UBS swims against wirehouse outflow with Cresset team: Advisor Moves

February 21, 2025 12:20 PM

Businessman discussing project with colleague

One of the biggest trends in wealth management in recent years is the flight of advisors from large Wall Street mainstays to smaller, independent firms.

So it's always noteworthy when a team goes in the opposite direction. That's exactly what a group of three advisors moving from the RIA aggregator Cresset Capital to UBS is doing.

Read about that and other recruiting deals below.

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Reversing wirehouse outflow, UBS grabs $880M team from Cresset

UBS has pulled a three-person advisory team from the RIA aggregator Cresset Capital.

The move goes against the prevailing trend of advisors leaving large wirehouses to seek greater independence at smaller firms. Cresset, a Chicago-based RIA with roughly $65 billion under management, has built its business in large part by recruiting advisory teams from large Wall Street fixtures.

The Denver-based team now moving to UBS — led by Peter Sherlock, Gus Spaulding and Chase Rodawig — had previously been at Bank of America before joining Cresset. Sherlock and Spaulding were at Bank of America Private Bank from 2016 to 2020 and J.P. Morgan Private Bank from 2010 to 2016. Rodawig was at J.P. Morgan from 2013 to 2018 before joining Cresset, according to BrokerCheck.

The three advisors had been managing roughly $880 million at Cresset and producing about $4.5 million in annual revenue. Joining them is the senior wealth strategist Taylor Morton.

UBS announced in November that it was overhauling its pay policies for U.S. advisors, mostly reducing payouts for low-end revenue producers while making more modest cuts for some advisors higher on the income-generation scale. Executives predicted in an earnings call this month that the changes would most likely result in a temporary increase in advisor departures.

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LPL pulls $900M team from Raymond James

LPL Financial has brought over a trio of advisors in Wichita, Kansas, from its industry rival Raymond James.

LPL has recruited a team led by Shane Prill and the brothers Vance and Grant Garwood to its broker-dealer, registered investment advisor and custodial channels. They had previously managed about $900 million at Raymond James at a practice called S.J. Prill Financial & Investment Planning.

Prill began his career at Edward Jones in 1986 and was affiliated with Raymond James starting in 1991. Vance Garwood joined him in 2008 and Grant, who was at Ameriprise from 2014 to 2019, joined him in 2019. Coming with them to LPL are four office staff members: Janna McConnaughhay, Deb Kelly, Luke Prill and Taylor Phillips.

Merrill draws back team from Morgan Stanley

Merrill has pulled back an advisory group that left it a decade ago to join Morgan Stanley.

Merrill announced this week that it had recruited a team led by Anthony Callea and Randy Cintron to its offices on Park Avenue in New York. Both advisors had previously been at Merrill from 2009 to 2014, when they left to join Morgan Stanley.

At Morgan Stanley, the pair had managed roughly $400 million and had $3 million in annual revenue production. Joining them at Merrill are Kailey Walsh, senior business manager, and Erin Doody, client associate.

Both Callea and Cintron started at Donaldson, Lufkin & Jenrette in 1999 and quickly joined Morgan Stanley Dean Witter, where they were until 2004. They then joined Bank of America, which acquired Merrill in 2008.

Dynasty Financial lands team managing $900M

The wealth management network Dynasty Financial Partners has pulled over a group of advisors mostly formerly affiliated with CIBC.

Dynasty announced this week a team of four advisors has joined it to start a Chicago-based practice its calling XXI Wealth. The group is led by Kurt Newsom, Kathleen Merkle and Elizabeth Sadler — all formerly with CIBC — as well as Matt Cavanaugh, who was last registered with the RIA aggregator MAI Capital Management, according to a Securities and Exchange Commission online database.

Members of the team had previously managed $900 million and specialized in working with athletes, lawyers and entrepreneurs, according to Dynasty. They chose the "XXI Wealth" because of positive associations with the number 21, the release states.

"Throughout history, the number 21 symbolizes positivity, transformative change, and expanded horizons — qualities we aim to embody for the benefit of our team and clients in the years ahead," Cavanaugh said in a statement.

St. Petersburg, Florida-based Dynasty provides technology and back-office support to 55 firms managing roughly $105 billion. It specializes in helping advisors from large firms set up their own independent practices. It announced last month, for instance, that it had brought over a group of former Goldman Sachs employees managing $1.6 billion who were looking to start an RIA.

Rockefeller lands Merrill private wealth team

Rockefeller Capital Management has recruited a private wealth team formerly managing $4 billion at Merrill.

A spokesperson for Rockefeller confirmed Friday its recruitment of Meyer-DeMartini Wealth Partners. The team includes Lorna Meyer and her sons, William and Andrew Meyer, as well as James DeMartini IV. The team operates out of San Francisco. Advisor Hub first reported their move.

Lorna Meyer joined the industry at E.F. Hutton in 1997 and moved through a string of firms before joining Merrill in 2001. DeMartini has been at Merrill since 2002.

William Meyer started at Merrill in 2009. And Andrew Meyer joined Merrill in 2012 after a previous stint at the Deutsche Bank subsidiary Alex. Brown.

New York-based Rockefeller Capital has started the year off with some big recruiting deals. Last week it confirmed it had pulled over a team managing $1 billion from Stifel.