Advisors on the move: 23 jumps, $5.6B in AUM
February 20, 2018 2:19 PM
The wave of wirehouse advisors leaving to join regional and independent firms has not ceased.
Financial advisors collectively managing $5.6 billion migrated to new firms that they say offer them higher pay and greater flexibility. Moves to regional firms were also motivated by concerns regarding the Broker Protocol, according to On Wall Street’s latest roundup of career moves.
Raymond James picked up multiple teams from wirehouses like Wells Fargo and UBS, the latest in a trend of aggressive hiring. In addition, Raymond James also added new offices in its Tampa Bay complex.
Stifel also snapped up new talent from rivals such as Ameriprise and Wells Fargo. Advisors that managed over $500 million joined the regional firm in Flint, Michigan, Clayton, Missouri and Overland Park, Kansas.
Scroll through to learn more about these advisor moves and others. For a look at our previous roundup,click here.
Financial advisors collectively managing $5.6 billion migrated to new firms that they say offer them higher pay and greater flexibility. Moves to regional firms were also motivated by concerns regarding the Broker Protocol, according to On Wall Street’s latest roundup of career moves.
Raymond James picked up multiple teams from wirehouses like Wells Fargo and UBS, the latest in a trend of aggressive hiring. In addition, Raymond James also added new offices in its Tampa Bay complex.
Stifel also snapped up new talent from rivals such as Ameriprise and Wells Fargo. Advisors that managed over $500 million joined the regional firm in Flint, Michigan, Clayton, Missouri and Overland Park, Kansas.
Scroll through to learn more about these advisor moves and others. For a look at our previous roundup,
Merrill Lynch loses 2 advisors to J.P. Morgan Securities
J.P. Morgan Securities recruited two Merrill Lynch advisors who were previously part of a team overseeing more than $2 billion in client assets, the firm said.
Jason Gordon and Thomas Scott Holstead represent the firm's first hires in 2018, according to J.P. Morgan Securities. They leave behind Phillip Leonard and his son Bryan. A spokeswoman for J.P. Morgan Securities and Merrill Lynch declined to comment on the split.
Holstead ranked no. 55 onBarron's top advisors in Texas list in 2016 , which pegged him at approximately $1.9 billion in assets.
Read morehere.
Jason Gordon and Thomas Scott Holstead represent the firm's first hires in 2018, according to J.P. Morgan Securities. They leave behind Phillip Leonard and his son Bryan. A spokeswoman for J.P. Morgan Securities and Merrill Lynch declined to comment on the split.
Holstead ranked no. 55 on
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Advisors Southeastern Alliance Joins LPL Financial
Advisors Southeastern Alliance, a firm that manages more than $1.2 billion of brokerage and advisory client assets, has agreed to join LPL’s BD and RIA platforms.
The move is a result of LPL’s purchase of the assets from Advisors Southeastern Alliance’s current BD, INVEST Financial Corporation.
The move is a result of LPL’s purchase of the assets from Advisors Southeastern Alliance’s current BD, INVEST Financial Corporation.
Bloomberg News
$350M Wells Fargo team goes indie with Raymond James
A Wells Fargo team that managed approximately $350 million in client assets left the wirehouse to form an independent practice with Raymond James, according to the firm.
The team consists of Scot Morris and his colleagues Alex Brand, Alicia Borghi and Barbara Wiltshire operate their new independent practice as Z3 Capital Partners in Richmond, Virginia. They made the move on December 1, 2017, according to FINRA BrokerCheck records.
Read morehere.
The team consists of Scot Morris and his colleagues Alex Brand, Alicia Borghi and Barbara Wiltshire operate their new independent practice as Z3 Capital Partners in Richmond, Virginia. They made the move on December 1, 2017, according to FINRA BrokerCheck records.
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Ameriprise poaches $234M advisors from Citigroup, Wells Fargo
Ameriprise has hired two advisors who manage $234 million in combined client assets, adding to its bench after stemming an outflow of talent late last year.
Meisha Griffith joined Ameriprise’s independent channel in Pasadena, California, from Citigroup, where she managed about $109 million in client assets, according to Ameriprise. Citigroup confirmed Griffith’s departure. She has worked in the financial industry for 18 years, according to FINRA records.
Anthony Barone joined Ameriprise's independent channel in Bohemia, New York, from Wells Fargo, where he oversaw approximately $125 million in assets.
Barone previously worked at Prudential for four years, according to FINRA. Wells Fargo declined to comment on its former employee.
Read morehere.
Meisha Griffith joined Ameriprise’s independent channel in Pasadena, California, from Citigroup, where she managed about $109 million in client assets, according to Ameriprise. Citigroup confirmed Griffith’s departure. She has worked in the financial industry for 18 years, according to FINRA records.
Anthony Barone joined Ameriprise's independent channel in Bohemia, New York, from Wells Fargo, where he oversaw approximately $125 million in assets.
Barone previously worked at Prudential for four years, according to FINRA. Wells Fargo declined to comment on its former employee.
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Bloomberg News
Indie space lures $200M advisor from Merrill Lynch
Merrill Lynch has lost some more talent, this time to an independent firm affiliated with Wells Fargo Advisors Financial Network, the bank's IBD.
Dennis Hall left Merrill for Florham Park Wealth Advisors in Florham Park, New Jersey.
Hall made the move in 2017. He brings more than two decades of industry experience and over $200 million in client assets to the new firm, according to a spokesperson.
Read morehere.
Dennis Hall left Merrill for Florham Park Wealth Advisors in Florham Park, New Jersey.
Hall made the move in 2017. He brings more than two decades of industry experience and over $200 million in client assets to the new firm, according to a spokesperson.
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Bloomberg News
Ameriprise loses $197M team to Stifel
Two advisors overseeing $197 million in client assets left Ameriprise for Stifel, making them the latest brokers to join the regional firm, a company spokesman confirmed.
Tom Hankins and Jay Lauzon have joined the firm's office in Flint, Michigan. Stifel opened that office last monthwhen it recruited three former Wells Fargo advisors who managed $300 million in client assets.
The St. Louis-based firm's recent hires are industry veterans. Hankins, an advisor of two decades, had been with Ameriprise since 2004, according to FINRA BrokerCheck records. Lauzon also started working at the firm in 2004. He has been an advisor since 1991, per BrokerCheck. Monica Veit, registered client service associate, also moved with the team.
Read morehere.
Tom Hankins and Jay Lauzon have joined the firm's office in Flint, Michigan. Stifel opened that office last month
The St. Louis-based firm's recent hires are industry veterans. Hankins, an advisor of two decades, had been with Ameriprise since 2004, according to FINRA BrokerCheck records. Lauzon also started working at the firm in 2004. He has been an advisor since 1991, per BrokerCheck. Monica Veit, registered client service associate, also moved with the team.
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Alex. Brown poaches $180M team from RBC
Alex. Brown, a high-end wealth management division of Raymond James, was able to entice an advisor team managing $180 million in client assets away from RBC.
Some regional brokerages have been on red-hotrecruiting sprees as of late. Advisors have been ditching some firms for greater independence and more recently due to concerns regarding the Broker Protocol.
RBC has benefitted from this trend, welcominga surge of new talent lately. However, the Rigler Group, operating in Los Angeles, decided to leave the firm in order to take advantage of the support and resources offered at Alex. Brown.
Read morehere.
Some regional brokerages have been on red-hot
RBC has benefitted from this trend, welcoming
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David Paul Morris/Bloomberg
First Republic gains new managers in their Century City and San Francisco offices
In January, First Republic picked up four new advisors, from competitors.
Former Merrill Lynch advisors Jeffrey Schottenstein and Stuart Wechsler joined First Republic in San Francisco and Greenwich, Connecticut. They had been with Merrill since 2002, according to FINRA BrokerCheck records.
Matthew Babrick and James Wilcox joined First Republic in Century City, California. They previously worked at Goldman Sachs. Babrick had been there since 2007 while Wilcox had worked at the bank since 2000, per BrokerCheck records.
Former Merrill Lynch advisors Jeffrey Schottenstein and Stuart Wechsler joined First Republic in San Francisco and Greenwich, Connecticut. They had been with Merrill since 2002, according to FINRA BrokerCheck records.
Matthew Babrick and James Wilcox joined First Republic in Century City, California. They previously worked at Goldman Sachs. Babrick had been there since 2007 while Wilcox had worked at the bank since 2000, per BrokerCheck records.
Stifel’s recruiting ramps up with addition of $176M advisor team
Stifel’s recruiting push is accelerating with the addition of two advisors managing $176 million to its coalition of planners.
Advisors Geoff Espe and Larry Flynn have joined the firm’s Clayton, Missouri office from the RIA Wheelhouse Securities. The pair brings more than 50 years of combined industry experience to Stifel. Erika Zimmerman, a registered client service associate, will also join them at the firm.
“This move highlights the increasing regulatory burdens faced by independents and the solutions that Stifel can offer — the freedom of independence with the strength, structure and support to help them do what is truly important — help their clients pursue their financial goals,” Kevin Ortmeyer, Stifel regional director, said in a statement.
Read morehere.
Advisors Geoff Espe and Larry Flynn have joined the firm’s Clayton, Missouri office from the RIA Wheelhouse Securities. The pair brings more than 50 years of combined industry experience to Stifel. Erika Zimmerman, a registered client service associate, will also join them at the firm.
“This move highlights the increasing regulatory burdens faced by independents and the solutions that Stifel can offer — the freedom of independence with the strength, structure and support to help them do what is truly important — help their clients pursue their financial goals,” Kevin Ortmeyer, Stifel regional director, said in a statement.
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Advisor quits UBS for Raymond James
Just weeks after UBS quit the Broker Protocol in early December, an advisor overseeing $200 million made his own exit, jumping to Raymond James.
Andrew Hutcheson, whose assets included funds held elsewhere in retirement plans, made the move to Raymond James’ Alex. Brown office in Los Angeles.
Read morehere.
Andrew Hutcheson, whose assets included funds held elsewhere in retirement plans, made the move to Raymond James’ Alex. Brown office in Los Angeles.
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Stifel strikes again, hires $178M Wells Fargo advisor
Stifel recruited a financial advisor overseeing $178 million in client assets from Wells Fargo, a spokesman confirmed.
Stifel previouslypicked up an Ameriprise team based in Flint, Michigan, that managed $197 million in client assets.
The regional firm's latest hire, advisor Greg Greenberg, joined Stifel in Overland Park, Kansas.
“I chose to move my practice to Stifel because of its Midwestern values and its commitment to the advisor-client relationship,” Greenberg said in a statement. He also highlighted the firm's platform and research. Stifel is based in St. Louis.
Greenberg, an advisor of 21 years, had been with Wells Fargo since 2007, according to FINRA BrokerCheck records. He previously worked at H&R Block Financial Advisors.
Read morehere.
Stifel previously
The regional firm's latest hire, advisor Greg Greenberg, joined Stifel in Overland Park, Kansas.
“I chose to move my practice to Stifel because of its Midwestern values and its commitment to the advisor-client relationship,” Greenberg said in a statement. He also highlighted the firm's platform and research. Stifel is based in St. Louis.
Greenberg, an advisor of 21 years, had been with Wells Fargo since 2007, according to FINRA BrokerCheck records. He previously worked at H&R Block Financial Advisors.
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Former Edward Jones broker joins indie firm
Investment advisor Melissa Estrada joined Miracle Mile Advisors in its West Los Angeles headquarters.
Estrada was previously at Edward Jones investments for five years, according to FINRA’s BrokerCheck. Prior to entering the financial field, Estrada served for six years in the U.S. Marines.
Estrada was previously at Edward Jones investments for five years, according to FINRA’s BrokerCheck. Prior to entering the financial field, Estrada served for six years in the U.S. Marines.
KMS Financial taps former Cetera Advisors executive to be president
The president of Cetera Advisors will move to KMS Financial Services, a Ladenburg Thalmann firm and the No. 50 IBD by revenue. Erinn Ford spent six years with Cetera Advisors, and was previously at Pacific West Securities. She will replace Tracy “Ace” Forsythe, who is retiring at KMS after 20 years at the firm.
Bloomberg News
'Buried' by bureaucracy, Wells Fargo advisor jumps to Steward Partners
Steward Partners picked up three Wells Fargo advisors who oversaw more than $230 million in client assets, the firm said.
They mark the latest hires for the independent firm, which is affiliated with Raymond James and has been an aggressive recruiter, luring a number of new hires from the wirehouses recently.
For advisor Sarah Marks, making the move to Steward Partners was about finding a corporate culture that would better foster her team's growth.
"We were getting buried in the bureaucracy of being in a big bank," she says.
Marks, 38, joined Steward Partners' Washington, D.C. headquarters. Two other advisors ― Andrew Egber and Miguel Lopez ― joined the firm in Bethesda, Maryland.
Read morehere.
They mark the latest hires for the independent firm, which is affiliated with Raymond James and has been an aggressive recruiter, luring a number of new hires from the wirehouses recently.
For advisor Sarah Marks, making the move to Steward Partners was about finding a corporate culture that would better foster her team's growth.
"We were getting buried in the bureaucracy of being in a big bank," she says.
Marks, 38, joined Steward Partners' Washington, D.C. headquarters. Two other advisors ― Andrew Egber and Miguel Lopez ― joined the firm in Bethesda, Maryland.
Read more
Bloomberg News
Ameriprise Financial adds financial advisor to employee channel
A team managing $124 million assets has joined Ameriprise Financial. The team, which operates under the title JGL Strategic Wealth Solutions, is led by Jose Lopez, who will join as financial advisor and managing director. With him, he brings advisor Misael Lugo and client service associates Livia Rodrigues and Cristina Jimenez.
Bloomberg News
$115M Merrill Lynch team joins HighTower
HighTower Advisors has gained a team managing $115 million in client assets in its Santa Fe, New Mexico office. The team, led by Managing Director Gayle Johnson, was previously with Merrill Lynch Wealth Management.
"Last year was our biggest ever in terms of growth and with this expansion of our presence in Santa Fe, we're off to a promising start for 2018," said Kimberly Papedis, head of national sales and platform strategy at HighTower.
"Last year was our biggest ever in terms of growth and with this expansion of our presence in Santa Fe, we're off to a promising start for 2018," said Kimberly Papedis, head of national sales and platform strategy at HighTower.
Michael Nagle/Bloomberg
Voya taps former CEO of IBD to be national sales manager
Onetime Investors Capital CEO Tim Murphy has joined Voya Financial Advisors as its national sales manager.
Murphy was with Investors Capital for 22 years and moved to Integrated Financial Partners, a hybrid RIA affiliated with LPL, in 2016. In his new role, he will collaborate across Voya’s businesses to help provide clients with holistic portfolio, planning and insurance services.
Murphy was with Investors Capital for 22 years and moved to Integrated Financial Partners, a hybrid RIA affiliated with LPL, in 2016. In his new role, he will collaborate across Voya’s businesses to help provide clients with holistic portfolio, planning and insurance services.
Ladenburg launches innovation initiative with new VP
Ladenburg Thalmann Financial Services announced the launch of its Enterprise Innovation initiative and the creation of Ladenburg Innovation Lab. Dan Sachar, an innovation growth strategist, has been appointed to be its first vice president.
The lab will seek to identify new technology and solutions to help financial advisors supported by Ladenburg’s IAB subsidiaries: Securities America, Triad Advisors, Investacorp, KMS Financial Services and Securities Service Network.
The lab will seek to identify new technology and solutions to help financial advisors supported by Ladenburg’s IAB subsidiaries: Securities America, Triad Advisors, Investacorp, KMS Financial Services and Securities Service Network.
Ladenburg names new SVP of advisory services and solutions
John Blood, the former CEO and CIO of JJCC Financial, INC will join Ladenburg as its senior vice president of advisory services and solutions.
Blood also previously served as CEO and CIO of Disciplined Wealth Strategies. He was also the chief market strategist and director of research for Commonwealth Financial Network for nearly a decade.
Blood also previously served as CEO and CIO of Disciplined Wealth Strategies. He was also the chief market strategist and director of research for Commonwealth Financial Network for nearly a decade.
Raymond James finds growth in own backyard
Raymond James is expanding further in its home region of Central Florida, with the launch of its Tampa Bay complex.
Overseeing this initiative in the Tampa Bay area will be Complex Manager Doug Brigman, a Raymond James veteran. Brigman will be responsible for overseeing and growing branches, which include a network of approximately 100 financial advisors across St. Petersburg, Tampa and Clearwater, Florida.
The complex is an internal management initiative to expand the firm's regional advisor base, not a geographical change.
Read more here .
Overseeing this initiative in the Tampa Bay area will be Complex Manager Doug Brigman, a Raymond James veteran. Brigman will be responsible for overseeing and growing branches, which include a network of approximately 100 financial advisors across St. Petersburg, Tampa and Clearwater, Florida.
The complex is an internal management initiative to expand the firm's regional advisor base, not a geographical change.
Read more
Grandview Wealth Management joins Good Life Advisors
Grandview Wealth Management, led by founder and President Philip Webb, has left Waddell & Reed to partner with Good Life Advisors.
The team has a combined 47 years of experience and $80 million AUM. Webb began his career a decade ago at Merrill Lynch, and has worked at many firms in the bank investment channel since. He brings with him two advisors, Nicholas Curinga and James Kaiser.
The team has a combined 47 years of experience and $80 million AUM. Webb began his career a decade ago at Merrill Lynch, and has worked at many firms in the bank investment channel since. He brings with him two advisors, Nicholas Curinga and James Kaiser.
Catalyst Private Wealth opens its doors in San Francisco
The founders of Catalyst Private Wealth have announced the launch of their financial advisory firm, focused on holistic wealth management for entrepreneurial innovators and leaders.
The team consists of Managing Director Brendan Connaughton, CIO John Dodd, and wealth advisors Mitch Sands and Bryan Wilson.
The team consists of Managing Director Brendan Connaughton, CIO John Dodd, and wealth advisors Mitch Sands and Bryan Wilson.
Bank of America taps market president for new role
Kim Wilkerson will join the U.S. Trust as a market executive in its new South Carolina market. Wilkerson will maintain her current role as Bank of America South Carolina market president. The firm's U.S. Trust services high-net-worth clients.
Wilkerson has 37 years of industry experience, and has held other roles in Bank of America’s Business Banking group.
Wilkerson has 37 years of industry experience, and has held other roles in Bank of America’s Business Banking group.
