Among the biggest winners was Raymond James, which lured advisers to its employee and independent channels. One longtime Merrill veteran who opened an independent practice with Raymond James previously oversaw $400 million in client assets. Snowden Lane Partners, an independent firm founded by former Merrill Lynch executives, also lured away talent from the wirehouse. Two advisers managing about $150 million in assets opened Snowden's newest office in San Antonio.
Meanwhile, UBS lost several advisers to RBC, Raymond James and HighTower. The latter firm helped a group composed of three UBS advisers and one Merrill adviser form an independent practice. Together, they previously managed over $500 million.
Scroll through to see these and other moves.
Merrill Lynch recruits adviser who oversaw more than $800M
One of the advisers, Tim Chapman, previously oversaw more than $820 million in client assets, according to a
Chapman and Paul Wargnier were previously affiliated with Wells Fargo Private Bank. They joined Merrill's Private Banking & Investment Group, which serves ultrawealthy clients, in Portland, Oregon, where the elite brokerage unit recently opened a new office, according to the firm.
Latest Merrill Lynch loss: $300M adviser bolts for RBC
Led by adviser Joe Piché, the team is the latest to leave the wirehouse, which recently reported that its
A Merrill Lynch spokeswoman was unavailable for immediate comment on the move.
Piché joined the firm in Wayzata, Minnesota, according to RBC. That office is led by branch director Rick Sterling, who oversees 10 advisers and 13 support staff, per the firm.
$400M Merrill Lynch duo goes indie with Raymond James
David Anderson and George Hall of 1808 Capital Partners joined the broker-dealer’s independent arm in Greensboro, North Carolina, Raymond James announced Wednesday. The pair went indie with the practice founded by Anderson’s father, who recently retired after working at Merrill Lynch for 50 years.
Anderson and Hall opted for Raymond James because of the “client-centered culture, the client experience they offer and the depth of resources available to advisors like us,” Hall said in a statement.
“Building on a legacy business, we have added a younger generation of clients, some children of long-term clients, and having the right expertise and support to continue serving our existing clients and their families — as well as the next generation — was paramount.”
A spokeswoman for Bank of America declined to comment on the team’s departure.
$1B team quits Morgan Stanley for J.P. Morgan Securities
The new hires come a month after the elite brokerage unit, which serves ultrawealthy clients, tapped Chris Harvey to serve as CEO,
The team consists of brothers Jay and Neil Canell as well as Justin Dembo. They group joined J.P. Morgan Securities' office in New York on Monday. They report to Mike Lee, regional director.
To read more,
Two Morgan Stanley teams with over $500M join Ameriprise
Brad Bersh, Terrence McCreanor and Dana Messina of the Marco Island Group moved to a South Florida branch, while Craig Parker came aboard at a suburban Sacramento, California, location.
The Marco Island Group, which gets its name from its location on the Gulf of Mexico barrier island south of Naples, took up the new post at Ameriprise on Feb. 3, according to FINRA BrokerCheck records. The team, which has $385 million in AUM, reports to Regional Vice President Michael Rearden.
William Blair hires $350M team, expands NYC presence
The group, which is based in New York, comes from two different firms. Advisers Jill Harvey and Richard Arkwright, along with registered portfolio associate Bernadette Eliassen join William Blair from Fieldpoint Private Advisors. Adviser Linda Sutkin, portfolio investment specialist Alexei Lee, and registered portfolio associate Sonia Survilla left Wall Street Access, a New York-based financial services firm.
Sutkin said in a statement that they switched firms in part for William Blair's "partnership culture."
Raymond James snatches $700M Wells Fargo team
John Watts, Steuart Evans, Russell Henshaw and Bradford Flowers opened a new Huntsville, Alabama, branch of the regional firm’s Advisor Select division, a part of the company’s employee channel, Raymond James announced. The firm had
Advisor Select, also known as the “independent employee” division, has
Merrill Lynch nabs $3.1M producer from Morgan Stanley
Leon Friedlander, an international adviser specializing in Latin American clients, joined Merrill’s office in Aventura, Florida.
He had been with Morgan Stanley and its predecessor firm, Smith Barney, since 2006, according to FINRA BrokerCheck records. He’s been in the industry since starting his career at Portfolio Resources in 2002. Friedlander studied international relations and economics at Brown University and earned an MBA from Babson College.
Friendlander’s teammate, Johanna Trujilo, a client associate, also joined the wirehouse.
To read more,
Merrill Lynch recruits $185M Wells Fargo adviser
Adviser Aaron Dykas joined Merrill last month in Boise, Idaho. Also making the move is senior registered client associate Lisa Schaffer, according to Merrill.
Dykas, an industry veteran of 24 years, had been with Wells Fargo since 2011, according to FINRA BrokerCheck records. He has previous work experience at Smith Barney and Morgan Stanley.
Schaffer has worked in the securities industry since 1993, according to Merrill.
HighTower nabs ex-wirehouse advisers with $500M
Terms of the deal were not disclosed.
Todd Baker, Bradley Harvey, Jack York and James Young will each operate their own advisory practices under their new shared brand, Resolute Investment Advisors, based in Colorado Springs, Colorado, a spokeswoman says.
Baker, Harvey and York defected from UBS, while Young left Merrill.
Raymond James recruits $1M producer from Morgan Stanley
Adviser Harmon Wright Jr. now operates from Raymond James' employee branch in Trinity, Florida. He made the move Feb. 24, per FINRA BrokerCheck records.
Wright is an industry veteran, having started his advisory career at A.G. Edwards in 1987. He moved to Morgan Stanley in 1995, according to BrokerCheck records.
$230M Wells Fargo team joins Raymond James' indie channel
Lisa McIntire Shaw of Cygnus Asset Management in Charlotte, North Carolina, moved her and her father Clif McIntire’s practice from Wells Fargo Advisors Financial Network to Raymond James Financial Services, their new firm announced. They changed companies in January, per FINRA BrokerCheck records.
Shaw, 50, and her father, who is still active at the firm in his 80s, began exploring a switch this past fall and settled on Raymond James because its technical resources better suited the team’s 300 clients, she says.
“We see ourselves as an independent firm that has a robust back office that is spending money on the things we want them to spend it on,” Shaw says. Raymond James also offered more flexibility with services like reports for clients with the client’s grandchildren’s accounts listed on top, she adds.
To read more,
RBC grabs $375M all-woman team from UBS
The all-woman team is the newest wirehouse hire at RBC. The group previously generated $2.7 million in annual revenue, according to RBC.
Advisers Tracey Schusterman and Rosa Mazzone as well as Dina LiRosi, investment associate, and Rosa Diaz, client associate, now operate from RBC's Midtown New York office.
"RBC Wealth Management is focused on creating a diverse workforce by bringing more women financial advisers to the firm," John Moran, director of the Midtown complex, said in a statement.
Ameriprise grabs $333M Merrill team
Advisers Jordan Plaster, Clark Scarvey and Harry Shumaker joined a new Ameriprise branch office in Tuscaloosa, Alabama, a spokeswoman acknowledged.
Of the three new recruits, Plaster has the most experience. He started his career at Merrill in 1993, according to FINRA BrokerCheck records.
Scarvey and Shumaker began their careers at the wirehouse in 2005 and 2009, respectively, per BrokerCheck records.
Merrill Lynch breakaways join Snowden Lane in fiduciary-focused move
Larry Barocas and Debbie Ury of the Strategic Management Group opened the hybrid broker-dealer and RIA’s San Antonio office, according to Barocas. Snowden Lane has hired at least seven ex-wirehouse advisers this year, including another Merrill team that
“Recently among all the wirehouses, there’s been a lot of proprietary products, a lot of things we felt prevented us from helping the clients,” says Barocas, 57. “Here, I can be a true fiduciary.”
Merrill policies and bureaucratic hurdles for advice involving retirement and estate plans and cross-border wealth also figured in the decision, Boracas adds.
A spokeswoman for Merrill declined a request for comment on the duo’s departure.
Stifel snatches $100M family team from UBS
The team oversees more than $100 million in client assets, according to a person familiar with the matter.
Michael and Christian Nimmo will temporarily work from Stifel's office in Madison, according to the company. Also making the move is Nimmo's daughter, Rachel, who is a registered client service associate.
Adviser Michael Nimmo, center, his son Christian, also an adviser, and his daughter Rachel, a registered client service associates, left UBS to join Stifel. The elder Nimmo is an industry veteran, having gotten his start in the business in 1979, according to FINRA BrokerCheck records.
RBC grabs $262M team from UBS
The group ― the latest wirehouse team to move to RBC ― consists of three advisers, all veterans with more than 20 years of experience each.
Paul DeBey, Chris Cassaday and Jeff Bahnson as well as client associate April Emeola joined RBC's office this week in Leawood, Kansas. They report to Mark Borcherding, director of the Leawood branch.
$400M adviser departs Merrill Lynch, goes indie with Raymond James
Jeppson opened his new eponymously named practice in Manhattan Beach, California, in February. Raymond James announced the move May 2. He previously generated $1.8 million in annual production at his prior firm, according to Raymond James.
Also making the move is Angie Duso, senior client services manager.
$160M team quits Raymond James for Stifel citing culture
Mark Kopkin and Scott Englehardt now operate from Stifel's Atlanta office, the firm said. They are joined by Yolanda Etchison, client service associate.
Kopkin said in a statement that they made the move in part because they felt Stifel "shares the same values and culture we do."
The two advisers are industry veterans. Kopkin started his career at Merrill Lynch in 1984 while Englehardt got his start in the business at Chatfield, Dean & Co. in 1991, according to FINRA BrokerCheck records.
$147 Merrill adviser quits for regional firm
Walter H. Stamper joined the firm's employee channel in Chattanooga, Tennessee.
Stamper was previously with Merrill Lynch, where he had worked since 1987, according to FINRA BrokerCheck records. He switched firms in late March, per BrokerCheck.
Four executive promotions at Janney
Joseph Culley is now head of Capital Markets and has joined the firm's executive committee. Previously, he was head of equities and investment banking. In addition, Janney promoted Thomas Bajus to head of fixed income, Andrew Maddaloni to head of equities and Arlen Klinger to head of the firm's private client trading group.
“We are pleased to elevate our talented professionals to positions where they can drive Janney’s growth to the next level,” said CEO Timothy Scheve. “Joe, Tom, Andrew and Arlen bring strong track records of success and leadership to our growing team, and we are confident that they’ll continue to expand Janney’s business while delivering the highest value to clients.”
Janney taps outsider to lead Atlanta branch office
Richard J. Ballou joined the regional firm from Columbia Threadneedle. He has more than 30 years of industry experience, according to Janney.
He will be tasked with growing the regional firm's presence in the Atlanta area, the firm said. Ballou will report to Regional Manager Andrew Kistler.
“Rick is a highly regarded and proven leader, and we’re looking to his experience and insight as we continue to build within our existing geographic footprint,” said Jerry Lombard, President of Janney’s Private Client Group. “The Atlanta area is a logical expansion point for Janney right now, and we’re excited to have Rick on-board to lead our growth in the area.”
While at Columbia Threadneedle, Ballou served served as South-Central Divisional Manager, according to Janney.
Janney adds advisers from Merrill, Wells Fargo
Ex-Merrill adviser Joseph Sheehan has joined Janney’s Media, Pennsylvania, office. Sheehan, a 22-year industry veteran, previously managed over $100 million in client assets. He had been with Merrill since 1995, according to FINRA BrokerCheck records.
“We’re pleased that Joe sees Janney as the best firm to enable him to continue to build on his practice moving forward," Tom Simcik, Mid-Atlantic Regional Manager, said in a statement.
In Fairfield, Connecticut, Janney picked up former Wells Fargo adviser David Moss and private client assistant Lindsay Pereguda. Moss previously oversaw more than $90 million in client assets. He had been with the wirehouse since 2004, according to BrokerCheck records.
RBC loses $175 million team to Janney Montgomery Scott
Steven Victor and Lisa Fouraker joined Janney’s Radnor, Pennsylvania branch office as Victor Fouraker Wealth Management, the comapny said. Also making the move with them is Heather Stahler, private client assistant.
They made the move May 1, according to FINRA BrokerCheck records.
Victor is a 33-year idnustry veteran with past work experience at Merrill Lynch and Legg Mason. Fouraker has been in the business for nearly 20 years, and also has past experience at Merrill as well as Smith Barney.
A spokeswoman for RBC was not available for immediate comment.
$275M Morgan Stanley team leaps to Raymond James
The team includes founder Sam Maxwell and director of client services Sherry Nelson. They launched their independent practice, dubbed Executive Wealth Group, with Raymond James' Investment Advisors Division, according to the firm. They are based in Kirkland, Washington.
Maxwell, a 25-year industry veteran, had been with Morgan Stanley since 2008, according to FINRA BrokerCheck records. He previously worked at RBC.
Nelson's 37-year career in financial services started at Smith Barney in 1980, according to Raymond James.
A spokeswoman for Morgan Stanley was not available for immediate comment.
$1.5B team exits Wells Fargo
The Miami-based group, which specializes in serving high-net-worth and ultrawealthy clients from Argentina, Brazil and Uruguay, generated $7.3 million in annual revenue, the person says.
A spokesman for the company confirmed the new hires joined Friday, but declined to comment further.
Ameriprise grabs $239M wirehouse team
Advisers Thomas Hughes and Bill Steele joined Ameriprise's employee channel March 17, according to FINRA BrokerCheck records. Hughes operates from Southlake, Texas, while Steele works from Dallas. Their complex director is Jeff Bouchard, according to Ameriprise.
"Our team chose Ameriprise Financial for their strength and safety, particularly through periods of change like we're in now. We wanted to join a growing firm whose core focus is investment planning and management," Hughes said in a statement.