OpenArc leadership team explicitly cited this motivation. Managing Partner Jeff Crowell stated that "traditional brokerage models no longer meet the needs" of their institutional clients, from C-suite executives to entry-level employees.
What's Next
As of the article's publication, the court dispute was ongoing, with a hearing scheduled to determine whether OpenArc could continue operating in the short term while legal matters were resolved.
If OpenArc clears these legal hurdles, the firm will become a new competitor in the mega-RIA space and, as the article suggests, likely join the industry's ongoing acquisition activity.
Expert Perspective Matters
Kupfer's commentary in this piece demonstrates the value of experienced legal counsel in understanding the landscape of major wirehouse transitions. His assessment that litigation was virtually inevitable for a move of this magnitude offers important context for other advisors considering similar transitions.
For teams contemplating independence, the message is clear: proper legal and strategic planning is essential, but even the most carefully structured transitions may face challenges from former employers protecting their interests.
The OpenArc story, with Kupfer's expert analysis, illustrates both the opportunities and obstacles facing advisors who choose the path to independence in today's wealth management industry.
LEGAL DISCLAIMER: This blog post discusses publicly reported legal proceedings and expert commentary. It does not constitute legal advice and should not be relied upon for legal decision-making. The content reflects analysis based on publicly available information as reported in the cited WealthManagement.com article dated September 30, 2025. Corey Kupfer was not involved in the OpenArc transaction and his commentary represents general industry analysis rather than specific legal guidance on this matter.
