Each week, Financial Planning rounds up notable advisor moves and deals, as you can see below.
Advisor moves: Merrill lands a $2.2B team, Morgan Stanley a $2.7B team
September 13, 2024 3:21 PM
Merrill pulls $2.2B team from Morgan Stanley
Merrill announced this week that it pulled a team managing $2.2 billion from Morgan Stanley.
Jim Oberheide and Brandon Schlesinger, leaders of the Oberheide-Schlesinger Group at Morgan Stanley, are joining Merrill Private Wealth Management. The group was founded in 2007 and has offices in both Chicago and Charlotte.
Oberheide has 30 years of industry experience and seven firms to his name. Schlesinger has 18 years of experience and four firms to his name. Also part of their team are Dana Carbonneau, who is an assistant vice president and business development associate, and Kathryn Krauskopf, a registered client service associate.
The move comes amid Merrill's much-publicized return to recruiting in the wealth management industry. After the firm took some time off from trying to lure teams over from rivals, the firm is turning back on for the right markets," according to Merrill Wealth Management co-head Lindsay Hans.
In August,Merrill announced that it had recruited a four-person team overseeing $900 million and led by Scott E. Davis and Thomas L. Benedict to its offices in the Chicago suburb of Northbrook, Illinois. Merrill also said it had brought over a two-person, $250 million AUM team led by Desiderio Antonio "Tony" Rodriguez to its offices in Roseville, California.
In April,Merrill recruited a 12-person team of former First Republic advisors who had been managing $3.5 billion for JPMorgan in Palm Beach Gardens, Florida. JPMorgan bought First Republic in 2023 out of government receivership.
Jim Oberheide and Brandon Schlesinger, leaders of the Oberheide-Schlesinger Group at Morgan Stanley, are joining Merrill Private Wealth Management. The group was founded in 2007 and has offices in both Chicago and Charlotte.
Oberheide has 30 years of industry experience and seven firms to his name. Schlesinger has 18 years of experience and four firms to his name. Also part of their team are Dana Carbonneau, who is an assistant vice president and business development associate, and Kathryn Krauskopf, a registered client service associate.
The move comes amid Merrill's much-publicized return to recruiting in the wealth management industry. After the firm took some time off from trying to lure teams over from rivals, the firm is turning back on for the right markets," according to Merrill Wealth Management co-head Lindsay Hans.
In August,
In April,
Andrea Verdelli/Bloomberg
Morgan Stanley draws $2.7B team from UBS
Morgan Stanley has brought over a large team that had managed $2.7 billion for UBS Private Wealth Management in New York.
A Morgan Stanley spokesperson confirmed this week the recent recruitment of the Alfa Group, a team led by Daniel Schwartz, Devin Darcangelo, George Fosdick, William Schwartz and Michael Sanzone. The Alpha Group, according to its website, works with CEOs, tech entrepreneurs and wealthy families.
The founder of Alfa Group, Daniel Schwartz, started his career in 1987 at Kidder Peabody. He previously also worked for Smith Barney, which was later acquired by Morgan Stanley. He moved to UBS in 2012.
Joining the team leaders at Morgan Stanley are Kevin Cunane, a senior wealth strategy associate; Krystle Tharani Kukreja, a wealth strategy associate; and Nicole Flanzbaum and Setta Oghlian, both senior client associates.
A Morgan Stanley spokesperson confirmed this week the recent recruitment of the Alfa Group, a team led by Daniel Schwartz, Devin Darcangelo, George Fosdick, William Schwartz and Michael Sanzone. The Alpha Group, according to its website, works with CEOs, tech entrepreneurs and wealthy families.
The founder of Alfa Group, Daniel Schwartz, started his career in 1987 at Kidder Peabody. He previously also worked for Smith Barney, which was later acquired by Morgan Stanley. He moved to UBS in 2012.
Joining the team leaders at Morgan Stanley are Kevin Cunane, a senior wealth strategy associate; Krystle Tharani Kukreja, a wealth strategy associate; and Nicole Flanzbaum and Setta Oghlian, both senior client associates.
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UBS comes back to Morgan Stanley for a $650M team
UBS announced the recruitment of a five-person team managing $650 million in Bethesda, Maryland.
The team, named Wingman Capitol Group, is led by Andy Murphy, Gene Suk and Terence Hardy. They're joining UBS's Philadelphia D.C. Wealth Management Market, led by the executive Julie Fox.
Murphy has 19 years of industry experience and three firms to his name and was a flight officer in the U.S. Navy for nearly a decade. Suk spent nearly three decades at Morgan Stanley before joining UBS. Hardy spent a decade at Morgan Stanley and previously held roles at an environmental consulting firm and a Washington, D.C. law firm.
The team, named Wingman Capitol Group, is led by Andy Murphy, Gene Suk and Terence Hardy. They're joining UBS's Philadelphia D.C. Wealth Management Market, led by the executive Julie Fox.
Murphy has 19 years of industry experience and three firms to his name and was a flight officer in the U.S. Navy for nearly a decade. Suk spent nearly three decades at Morgan Stanley before joining UBS. Hardy spent a decade at Morgan Stanley and previously held roles at an environmental consulting firm and a Washington, D.C. law firm.
LPL recruits from Ameriprise, BofA Private Bank, Cetera
LPL Financial announced this week that it has recruited a team managing $650 million from Ameriprise.
Santa Rosa, California-based Apex Wealth Advisors has joined LPL's broker-dealer, RIA and custodial units, according to LPL. The team consists of Brett Howard, Marco Rivera, Brooks Crissey, Henry "Hank" DesJardins and Ryan Mason.
Apex was founded in 2017 by Howard and DesJardins and specializes in tax, retirement and estate planning, wealth preservation, charitable giving, insurance and investing for high-net-worth clients, families and businesses.
Separately, LPL Financial has recruited a pair of Bank of America Private Bank employees to its employee-affiliation channel dedicated to working with high net worth clients.
The duo — financial advisor John Duane and portfolio manager Gregory Giantsos — will start BrookBridge Private Wealth in Long Island, New York. The team had overseen roughly $700 million in advisory, brokerage and retirement plan assets at Bank of America Private Bank.
Duane has 30 years in the industry, including 25 years in private banking. Giantsos started in 2012 as a portfolio manager.
Their clients include business owners, nonprofit organizations and foundations, professionals and executives. The services they offer run from investment management and financial planning to custom lending.
Meanwhile, LPL Financial has brought over a hybrid firm with more than $200 million under management to its advisory brokerage and custodial services from Cetera.
LPL announced the addition this week of Grand Forks, North Dakota-based Northern Plains Financial. The firm was founded in 2014 and is led by Michael Elsberry, who has nearly 20 years of experience in the industry. He was joined in 2021 by his fellow advisor Eric Carlson.
It oversees $225 million in advisory, brokerage and retirement plan assets. The firm offers financial planning and investment management services. It has a speciality in serving clients in the farming and ranching industries, as well as business owners who hunt and fish.
Santa Rosa, California-based Apex Wealth Advisors has joined LPL's broker-dealer, RIA and custodial units, according to LPL. The team consists of Brett Howard, Marco Rivera, Brooks Crissey, Henry "Hank" DesJardins and Ryan Mason.
Apex was founded in 2017 by Howard and DesJardins and specializes in tax, retirement and estate planning, wealth preservation, charitable giving, insurance and investing for high-net-worth clients, families and businesses.
Separately, LPL Financial has recruited a pair of Bank of America Private Bank employees to its employee-affiliation channel dedicated to working with high net worth clients.
The duo — financial advisor John Duane and portfolio manager Gregory Giantsos — will start BrookBridge Private Wealth in Long Island, New York. The team had overseen roughly $700 million in advisory, brokerage and retirement plan assets at Bank of America Private Bank.
Duane has 30 years in the industry, including 25 years in private banking. Giantsos started in 2012 as a portfolio manager.
Their clients include business owners, nonprofit organizations and foundations, professionals and executives. The services they offer run from investment management and financial planning to custom lending.
Meanwhile, LPL Financial has brought over a hybrid firm with more than $200 million under management to its advisory brokerage and custodial services from Cetera.
LPL announced the addition this week of Grand Forks, North Dakota-based Northern Plains Financial. The firm was founded in 2014 and is led by Michael Elsberry, who has nearly 20 years of experience in the industry. He was joined in 2021 by his fellow advisor Eric Carlson.
It oversees $225 million in advisory, brokerage and retirement plan assets. The firm offers financial planning and investment management services. It has a speciality in serving clients in the farming and ranching industries, as well as business owners who hunt and fish.
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Wells Fargo recruits $1.8B team from Morgan Stanley
Wells Fargo announced this week that it pulled over a team managing $1.8 billion from Morgan Stanley in Chicago.
The team, going under the name Verismo Financial, is joining Wells Fargo's independent channel, Wells Fargo Advisors Financial Network, or FiNET. It's led by Frank Devincentis, Craig Eyler and Molly Girard. Devincentis joined the industry in 2004 at Citigroup and moved to Morgan Stanley in 2009.
Eyler started at Citigroup in 2001 and also joined Morgan Stanley in 2009. Girard started at Morgan Stanley in 2021.
Joining them are a support team consisting of Jennifer Huns, group director and vice president; Scott Tucker, director of investments; Yaelle Kimmelman, a wealth management associate; Tracy Weidman, a vice president and wealth management analyst; Tess Kearns, a registered client service associate; and Sophie Spence, a registered client service associate.
The team, going under the name Verismo Financial, is joining Wells Fargo's independent channel, Wells Fargo Advisors Financial Network, or FiNET. It's led by Frank Devincentis, Craig Eyler and Molly Girard. Devincentis joined the industry in 2004 at Citigroup and moved to Morgan Stanley in 2009.
Eyler started at Citigroup in 2001 and also joined Morgan Stanley in 2009. Girard started at Morgan Stanley in 2021.
Joining them are a support team consisting of Jennifer Huns, group director and vice president; Scott Tucker, director of investments; Yaelle Kimmelman, a wealth management associate; Tracy Weidman, a vice president and wealth management analyst; Tess Kearns, a registered client service associate; and Sophie Spence, a registered client service associate.
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Raymond James wins $360M team from LPL
Raymond James has brought over a pair of financial advisors managing $360 million from its rival LPL Financial.
Chas Gualano and Andrew Comans, a pair of advisors in Brandon, Mississippi, jumped to Raymond James Advisor Select within Raymond James & Associates, the firm's direct-employee channel. They will work with business owners and family offices asGualano Comans Wealth Advisors of Raymond James .
Gualano began his career at Trustmark Financial Services in 1997 and was at LPL for 13 years. Comans started at LPL Financial in 2012 and has more than 12 years of industry experience. They're being joined by Nicole Schuh, a client service associate.
Chas Gualano and Andrew Comans, a pair of advisors in Brandon, Mississippi, jumped to Raymond James Advisor Select within Raymond James & Associates, the firm's direct-employee channel. They will work with business owners and family offices as
Gualano began his career at Trustmark Financial Services in 1997 and was at LPL for 13 years. Comans started at LPL Financial in 2012 and has more than 12 years of industry experience. They're being joined by Nicole Schuh, a client service associate.
Exec moves: Orion brings in Mark Mayo as CFO
Orion Advisor Tech has named a new chief financial officer.
Orion, which provides technological services and systems to financial advisors, announced this week that Mark Mayo would be taking over as chief financial officer on Sept. 9. Mayo comes from DISA Global Solutions, a drug testing provider, where he also served as chief financial officer.
Orion is one of the largest wealthtech players in the industry, serving roughly $4.4 trillion in assets under administration and $69.4 billion of wealth management platform assets. Omaha, Nebraska-based Orion named a new CEO in September,bringing Natalie Wolfsen in for that role from its rival firm AssetMark.
Orion, which provides technological services and systems to financial advisors, announced this week that Mark Mayo would be taking over as chief financial officer on Sept. 9. Mayo comes from DISA Global Solutions, a drug testing provider, where he also served as chief financial officer.
Orion is one of the largest wealthtech players in the industry, serving roughly $4.4 trillion in assets under administration and $69.4 billion of wealth management platform assets. Omaha, Nebraska-based Orion named a new CEO in September,
