Raymond James; Baird, LPL Financial; how Americans view advisors and other news of the week

July 23, 2021 1:01 PM

Americans say financial advisors are their most trusted sources for financial advice, with nearly four in 10 saying they’re working with an advisor, according to a poll for Northwestern Mutual. Those seeking advanced education can try out Kaplan’s new master’s degree in financial analysis. And advisors were on the move, to Verdence Capital Advisors, LPL Financial and Baird, among other career moves, hires and news of the week.

Scroll through to see more of the week’s financial news.

Verdence Capital Advisors, a fee-only RIA, added 20-year industry veteran Ellen Nusgart as a director and private wealth advisor. Nusgart joins the firm from Fidelity Investments, where she managed an undisclosed amount of client assets. “Ellen brings passion and insight to her work as an expert advisor and planner and is a tremendous addition to our team,” Verdence CEO Leo Kelly said in a statement. The firm has $2.96 billion in assets under management and is based in Hunt Valley, Maryland, with an additional office in Northern Virginia. A few days later, Verdence

announced

that it had sold a minority stake to New York Private Bank & Trust subsidiary Emigrant Partners.

The retirement and pension arm of Integrated Partners has acquired the pension administration division of New York-based Friedman, which has 184 plans that are moving to Integrated Pension Services. The parties didn’t disclose the terms of the transaction, which has closed. “Our decision to form a strategic alliance with Integrated Pension Services was based on their depth of knowledge in the industry and the superior level of support they give clients,” Friedman Co-Managing Partner Harriet Greenberg said in a statement.

Financial advisors Jeff Blaser and Austin Daugherty left Raymond James Financial Services for Commonwealth Financial Network. Burlington, North Carolina-based Blaser Investment Management Group managed $195 million in client assets with the team’s prior firm, and the duo are both Certified Kingdom Advisors incorporating Christian principles into their planning services to clients. “The inclusive, relational culture at Commonwealth is a top reason we made this change,” Blaser said in a statement. “It’s very attractive and one that nurtures both personal and professional growth. It is also a place where I can create a succession plan the way I envision.”

Cleburne, Texas-based Moore Private Wealth Group has dropped the Wells Fargo Advisors Financial Network, where the team managed $153 million in client assets, to go to Kestra Financial. Husband-wife duo Jay and Brooke Moore lead the breakaway team. “Jay and Brooke are exactly the type of financial professionals we seek to partner with,” Daniel Schwamb, Kestra’s executive vice president of business development, said in a statement. “They are relationship-focused, highly experienced and have a well-established business with vast growth potential.”

Financial advisors Steven Bailin, Jodie Cohen and Jeffrey Prince of Los Angeles-based PBC Private Wealth went independent with LPL Financial and its breakaway channel, Strategic Wealth Services. The advisors managed $700 million in client assets with their prior firm and they’re the 10th group to join the channel

LPL launched last year

specifically targeting wirehouse teams. “LPL provides us with all of the resources and business support to continue to deliver at a high level of service and customization for our clients, with the added benefit of being independent,” Prince said in a statement.

Baird recruited financial advisor Stephen Hatcher, Associate Financial Advisor John Hatcher and Client Assistant Christine Moore to its branch in Scottsdale, Arizona. The practice managed 173 million in client assets with their prior firm, Wells Fargo Advisors. Baird’s Private Wealth Management business includes more than 1,300 advisors managing $239 billion in client assets.

Financial advisors Joe Roddy, Steve Mayer and Laurie Elfrank of West End Advisory Group left Cetera Advisor Networks for LPL Financial. The St. Louis-based practice managed $170 million in client assets with its prior firm, and Roddy is a longtime city alderman representing the area referenced in the firm’s name. “Everything we do is for our clients,” Roddy said in a statement. “We view this as a long-term move that will set our business up for the future and best support our clients’ growing expectations.”

The pandemic has made a notable impact in Americans’ views of financial advisors, if a new survey conducted by The Harris Poll on behalf of Northwestern Mutual is any indication. Among 2,320 U.S. adults surveyed in March, advisors took the top spot as the most trusted source of financial advice, and 38% said they work with an advisor. In the same poll last year, adults were most likely to pick themselves as the most trusted source, and just 29% said they worked with a financial advisor. "After the events of the last year, many people are looking for someone they can trust during unpredictable times," Tim Gerend, Northwestern’s chief distribution officer, said in a statement. "The value of professional advice is on the rise in America."

An independent organization advocating for MassMutual’s financial advisors and other professionals called the MassMutual Advisors Association picked Jason Jones of Atlanta-based Financial Strategies & Solutions as its president for the next two years. He replaces the outgoing president, Adam Goetz of Pittsburgh-based Burstin & Goetz. “It’s an honor to lead an organization that coordinates the efforts of financial professionals who are on the front lines with MassMutual’s clients,” Jones said in a statement. “I’m proud to take the reins to lead the oldest-in-the-industry association to advocate for opportunities and issues related to client experience, advisor development, technology, product offerings, and wealth and financial planning strategies.”

Advisor Group appointed Amy M. Hamilton to be its chief of staff and head of internal audit, a position reporting directly to CEO Jamie Price. The industry veteran joins the Phoenix-based wealth manager from LPL Financial, where she was the chief audit executive. She had an earlier tenure with Marsh & McLennan Companies. In her new role, she’ll work with the audit committee of the firm’s board as well as leading Advisor Group’s enterprise risk management group. “The dynamic nature of our industry requires firms to continuously improve upon their best practices while also looking around corners to identify risks and plan for the unforeseen,” Price said in a statement. “Amy will play a critical role as our new chief of staff, serving as my right hand and enabling us to make further strides in the execution of our top priorities. In her role as head of internal audit, she will enable us to further strengthen our internal controls as we continue our momentum as one of the largest and fastest growing firms in the industry.”

Midsize independent broker-dealer The Leaders Group added Santa Monica, California-based Gideon Strategic Partners led by CEO Robert Amoruso. The practice managed $500 million in client assets with its prior firm, and it also includes Chief Investment Officer Erik Oros, Head of Corporate Strategy Eleanor Reid, Managing Director Anthony D’Angelo and Head of Financial Planning Ed Kispert. In addition, former J.P. Morgan Private Bank manager Adam Gross joined the practice as head of the family office group. "The continued growth of our business and demand for expanded technological capabilities by our clients made the transition to The Leaders Group the obvious choice for our firm,” Amoruso said in a statement. “Their hands-on services combined with sophisticated solutions and complete independence give us the freedom and flexibility to deliver higher-value wealth management and financial planning services to our growing client base."

Manhattan West, a Los Angeles-based asset manager with about $1 billion in client assets, hired Benjamin Vega to be the firm’s general counsel. He previously served in the same role with a family office practice called Meruelo Group and had earlier tenures with Sony Pictures Entertainment, Ascent Media Group and Skadden, Arps, Slate, Meagher & Flom. Manhattan West launched five years ago as an independent firm with around $200 million in assets after founder Lorenzo Esparza left J.P. Morgan Chase with six other employees on the team. The firm now has 44 team members. “Since inception, our charge has been to deliver bespoke solutions tailored to meet client needs — and that starts with human capital,” Esparza said in a statement. “We are thoughtfully assembling an elite team of business and financial professionals. Adding a colleague of Ben’s caliber is an important milestone for our company, our team and our clients.”

Financial advisors Chad Wing and Dustin Brutton, as well as five other team members, dropped Northwestern Mutual to join fee-only firm Canopy Wealth Management, where they’ve opened the RIA’s new office in Scottsdale, Arizona. The team managed $300 million in client assets with its prior firm. "The catalyst for joining Canopy was the ability to align our values and business practices to deliver a true client-centric planning experience,” Wing said in a statement. “Our clients always come first, and they deserve an advisory relationship with fiduciary standards at the forefront.”

Raymond James & Associates recruited a wirehouse breakaway team from Wells Fargo Advisors in Tampa, Florida. Financial advisors James Warren and Susan Hite of Warren Hite Family Wealth Advisors of Raymond James managed $280 million in client assets with their prior firm. They now report to Branch Manager Chuck Curtis and Regional Manager Bert White. “With our practice and the firm’s headquarters both located in the Tampa Bay area, we are fortunate to have direct access to firm leaders, subject matter experts and service areas whose ‘can-do’ attitude permeates the company’s culture,” Hite said in a statement.

The College for Financial Planning, a unit of Kaplan, is launching a new online Master’s of Science in financial analysis (MSFA), starting Aug. 16. Students will prepare for the CFA exams while pursuing master’s degrees. Tuition is $1,725 per course (10 courses are required) or $17,250 for the entire degree, plus materials. This is the second master’s-level program at the school, in addition to the master's in personal financial planning.

Digital recordkeeping platform Vestwell announced it raised $70 million in a financing round led by Wells Fargo Strategic Capital and Fin Venture Capital. Goldman Sachs, Morgan Stanley, Nationwide Ventures, Allianz Life Ventures and Northwestern Mutual also participated. The company, which lets financial advisors create and manage workplace retirement plans for clients, says it experienced 200% growth in 2020 after it started working as a small plan provider for big names like Morgan Stanley and Voya. Vestwell, which was named one of Financial Planning’s

Best Fintechs to Work For in 2021

, plans to use the funding to increase its team size and expand into new workplace savings programs, such as 529s, HSAs and IRAs.