Advisors on the Move: Wells Fargo Nabs Advisors With Over $1B in Assets
July 16, 2014 5:07 PM
Advisors on the Move: Wells Fargo Nabs Advisors With Over $1B in Assets
(July 17) Wells Fargo recruited advisors managing more than $1 billion in assets from its rivals. Meanwhile St. Louis-based Benjamin Edwards lured away 10 advisors from Wells. But both firms weren't the only ones recruiting top talent. See these and other moves, hires and promotions by clicking through the latest advisors on the move slideshow. (July 17, 2014)
Wells Fargo Reels in Eight Advisors Managing More than $1 Billion
San Francisco-based Wells Fargo announced it recruited eight advisors who previously managed more than $1 billion in client assets.
UBS was hit hard by the move, losing a team of four to Wells Fargo Advisors Financial Network, the bank's independent brokerage arm.
While at UBS, Kingsport, Tenn.-based Center Street Wealth Management managed a total of $326 million in client assets. The team consists of Timothy Colvin, Jeffery Bedford, Gregory Taylor and Natalie Wells.
Financial advisor Mark Pignotti is also leaving UBS for Wells' Chicago complex. He managed $317 million dollars in client assets and brings 14 years of experience, according to a statement.
Among the other pickups, Chris Carbone and Bill Brucato will be joining Wells Fargo in Utica, N.Y., from RBC Capital Markets. The duo managed a total of more than $160 million in client assets.
Thomas Teagle will head to Wells Fargo in Richmond, Va., from Scott & Stringfellow/BB&T where he managed $155 million in client assets.
Rob Wiggins from First Citizens Investor Services will bring his 14 years of industry experience to Wells Fargo in Raleigh, N.C.
Read more here.
UBS was hit hard by the move, losing a team of four to Wells Fargo Advisors Financial Network, the bank's independent brokerage arm.
While at UBS, Kingsport, Tenn.-based Center Street Wealth Management managed a total of $326 million in client assets. The team consists of Timothy Colvin, Jeffery Bedford, Gregory Taylor and Natalie Wells.
Financial advisor Mark Pignotti is also leaving UBS for Wells' Chicago complex. He managed $317 million dollars in client assets and brings 14 years of experience, according to a statement.
Among the other pickups, Chris Carbone and Bill Brucato will be joining Wells Fargo in Utica, N.Y., from RBC Capital Markets. The duo managed a total of more than $160 million in client assets.
Thomas Teagle will head to Wells Fargo in Richmond, Va., from Scott & Stringfellow/BB&T where he managed $155 million in client assets.
Rob Wiggins from First Citizens Investor Services will bring his 14 years of industry experience to Wells Fargo in Raleigh, N.C.
Read more here.
Ameriprise Lands $1M Advisor
Ameriprise enticed away a Morgan Stanley advisor who generated $1 million in annual revenue, according to a spokesman for the regional broker-dealer.
Advisor John Poulton joined Ameriprise's Providence, R.I., office. Poulton managed $125 million in client assets while at Morgan. He is a thirty-year veteran of the financial services industry, according to FINRA records. Poulton started his career in 1984 with Lehman Brothers, and later worked at Salomon Smith Barney and Wachovia. He joined Morgan in 2009.
Read more here.
Advisor John Poulton joined Ameriprise's Providence, R.I., office. Poulton managed $125 million in client assets while at Morgan. He is a thirty-year veteran of the financial services industry, according to FINRA records. Poulton started his career in 1984 with Lehman Brothers, and later worked at Salomon Smith Barney and Wachovia. He joined Morgan in 2009.
Read more here.
Raymond James Recruits UBS Team With Over $575 Million in Assets
A UBS advisor team managing over $575 million in assets has left the wirehouse to join Raymond James.
Managing Director Henry Hauser, advisor Suzette Dybiec, senior registered client service associate Jolie Raine have joined the Bexley, Ohio, office of Raymond James & Associates.
The team, known as Hauser Wealth Management, will work in the same office with another Raymond James team, Parkview Capital Advisors.
Read more here
Managing Director Henry Hauser, advisor Suzette Dybiec, senior registered client service associate Jolie Raine have joined the Bexley, Ohio, office of Raymond James & Associates.
The team, known as Hauser Wealth Management, will work in the same office with another Raymond James team, Parkview Capital Advisors.
Read more here
Merrill Lynch Reunites With Advisor
Robert Labriola, a 21-year veteran, left Morgan Stanley to rejoin Merrill Lynch where he had previously worked from 1995 to 2000, according to FINRA records.
Labriola managed over $200 million in client assets while at Morgan Stanley. His move follows a seven-year tenure at Morgan, preceded by seven years at Citigroup.
Read more here.
Labriola managed over $200 million in client assets while at Morgan Stanley. His move follows a seven-year tenure at Morgan, preceded by seven years at Citigroup.
Read more here.
Steward Partners Recruits Morgan Stanley Team With $315 AUM
A former Morgan Stanley team that generated $3 million in annual revenue has left to join Steward Partners Global Advisory.
The newest additions to Steward Partners, brothers Kenneth and Erik Mathieson, managed about $315 million in client assets while at Morgan. Both of the Mathieson brothers have more than two decades of industry experience and started their careers at Prudential Securities, according to FINRA records.
And the brothers have opened Steward Partners' first New York office, representing the firm's fourth office since its founding last November by several former Morgan Stanley managers. Steward Partners has offices in Washington, D.C.; Andover, Mass.; and Portsmouth, N.H.
Read more here.
The newest additions to Steward Partners, brothers Kenneth and Erik Mathieson, managed about $315 million in client assets while at Morgan. Both of the Mathieson brothers have more than two decades of industry experience and started their careers at Prudential Securities, according to FINRA records.
And the brothers have opened Steward Partners' first New York office, representing the firm's fourth office since its founding last November by several former Morgan Stanley managers. Steward Partners has offices in Washington, D.C.; Andover, Mass.; and Portsmouth, N.H.
Read more here.
Benjamin F. Edwards' Recruiting Spree
Benjamin F. Edwards recruited ten advisors from Wells Fargo to open offices in three states and join existing offices in two states.
Father-daughter advisor duo, Ernie and Margaret Wright, and Shelley Bond Holbrooks, a senior registered financial associate opened Edwards' Clemson, S.C. office the firm's first office in the palmetto state.
Advisors Bruce Melton, his daughter Katiebeth Worrell, Hunter Graham and financial associates Paula Judkins and Tamra Booth joined Edwards' Sherman, Texas office.
Advisors John Weir and Joshua Willard opened Benjamin Edwards' office in Harrison, Ark. Senior financial associate Cheryl Smith also moved with the two advisors to Edwards.
Advisors, Eric Bench and Jason Clouse, left Wells to join an existing Benjamin Edwards office in Denver, boosting the number of advisors there to eight. Bench started his career in 2006, while Clouse began in 2010.
Samuel Annitto, also previously with Wells Fargo, joined Edwards' office in Red Bank, N.J., which is about 40 miles south of New York City. The office now has eight advisors.
Read more here.
Father-daughter advisor duo, Ernie and Margaret Wright, and Shelley Bond Holbrooks, a senior registered financial associate opened Edwards' Clemson, S.C. office the firm's first office in the palmetto state.
Advisors Bruce Melton, his daughter Katiebeth Worrell, Hunter Graham and financial associates Paula Judkins and Tamra Booth joined Edwards' Sherman, Texas office.
Advisors John Weir and Joshua Willard opened Benjamin Edwards' office in Harrison, Ark. Senior financial associate Cheryl Smith also moved with the two advisors to Edwards.
Advisors, Eric Bench and Jason Clouse, left Wells to join an existing Benjamin Edwards office in Denver, boosting the number of advisors there to eight. Bench started his career in 2006, while Clouse began in 2010.
Samuel Annitto, also previously with Wells Fargo, joined Edwards' office in Red Bank, N.J., which is about 40 miles south of New York City. The office now has eight advisors.
Read more here.
Former Morgan Stanley Team Goes Independent
A Morgan Stanley team managing about $650 million in assets has left the wirehouse to launch Encompass Wealth Advisors, an RIA based in Portland, Ore.
The team is comprised of Derrick Clouser, Walter Urban, Matthew Presjak, Colin Williams, and Mary Minshall.
Read more here.
The team is comprised of Derrick Clouser, Walter Urban, Matthew Presjak, Colin Williams, and Mary Minshall.
Read more here.
Morgan Stanley Lands 5 Advisors Generating Over $6 Million in Annual Revenue
Morgan Stanley recruited five advisors who generated more than $6 million in annual revenues at rivals Merrill Lynch, Wells Fargo and J.P. Morgan.
Linda Goodson, a 19-year industry veteran, signed on with the wirehouse's Palm Harbor, Fla. office. Goodson left her post at Wells Fargo and will report to Morgan Stanley branch manager Terry McCoy. Goodson managed $110 million in her previous position, generating $1 million in annual revenue.
Advisors Richard Duffy and Russell Kwok joined Morgan in Los Angeles from J.P. Morgan. Senior member Duffy boasts more than 20 years in the securities industry. The team generated a combined $3.5 million in annual revenue. They will report to complex manager Gregory Laetsch.
Brian Purcell joined Morgan Stanley's Santa Rosa, Calif. office. Purcell has 9 years of industry experience and will be reporting to complex manager George Shick. In his previous position, he generated $1.3 million in annual revenue and managed $115 million in client assets.
Dante Neyra left Merrill Lynch to sign on with Morgan's Ft. Lauderdale, Fla. Offices. Neyra, a 25-year industry veteran, will report to branch manager Mark Boersma. Neyra generated over $1 million in annual revenue while with Merrill Lynch.
Read more here.
Linda Goodson, a 19-year industry veteran, signed on with the wirehouse's Palm Harbor, Fla. office. Goodson left her post at Wells Fargo and will report to Morgan Stanley branch manager Terry McCoy. Goodson managed $110 million in her previous position, generating $1 million in annual revenue.
Advisors Richard Duffy and Russell Kwok joined Morgan in Los Angeles from J.P. Morgan. Senior member Duffy boasts more than 20 years in the securities industry. The team generated a combined $3.5 million in annual revenue. They will report to complex manager Gregory Laetsch.
Brian Purcell joined Morgan Stanley's Santa Rosa, Calif. office. Purcell has 9 years of industry experience and will be reporting to complex manager George Shick. In his previous position, he generated $1.3 million in annual revenue and managed $115 million in client assets.
Dante Neyra left Merrill Lynch to sign on with Morgan's Ft. Lauderdale, Fla. Offices. Neyra, a 25-year industry veteran, will report to branch manager Mark Boersma. Neyra generated over $1 million in annual revenue while with Merrill Lynch.
Read more here.
Deutsche Bank Aims to Expand US Presence
Deutsche Bank's asset and wealth management unit is in growth mode in the U.S., hiring a string of managers and advisors.
Among the German firm's most recent hires, Deutsche recruited advisors Matthew Coombe and Patrick Menerey for its private bank, J.J. Wilczewski as co-head of the Americas global client group, Deepak Khanna as head of U.S. large cap value equities and Thomas Clarke as head of lending and deposit products for the Americas.
Menerey and Coombe will be based in Los Angeles and serve ultra-high-net-worth clients.
Read more here.
Among the German firm's most recent hires, Deutsche recruited advisors Matthew Coombe and Patrick Menerey for its private bank, J.J. Wilczewski as co-head of the Americas global client group, Deepak Khanna as head of U.S. large cap value equities and Thomas Clarke as head of lending and deposit products for the Americas.
Menerey and Coombe will be based in Los Angeles and serve ultra-high-net-worth clients.
Read more here.
Wells Fargo Financial Network Hires 2 Merrill Lynch Advisors
Merrill Lynch lost two advisors managing more than $160 million in client assets to Bison Financial Group, a practice with Wells Fargo Financial Network, the independent brokerage arm of Wells Fargo.
Ben Buchanan and Bill Gear joined Bison as senior vice presidents and will open an office for the firm in Melbourne, Fla. Both advisors were serving clients for Merrill throughout Central Florida.
Kristine George, who also left Merrill, will join the office as a senior registered client service associate.
The Wells network has 1,221 owners and advisors in 591 practices, administering more than $76 billion in client assets.
Read more here.
Ben Buchanan and Bill Gear joined Bison as senior vice presidents and will open an office for the firm in Melbourne, Fla. Both advisors were serving clients for Merrill throughout Central Florida.
Kristine George, who also left Merrill, will join the office as a senior registered client service associate.
The Wells network has 1,221 owners and advisors in 591 practices, administering more than $76 billion in client assets.
Read more here.
Wells Fargo Nabs UBS Advisor Duo
UBS lost two advisors managing more than $300 million in client assets to Wells Fargo.
Advisors Robert Higley and Robert Gardner III, along with client associate Adrienne Zwahr, have joined Wells' office in Houston, Texas, where they will report to branch manager David Fouts.
Higley started his career at Rotan Mosle in 1973, according to FINRA records. Over the years he worked at firms such as Paine Webber and Dain Rauscher. He joined UBS in 2010.
Gardner started his career in 1995 with UBS, where he stayed until he joined Wells this month.
Read more here.
Advisors Robert Higley and Robert Gardner III, along with client associate Adrienne Zwahr, have joined Wells' office in Houston, Texas, where they will report to branch manager David Fouts.
Higley started his career at Rotan Mosle in 1973, according to FINRA records. Over the years he worked at firms such as Paine Webber and Dain Rauscher. He joined UBS in 2010.
Gardner started his career in 1995 with UBS, where he stayed until he joined Wells this month.
Read more here.
Merrill Lynch Complex Manager Promoted to Market President
Merrill Lynch complex manager Hong Ogle was promoted to market president in Houston for Bank of America.
In her new role, Ogle will coordinate business lines across the region to deliver integrated financial services to individuals, families and businesses. She also will oversee corporate social responsibility work in the market, according to a statement from the firm.
Ogle began her career in 1994, making stops at Dean Witter Reynolds, Citigroup and Morgan Stanley before she joined Merrill in 2010, according to FINRA.
Read more here.
In her new role, Ogle will coordinate business lines across the region to deliver integrated financial services to individuals, families and businesses. She also will oversee corporate social responsibility work in the market, according to a statement from the firm.
Ogle began her career in 1994, making stops at Dean Witter Reynolds, Citigroup and Morgan Stanley before she joined Merrill in 2010, according to FINRA.
Read more here.
Baird and McAdams Wright Ragen Promotion
Baird and McAdams Wright Ragen has named a new Branch Manager.
Rob Shick, who lead the Portland office for McAdams Wright Ragen, prior to its sale to Baird this month, will be in charge of a new office for the combined companies, also to be located in Portland later this year.
Shick will take on a dual role -- managing the office and serving clients as a financial advisor.
Read more here.
Rob Shick, who lead the Portland office for McAdams Wright Ragen, prior to its sale to Baird this month, will be in charge of a new office for the combined companies, also to be located in Portland later this year.
Shick will take on a dual role -- managing the office and serving clients as a financial advisor.
Read more here.
J.P. Morgan Nabs 14 Advisors in Expansion
Coming from Morgan Stanley is Bruce Ledoux, who was stationed at J.P. Morgan's Boston office. He reports to regional director Rick Penafiel. Ledoux's previous experience includes stints at Merrill Lynch and Prudential Securities.
Another recruit from Morgan, Evan Schottenstein, joins J.P. Morgan in New York. He reports to regional director Michael Lee. A recruit from Credit Suisse, John Delehanty, also joins the New York office, and is reporting to Lee as well.
A second Credit Suisse recruit, David Starker, joins J.P. Morgan's White Plains, N.Y., office, where he reports to regional director Michael Maron.
Matthew Kutcher and Bryan DeFrances, also from Credit Suisse, join J.P. Morgan's Palm Beach office. Also in Palm Beach are former Deutsche Bank advisors Roy Apple, Anthony Rizzo, Jeremy Schneider and Kevin Gai. All the new recruits in Palm Beach report to Penafiel, the same regional director from Boston.
From Wells Fargo comes Antonio Fontana, Patrick Burke and Clarence Seese. The three, working together at Wells since 2008, joined J.P. Morgan's Los Angeles office. They report to regional director Bob Martensen. Their job history includes stints at Smith Barney, Merrill Lynch, Morgan Stanley and Dean Witter.
A recruit from Credit Suisse, Shawn Stanley, joins J.P. Morgan in Dallas. There he reports to regional director Mark Rhodes. Previously, Stanley had worked for Neuberger Berman for five years and Sanford Bernstein for seven.
Another recruit from Morgan, Evan Schottenstein, joins J.P. Morgan in New York. He reports to regional director Michael Lee. A recruit from Credit Suisse, John Delehanty, also joins the New York office, and is reporting to Lee as well.
A second Credit Suisse recruit, David Starker, joins J.P. Morgan's White Plains, N.Y., office, where he reports to regional director Michael Maron.
Matthew Kutcher and Bryan DeFrances, also from Credit Suisse, join J.P. Morgan's Palm Beach office. Also in Palm Beach are former Deutsche Bank advisors Roy Apple, Anthony Rizzo, Jeremy Schneider and Kevin Gai. All the new recruits in Palm Beach report to Penafiel, the same regional director from Boston.
From Wells Fargo comes Antonio Fontana, Patrick Burke and Clarence Seese. The three, working together at Wells since 2008, joined J.P. Morgan's Los Angeles office. They report to regional director Bob Martensen. Their job history includes stints at Smith Barney, Merrill Lynch, Morgan Stanley and Dean Witter.
A recruit from Credit Suisse, Shawn Stanley, joins J.P. Morgan in Dallas. There he reports to regional director Mark Rhodes. Previously, Stanley had worked for Neuberger Berman for five years and Sanford Bernstein for seven.
