LPL draws a $550M team, Raymond James sets CEO transition date: Advisor moves

December 6, 2024 12:15 PM

Industry recruiting and other deals slowed only a little bit during the post-Thanksgiving week.

Even with many in wealth management no doubt still recovering from their holiday feasts, LPL, Raymond James and Merrill all announced teams drawn from rivals. And Raymond James announced an official date for its long-planned CEO transition.

LPL pulls in trio managing $550 million

LPL Financial has recruited a trio of advisors from a broker-dealer affiliated with the former AIG Retirement Services.

LPL announced this week that it had brought over Amanda Miller, Devin Richard and Jonathan Vila from VALIC Financial Advisors, the broker-dealer for Corebridge Financial. AIG Retirement Services became Corebridge Financial in 2022.

The three advisors operate a practice called Frontline Investment Advisors in Tampa, Florida, and have roughly $550 million under management. Miller has 15 years of industry experience and Richard has nine years. Both started their careers at VALIC, according to BrokerCheck. Vila has 17 years and started at Morgan Keegan in 2007 before moving to Bank of America the following year and to VALIC in 2009.

They work a good deal with school employees, sheriff's office personnel and medical workers and are specialists in the Florida Retirement System and other retirement plans and benefits.

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Raymond James recruits bank advisor managing $400M

Raymond James has recruited an advisor formerly managing $400 million at CNB Bank & Trust to its institutional division.

Raymond James announced this week that Darren Wright is using the RIA affiliation offered through its financial institutions division to form First Mid Wealth Strategies at First Mid Bank in Edwardsville, Illinois. Raymond James Financial Institutions Division provides a variety of investment support and other services to advisors working out of bank and credit union offices. The division's corporate RIA, Raymond James Financial Services Advisors, offers fee-only investment advice and comprehensive wealth management to clients.

Wright is forming First Mid Wealth Strategies with Josh Schuette, an advisor at First Mid Bank Wealth Management. They and client relationship consultant Eric Gibson plan to work primarily with high net worth clients.

Wright has more than 26 years of industry experience and has previously worked at Bank of America, The Bank of Edwardsville and Busey. Besides his new role, Wright will also serve as chief investment officer of First Mid Wealth Management Trust Services.

Merrill recruits former Wells advisor managing $270M

Merrill has pulled over an advisor formerly managing $270 million at Wells Fargo.

Merrill said Shahmir Moussavi is joining it in its office in Pleasanton, California. Moussavi had formerly been registered with Wells Fargo in Zephyr Cove, Nevada.

He has 26 years of industry experience and was at McGlaughlin, Piven, Vogel Securities, Wachovia, Smith Barney and UBS before joining Wells in 2014, according to BrokerCheck. Along with managing $270 million, Moussavi had $2.6 million in annual production at Wells.

Joining him at Merrill is client associate Shannon Gonzalez. They will be part of Merrill's East Bay Market, which is led by Lindsay Romig.

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LPL pulls advisor back from Centaurus Financial

A former LPL Financial financial advisor has decided to return after a stint at the rival firm Centaurus Financial.

LPL announced that James Norris, the CEO of Argosy Financial in Glendale, Arizona, is returning to its broker-dealer, RIA and custodial services. Norris has most recently managed $250 million at the independent broker-dealer Centaurus Financial.

Norris started at LPL in 2006. He left in 2012 to join Ameriprise for about a year and then returned to LPL. He joined Centaurus in 2019.

Norris's reason for his most recent departure from LPL was to take over a practice being handed down by two retiring advisors, according to LPL. He specializes in investment management, client portfolio construction and retirement planning.

Advisor brings career full circle back to SEIA

Signature Estate & Investment Advisors is reclaiming one of its former advisors through the purchase of her firm, Beverly Investment Advisors.

SEIA announced this week that it is bringing back Canon Price, who started her career at the large independent RIA three decades ago. Price founded Beverly Investment Advisors in 2002 in Beverly Hills, California, and has since brought its assets under management total to about $300 million.

Price said she's returning to SEIA, which has $23.8 billion under management, for its office and tech support. She plans to spend more time with clients and devise a succession plan for her business.

SEIA is backed in part by the private equity firm Reverence Capital Partners, which took a stake in it in 2022. It also has an investment from the independent broker-dealer Osaic, formerly Advisor Group.

Raymond James' incoming CEO Paul Shoukry and outgoing CEO Paul Reilly.

Courtesy of Raymond James

Exec moves: Raymond James sets date for new CEO to take office

Raymond James President Paul Shoukry will take on the CEO title on Feb. 20, according to the independent broker-dealer's board of directors.

Shoukry was tapped in March to be the successor of current CEO Paul Reilly. When Shoukry steps up to the top position at the firm, Reilly will become executive chair.

Reilly has been CEO of Raymond James since 2010. In February, Shoukry will become only the fourth person to lead the firm's 60-year history.

"Reflecting his understanding and commitment to all of our businesses, Paul Shoukry has spent the months since our leadership change announcement traveling, meeting with and listening to hundreds of financial advisors and associates across the country," Reilly said in a statement. "He has also been involved in virtually every critical meeting and decision I have made during this time, and this has only reinforced our appreciation for the attributes that made him an ideal CEO candidate."

Exec moves: LPL hires chief information security officer from PayPal

LPL Financial has hired Renana Friedlich as its executive vice president and chief information security officer.

Before joining LPL, Friedlich had been deputy chief information security officer and senior director of cyberthreat management at PayPal, where she oversaw a team of 120.

Her new role will have her responsible for LPL's cybersecurity plans and the protection of its IT infrastructure, networks and data. She will report to Greg Gates, LPL managing director and chief technology and information officer. She will work at LPL's headquarters in San Diego.

Wells Fargo Says Client Borrowing Likely To Accelerate In 2022

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Wells Fargo pulls manager for New England market from JPMorgan

Wells Fargo has hired Tim Grumley, formerly of JPMorgan, to oversee New England and upstate New York for its wealth and investment management unit.

Grumley takes over the market from Brendan Krebs, who left last month to lead wealth advisors at PNC Investments. Krebs had been promoted to head of advisor recruiting at Wells in January but still maintained responsibility for the firm's New England market.

Grumley has been at JPMorgan since 2006, serving most recently as a regional manager. At Wells Fargo, he'll report to Barry Simmons, the head of the firm's Northeast division.

"I'm thrilled to have Tim join our team and lead our New England-Upstate NY market," Simmons said in a statement. "Having served as both regional director for markets across the Northeast and as an accomplished financial advisor throughout his career, Tim is an exceptional leader with a proven track record of helping financial advisors grow."

Grumley's hiring was first reported by the industry publication AdvisorHub.

Sequoia Financial seals purchase of Eide Bailly’s wealth unit

Sequoia Financial Group has completed its previously announced acquisition of the accounting firm Eide Bailly's wealth business.

The wealth unit brings Sequoia $1.6 billion in assets and 22 employees and extends its presence in the West. Eide Bailly has its headquarters in Fargo, North Dakota, and 40 offices concentrated mainly in the western U.S. The Akron, Ohio-based Sequoia, a registered investment advisor with $21.5 billion under management, has 16 offices, mainly in the Midwest, East and Southeast.

Sequoia said in a press release that it plans to soon introduce its brand to Eide Bailly offices in Los Angeles, Phoenix, Salt Lake City and other markets. The firm also intends to hire as many as 40 advisors in 2025, it said.

As a result of the acquisition, Brad Kelley, previously principal and wealth leader at Eide Bailly Advisors, has become an executive vice president of corporate development at Sequoia Financial. And Brett Meyer, previously investment strategy director at Eide Bailly Advisors, has become the head of investor relations for Sequoia Financial's investment research team.