Lebenthal Holdings LLC next month will continue its expansion by starting a private wealth advisory division for retail and institutional clients and adding two Wall Street veterans to lead the endeavor.

The parent company of Lebenthal & Co. plans to officially debut Lebenthal Wealth Advisors on Nov. 30, the firm said in a press release this week. Lebenthal plans to team up with independent registered investment advisors and entrepreneurial wealth managers to boost its brand recognition and forge a new model in the financial services industry, president and chief executive officer Alexandra Lebenthal said in the release.

As part of the expansion, Jeffrey B. Lane, formerly chief executive officer of Bear Stearns Asset Management and Neuberger Berman Inc., was appointed chairman of the board of Lebenthal Holdings. Frank Campanale, the former president and CEO of Smith Barney Consulting Group who recently worked at First Allied Wealth Management, was tapped as chairman and chief executive officer of Lebenthal Wealth Advisors.

“This is an exciting new chapter in the nearly 90-year Lebenthal history,” Lebenthal said. Her grandparents, Louis and Sayra Lebenthal, founded the firm in 1925. Her father, Jim A. Lebenthal, who now serves as chairman emeritus, made munis a household name with his unique brand of advertising on radio and television.

“Lebenthal continues to grow the scope of its asset management and broker-dealer activities, and this venture not only complements our existing platform, but will position us for further growth as we take advantage of opportunities in the evolving financial services landscape,” she said.

Although the division will give  advice on a full range of products, she expects it to “continue our muni expertise as it is a cornerstone of high net-worth investors portfolios.”

Investment advisors that join with Lebenthal will gain access to the firm’s wide array of products and market history and expertise. Teaming up with the investment specialists will allow Lebenthal to extend its advisory capabilities to an increasing number of retail and institutional clients across the country.

Andrew Grillo, a former regional director of Smith Barney, will assume the role of president of Lebenthal Wealth Advisors, while James B. Lebenthal will serve as CEO and market strategist.

Lebenthal & Co. has been in a growth mode since its 2008 inception. In late September, it added to its public finance division by hiring Jacob “Jay” Alpert as senior managing director and head of sales. The 35-year industry veteran was previously the executive vice president of sales, trading, and underwrtiting at M.R. Beal & Co. for seven years. Last December, William Ludolph, a 40-year veteran of the muni market and former banker at Charles Schwab Securities, joined as head of municipal underwriting.

In addition, over the last two years, the firm opened offices in Chicago and Los Angeles, doubled the revenue generated by its public finance business, and qualified for more senior-managed deals, according to Ms. Lebenthal.

Last month it announced plans to introduce MuniAxis, a trading platform that employs an open-auction bidding process to buy and sell municipal securities in denominations of less than $1 million. The effort is aimed at improving liquidity for trading odd-lot municipal bonds in the secondary market.

In addition to municipals, Lebenthal & Co. also focuses on corporate debt and equity underwriting.

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