Mergers & Moves: Raymond James, LPL take on new teams, while J.P. Morgan, Advisor Group and others tap new leadership

May 12, 2022 6:07 PM

J.P. Morgan hired for multiple wealth management leadership roles. Raymond James did as well, and also snapped up a former Wells Fargo team. These bits of news, and other notable M&A activity, as you scroll down our cardshow.

J.P. Morgan appoints new head of business development for branch-based teams

Mike Ayerov, currently J.P. Morgan Wealth Management’s regional director managing advisors and market directors in Staten Island, New Jersey and greater Pennsylvania, is the new head of business development for branch-based teams across the firm. The 15-year J.P. Morgan veteran will start the new role on June 1 and report to Mollie Colavita, the firm’s head of practice management.

Raymond James picks up ex-Wells Fargo team with $580 million

Financial advisors Brian Heberle, Dustin Helm, John Ferguson and Craig Cacini dropped Wells Fargo Advisors for Raymond James & Associates in the brokerage’s first branch in Monroeville, Pennsylvania. The team managed $580 million in client assets with their prior firm. “We were attracted to Raymond James by the technology and financial planning tools that will enable us to expand upon and enhance the value we provide to our clients,” Heberle said in a statement.

Advisor Group hires strategy and compliance executives

Independent wealth manager Advisor Group appointed Dimple Shah, the onetime head of corporate strategy for LPL Financial, its executive vice president of corporate strategy and Iryna Northrip, the former chief compliance officer with Mariner Wealth Advisors, as the chief compliance officer of the firm’s investment advisory division. “For the last two years, we've been hiring across the organization adding new leaders and fresh perspectives to Advisor Group,” CEO Jamie Price said in a statement. “We are thrilled to welcome Dimple and Iryna to our firm and to our leadership team.”

J.P. Morgan Advisors taps two new regional directors

Close up of signage stands on display outside the JPMorgan & Chase Tower in downtown Chicago, Illinois, U.S., on Saturday, Oct. 7, 2017.

Keith Henry, the former head of diversity and coach of more than 450 producing managers at Merrill Lynch, joined J.P. Morgan Advisors to be the regional director of the New York office. In Chicago, the firm picked Peter Lazor, an ex-market executive with Merrill and a former J.P. Morgan private banker.

Former Merrill Lynch broker with $135M chooses LPL’s ex-wirehouse channel

LPL Financial’s Strategic Wealth Services, the firm’s specific channel for ex-wirehouse financial advisors and teams, added planner Nick Bevad from Marlton, New Jersey-based Claritas Financial Partners. He joined the existing firm associated with LPL from Merrill Lynch, where his team managed about $135 million in client assets. “This decision did not come lightly,” Bevad said. “I put in a lot of due diligence over the last few years, evaluating a number of different wealth management firms, and I always came back to LPL.”

Raymond James hires former Wells Fargo executive to lead Miami branch

Janet Moses, a former complex manager and regional executive for the metro New York region of Wells Fargo with prior tenures at J.P. Morgan Chase and Smith Barney, is now the branch manager of the Miami branch of Raymond James & Associates. The branch spans financial advisors and associates in locations in Coral Gables, Key West, Miami Beach and Dadeland as part of the firm’s South Florida Complex. “Even prior to joining Raymond James, it was clear to me that the firm is a leader in the industry with its advisor-centric values,” Moses said in a statement. “We are truly living our stated culture and helping advisors run their business the way they envision it for their clients.”

Two advisory firms merge with a collective of $46.6 billion AUM

Cerity Partners, a Philadelphia-based wealth advisory firm with $45 billion AUM, is merging with Permit Capital Advisors. With $1.6 billion AUM, Permit Capital Advisors specializes in working with nonprofit organizations and promoting financial literacy. The combined firm will operate under the Cerity Partners name. “Having the additional resources of Cerity Partners enhances not only our solutions across these diverse financial needs, but also our ability to attract exceptional talent to better serve clients." Mimi Drake, co-CEO of Permit Capital Advisors, said in a statement.

Raymond James snaps up a veteran advisor in Texas from Wells Fargo

Financial advisor Rob Hrnicek will join Raymond James Financial Services in Texas after leaving Wells Fargo, where he managed approximately $125 million in client assets. The 20-year veteran joins the Plano, Texas team of advisors at Parkway Wealth Management Group. "This move was a no-brainer for me. I’ve worked with several of the Parkway Wealth Management team members in the past, so I have a great relationship with them and know that our values are aligned,” Hrnicek said in a statement.

Rockefeller Capital Management appoints new director for its southeast division

Kristen Sario, previously Morgan Stanley’s complex manager and executive director overseeing North Carolina, South Carolina and Georgia, is the new director of Rockefeller Capital Management’s southeast division. The University of Florida graduate will oversee six offices and will focus on the continued growth in the Charlotte, North Carolina; Florida; and Nashville markets.