Every week, Financial Planning rounds up
Advisor moves: Merrill draws from Morgan Stanley, JPMorgan; LPL from Merrill
October 11, 2024 9:00 AM
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Merrill scores recruiting wins from Morgan Stanley, JPMorgan
Merrill drew on both Morgan Stanley and JPMorgan for advisor teams this week.
Bank of America's Merrill announced Tuesday that it had pulled over Dustin Elliott and Andrew Bushong, who had previously run The Hill Country Group at Morgan Stanley in Austin, Texas. Both Elliott and Bushong, who previously managed roughly $450 million in client assets, have 19 years of industry experience. They started at A.G. Edwards in 2005 and had stints at Wells Fargo Advisors. Elliott moved to UBS for eight years starting in 2009, and they both joined Morgan Stanley in 2017.
At Merrill, they'll report to Daniel Frugé, market executive for the Austin area. Joining them will be Katelyn Murff, Abby Sutterman and Hannah Wertz.
Separately, Merrill announced that a pair of brokers previously managing $500 million had joined from JP Morgan Private Bank. Michael Puleio and Laura Bokser will work out of Merrill's New York office under Nathan Marsden, a regional managing director.
Puleio has 18 years of industry experience. He started at MetLife Securities in 2003 and was at Morgan Stanley for a short time before joining JPMorgan in 2018. Bokser has three years of industry experience, having started at JPMorgan in 2021. Their clients include ultrahigh net worth customers, business owners, family offices and sports figures.
Bank of America's Merrill announced Tuesday that it had pulled over Dustin Elliott and Andrew Bushong, who had previously run The Hill Country Group at Morgan Stanley in Austin, Texas. Both Elliott and Bushong, who previously managed roughly $450 million in client assets, have 19 years of industry experience. They started at A.G. Edwards in 2005 and had stints at Wells Fargo Advisors. Elliott moved to UBS for eight years starting in 2009, and they both joined Morgan Stanley in 2017.
At Merrill, they'll report to Daniel Frugé, market executive for the Austin area. Joining them will be Katelyn Murff, Abby Sutterman and Hannah Wertz.
Separately, Merrill announced that a pair of brokers previously managing $500 million had joined from JP Morgan Private Bank. Michael Puleio and Laura Bokser will work out of Merrill's New York office under Nathan Marsden, a regional managing director.
Puleio has 18 years of industry experience. He started at MetLife Securities in 2003 and was at Morgan Stanley for a short time before joining JPMorgan in 2018. Bokser has three years of industry experience, having started at JPMorgan in 2021. Their clients include ultrahigh net worth customers, business owners, family offices and sports figures.
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LPL goes to Merrill for new independent practice
LPL Financial has pulled a team of advisors managing $685 million from Merrill Lynch.
The group led by Michael Caffrey, Derek Keller and Gabriel Parham will operate Air Capital Wealth Management through LPL Strategic Wealth Services, LPL's supported-independence channel. The team is based in Wichita, Kansas, deemed the "air capital of the world."
Caffrey has 10 years of industry experience and started at Merrill in 2013. Keller has 18 years of experience and was at Axa Advisors for four years before joining Merrill in 2010. Parham has 11 years of experience and was at Wells Fargo for four years before moving to Merrill in 2017.
Joining them at LPL are two assistants.
The group led by Michael Caffrey, Derek Keller and Gabriel Parham will operate Air Capital Wealth Management through LPL Strategic Wealth Services, LPL's supported-independence channel. The team is based in Wichita, Kansas, deemed the "air capital of the world."
Caffrey has 10 years of industry experience and started at Merrill in 2013. Keller has 18 years of experience and was at Axa Advisors for four years before joining Merrill in 2010. Parham has 11 years of experience and was at Wells Fargo for four years before moving to Merrill in 2017.
Joining them at LPL are two assistants.
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Advisor helping manage $340M returns practice back to LPL after Raymond James
LPL Financial has brought back an advisor formerly helping to oversee $340 million in assets at Raymond James.
LPL announced this week Don Giovanello Jr., of Morristown Wealth Management is joining LP for the second time. Giovanello, with 13 years of industry experience, was first at LPL for five years starting in 2010 before leaving to join Raymond James in 2016.
Coming with him is partner Gian Paolella, who has 10 years of experience. Paolella started at New York Life in 2014, was at Foreside Fund Services for less than a year and joined Raymond James in 2018. Also joining Giovanello is Ellen Luithle, a practice manager.
Morristown Wealth Management, operating out of the New Jersey city of the same name, was founded by Giovanello's father in 2009. Some of the team's associates are remaining at Raymond James but the Morristown name is moving to LPL.
LPL announced this week Don Giovanello Jr., of Morristown Wealth Management is joining LP for the second time. Giovanello, with 13 years of industry experience, was first at LPL for five years starting in 2010 before leaving to join Raymond James in 2016.
Coming with him is partner Gian Paolella, who has 10 years of experience. Paolella started at New York Life in 2014, was at Foreside Fund Services for less than a year and joined Raymond James in 2018. Also joining Giovanello is Ellen Luithle, a practice manager.
Morristown Wealth Management, operating out of the New Jersey city of the same name, was founded by Giovanello's father in 2009. Some of the team's associates are remaining at Raymond James but the Morristown name is moving to LPL.
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Exec moves: Bank of America Private Bank snags BNY Pittsburgh market president
Bank of America Private Bank is bringing over a market leader from BNY Wealth to oversee a new office it's opening in Pittsburgh.
Bank of America announced this week it had hired Huma Mohiuddin, formerly a director and the Pittsburgh market president at BNY Wealth. Her new position will have her overseeing a Bank of America Private Bank office recently opened in downtown Pittsburgh and run by a team of private bankers.
Mohiuddin has 20 years of industry experience. Before BNY Wealth, she had stints at JPMorgan, Northern Trust and Morgan Stanley.
Bank of America has 18 financial centers and 350 employees in the Pittsburgh area. Its wealth management subsidiary Merrill has eight offices.
Bank of America announced this week it had hired Huma Mohiuddin, formerly a director and the Pittsburgh market president at BNY Wealth. Her new position will have her overseeing a Bank of America Private Bank office recently opened in downtown Pittsburgh and run by a team of private bankers.
Mohiuddin has 20 years of industry experience. Before BNY Wealth, she had stints at JPMorgan, Northern Trust and Morgan Stanley.
Bank of America has 18 financial centers and 350 employees in the Pittsburgh area. Its wealth management subsidiary Merrill has eight offices.
Ownership moves: Dynasty gains minority backing from BlackRock, JPMorgan
Dynasty Financial Partners has won minority-ownership backing from BlackRock, JPMorgan Asset Management and its longtime partner Charles Schwab.
The deal values Dynasty at $800 million, a person familiar with the matter told Bloomberg earlier this week. Dynasty CEO and founder Shirl Penney said the money will be used partly to bolster the firm's technology offerings.
"In addition, enhancing our fortress balance sheet will allow us to provide more capital in support of our clients who are looking to grow their businesses via M&A or achieve succession planning goals," he said in a statement.
Dynasty now works with 56 independent firms and more than 400 advisors, who have $250 million in assets under management on average. The firm's clients tend to be RIAs, to which it provides services and products ranging from trading software to client-lead generation and investment banking, among others.
Two weeks ago,it announced a number of changes at the executive level, including the appointment of Marc Hineman, most recently of the market data software and analytics company Pico, as its new chief operating officer.
The deal values Dynasty at $800 million, a person familiar with the matter told Bloomberg earlier this week. Dynasty CEO and founder Shirl Penney said the money will be used partly to bolster the firm's technology offerings.
"In addition, enhancing our fortress balance sheet will allow us to provide more capital in support of our clients who are looking to grow their businesses via M&A or achieve succession planning goals," he said in a statement.
Dynasty now works with 56 independent firms and more than 400 advisors, who have $250 million in assets under management on average. The firm's clients tend to be RIAs, to which it provides services and products ranging from trading software to client-lead generation and investment banking, among others.
Two weeks ago,
Ownership moves: MAI Capital $1.2B fee-only advisory firm
The registered advisory MAI Capital Management has bought a $1.2 billion fee-only firm, marking its eighth acquisition this year.
Cleveland-based MAI Capital's purchase of Ashburn, Virginia-based Halpern Financial pushes its total assets under management toward $25 billion. The terms of the deal were not disclosed.
Halpern was founded in 1991 and now operates as a fee-only fiduciary firm. Besides its headquarters in Virginia, it has an office in Rockville, Maryland, and also does business out of Naples, Florida.
The founder of Halpern, Ted Halpern, will now become a regional president at MAI. His practice will take on the MAI brand and make use of MAI's services related to human resources, operations and marketing. The purchase of Halpern marks MAI's 49th acquisition since 2018.
Cleveland-based MAI Capital's purchase of Ashburn, Virginia-based Halpern Financial pushes its total assets under management toward $25 billion. The terms of the deal were not disclosed.
Halpern was founded in 1991 and now operates as a fee-only fiduciary firm. Besides its headquarters in Virginia, it has an office in Rockville, Maryland, and also does business out of Naples, Florida.
The founder of Halpern, Ted Halpern, will now become a regional president at MAI. His practice will take on the MAI brand and make use of MAI's services related to human resources, operations and marketing. The purchase of Halpern marks MAI's 49th acquisition since 2018.
