Advisor moves: UBS, Raymond James, RBC pick up teams

September 6, 2024 1:34 PM

Two smiling business people handshake. Good business deal.

Advisor moves and M&A are constantly changing the landscape of wealth management.

Each week, Financial Planning rounds up notable advisor moves and deals, as you can see below, in addition to our daily coverage of larger deals.

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Two join UBS from Merrill

UBS Wealth Management has picked up a pair of advisors from Merrill.

Ora DeMorrow and Brendan Goffinet, formerly managed $360 million in client assets for Merrill in Greenwood Village, Colorado. They're joining UBS' Denver Tech location.

DeMorrow was at Merrill for 13 years, starting in 2011, according to BrokerCheck. Goffinet, who has 24 years of industry experience, was at Merrill for nine years starting in 2015 and, before that, at Morgan Stanley.

At Merrill, the pair were part of a team known as DGG Wealth Management Group.

Elkhart - Circa May 2022: Raymond James Financial location. Raymond James is an investment bank and financial services company.

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Raymond James recruits team from Northwestern Mutual

Raymond James has brought over a team led by three advisors who formerly managed more than $300 million at Northwestern Mutual.

Raymond James recruited the Garrison Financial Group, based in Littleton, Colorado, to its independent advisor channel. The team is led by Craig Garrison, Timothy Hall and Matthew Strelau, and has eight other members.

Garrison has 19 years of industry experience and started at Northwestern Mutual in 2004, according to BrokerCheck. Hall started at Northwestern Mutual in 2010 and Strelau has been there since 2020.

RBC Wealth Management recruits two teams from Wells Fargo

RBC Wealth Management has brought on a pair of teams formerly managing more than $800 million for Wells Fargo.

RBC recruited The Salon Magura Private Wealth Group, which had managed $455 million in client assets for Wells Fargo in Conshohocken, Pennsylvania. Separately, it brought on Bernard Suissa, who had $346 million for Wells Fargo in Tysons, Virginia.

The Salon Magura Private Wealth Group is led by Rob Salon, who has 28 years of industry experience and has had stints at UBS, Citi and Morgan Stanley, and Pari Hashemi Magura, who has 15 years of experience and started at Morgan Stanley.

Bluespring Wealth Partners names new president

Bluespring Wealth Partners, a subsidiary of Kestra Holdings dedicated to acquiring independent RIAs, has appointed Pradeep Jayarman as its new president.

Jayarman comes from Focus Financial Partners, itself an aggregator of independent advisory firms. Before that, he was a vice president at Goldman Sachs, according to a press release from Bluespring.

The previous president of Bluespring, Stuart Silverman, will stay on as chairman.

LPL appoints chief advocacy officer

LPL Financial has named Tom Gannon as executive vice president and chief advocacy officer.

Gannon, who has more than 25 years of experience in government relations, will report to Althea Brown, LPL chief legal officer, and will work with policy analysts and lobbyists.

His position will have Gannone responsible for LPL's government relations at the federal, state and local levels. He will also lead the firm's political action committee. Before joining LPL, he oversaw government relations at H&R Block and Mastercard.