Advisers on the move: Merrill Lynch loses teams over fiduciary changes
Merrill Lynch, which announced plans to cease offering such accounts as part of its efforts to comply with the fiduciary rule, has lost several teams to Morgan Stanley, Raymond James and HighTower, totaling at least $890 million in assets under management.
However, Merrill was also the beneficiary of several moves. A former Morgan Stanley team team with $343 million in AUM recently jumped to Merrill Lynch.
In other moves, J.P. Morgan Securities lost a team that oversaw $829 million to Morgan Stanley.
Scroll through to learn more about these adviser moves and others. For a look at our previous roundup,
Breakaway $200M Merrill team joins HighTower, citing fiduciary principles
Jim Ewing and Michael Cona brought Ewing/Cona Wealth Management to the hybrid RIA and broker-dealer in the Philadelphia area, HighTower announced. The Marlton, New Jersey, group has been together for a decade.
Ewing and Cona, both 43, picked the firm because of its fiduciary standards, as well as the chance to work at an “adviser-owned” and “employee-owned” firm rather than a “bank-owned” one, Ewing says. The office is HighTower’s first in South Jersey.
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Merrill's fiduciary policy sparks defection of 3 teams to Morgan Stanley
Advisers Carla Erikson and Lisa Rinzler-Lubel parted ways with Merrill after three decades, according to FINRA BrokerCheck records. They left the wirehouse partly due to Merrill's plans to cease offering commission-based retirement accounts, according to three people with knowledge of the team's move.
Unlike Merrill, Morgan Stanley has said it will maintain a commission offering under the fiduciary rule's best interest contract exemption.
Other advisers have left Merrill Lynch over its fiduciary plans.
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$1M Merrill producer jumps to Raymond James, cites fiduciary policy
Patricia Bennett and two assistants joined the firm in Louisville, Kentucky, where she reunites with branch manager
Bennett was attracted to Raymond James in part because the regional firm, in contrast to
"We want to be able to rise to whatever the occasion is based on the client's needs," she tells On Wall Street.
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Account minimum issues spur $115M Merrill adviser to leave
Brad Parsons made the move because of the regional firm’s
The Charlotte, North Carolina, adviser operating as Parsons Wealth Management also cites Merrill’s minimum $250,000 account-size rule, a concern
“You can do business with anybody, any asset size,” says Parsons, 54, of his new company. “I have lots of clients under a quarter million who I know are going to be over $1 million or $2 million in a few years.”
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Morgan Stanley lands $829M team in latest recruiting grab
Advisers Donald Fung, Matt Palleschi, John Campbell and Brian Bechelli joined
Their combined production is approximately $4.3 million, according to Morgan Stanley.
For Morgan Stanley, the new hires represent the latest recruiting win. The wirehouse has swept up several sizable teams so far this year.
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Morgan team with $343M in AUM jumps to Merrill amid recruiting rivalry
Michael Greenstone, John Araneo, Margie Manning and Anita Srivastava of the GAM group joined Merrill in a suburban New York City branch after 29 combined years at Morgan. Merrill announced the move, having added at least a half dozen ex-Morgan advisers in 2017.
Yet Morgan has recruited at least 10 advisers from Merrill so far this year. With 15,763 advisers, Morgan has 1,134 more than Bank of America’s Merrill Lynch, according to the two companies’ latest earnings reports.
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Ameriprise snatches $500M Wells Fargo team
Donald Alderman, Robert Holt, Jamie O'Brien and Scott Laney joined the regional broker-dealer in Charleston, South Carolina, Ameriprise announced. O'Brien assumed the role of branch manager.
Ameriprise also said it added Anthony Trotta from Wells Fargo in Cincinnati and John Maita from UBS in Bedminster, New Jersey. The firm has attracted at least
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Wells Fargo team bolts to new Benjamin Edwards office
Bruce Evans, William Pickens, John Templeton and Zack Vaughn grew Benjamin Edwards' footprint to 61 offices by opening the Germantown, Tennessee, location. Former Ameriprise adviser Thomas Kintz also moved in February to the firm's Boynton Beach, Florida, branch.
The five advisers followed
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Snowden Lane grabs $160M Merrill team in latest hire
Ryan Kirby and Chris Hayes, the Kirby-Hayes Group, joined the growing hybrid RIA in Salisbury, Maryland. The pair, who opened Snowden Lane’s eighth office, will operate under the firm’s Bethesda location to form a team managing $450 million, the company announced.
“We are expanding our regional presence and the Kirby-Hayes group is yet another partnership that makes our independent model so successful,” Snowden Lane President Greg Franks said in a statement.
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$200M adviser moves to Merrill Lynch
Juliano de Souza previously worked at Brazilian wealth management firm BTG Pactual, where he had been since 2011, according to FINRA BrokerCheck records.
De Souza is focused on serving the Brazilian market and will collaborate with fellow
Among Merrill Lynch's other hires,
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Raymond James woos $220M Merrill team
David Lum and Michael Piazza of Lum Wealth Management joined the regional broker-dealer in Stuart, Florida, Raymond James announced. The team has annual revenues of over $1.7 million, according to the company's statement.
The pair’s move means at least five
He spoke for an hour with
“Here I was, one of their best producers,” says Lum, 58. “The thought of inviting their advisers to the headquarters really was never a twinkle in their eyes.”
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Benjamin Edwards opens new offices, grabs $188M wirehouse advisers
Richard Cisar and Andrew Kjolsrud joined
Cisar will serve as branch manager, according to the regional firm. He is an industry veteran, having started his career at Morgan Stanley in 1990, according to FINRA BrokerCheck records. He moved to A.G. Edwards in 2002.
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$138M adviser returns to Raymond James after 7-year stint at Wells Fargo
Sam Kim and Scott Mann of Kim Wealth Management jumped to the regional broker-dealer in a suburb of Washington, D.C., Raymond James announced. The pair, who generated $1 million in annual production, mark the firm’s
Raymond James has added
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$350M wirehouse team opens new Raymond James office
The group opened a new office for the regional firm's employee channel in Williamsport, Pennsylvania. They previously generated over $2 million in annual fees and commissions, according to
Team member Brian Pick said they made the move in part because of Raymond James'
"About three years ago we started to look for a firm where we would be allowed to manage our client relationships, manage our clients' portfolios and prepare financial plans that were in our clients' best interests," Pick said in a statement.
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Merrill breakaway launches RIA with an eye on cross-border wealth
Xerxes Mullan, a former Merrill private banking investment group broker, launched Avestar Capital in New York alongside five other ex-Merrill staffers. Dynasty now has 42 RIAs on its network, compared to 20 firms on that of rival HighTower.
The large group of breakaway RIAs that “had done it successfully” with Dynasty prompted Mullan to choose the firm, he says. His company will focus, in part, on cross-border wealth planning, particularly clients with inheritances or investments in both the U.S. and India.
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Ameriprise picks up more defectors from rivals
John Brewster and his son jumped from UBS to a suburban New York City branch, while the six advisers of FMB Advisors in Atlanta joined the company from Next Financial Group, a Houston-based IBD. FMB went to Ameriprise's franchise channel, while the Brewsters moved to the employee channel.
After a year that
For Larry Minogue and Arthur Farr, the partners who launched FMB, the decision stemmed from
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Stifel nets $125M team in latest recruiting sweep
Jon Garberg and Rebecca Hellman joined Stifel's Seattle office.
John Pierce, director of recruiting for Stifel, said in a statement that the firm has been pushing to expand its footprint on the West Coast, citing the efforts of Western Region Director John Lee.
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$160M adviser leaves Wells Fargo for Steward Partners
William Blake joined the firm from Wells Fargo in Washington. Blake, an industry veteran of three decades, says he made the move partly because the greater freedom to serve clients in new ways as well as the possibility to become an equity partner in the firm. That was particularly appealing, he says.
"The fact that everyone at the firm is a partner means that at the end of the day we're all working toward the same goal, which is serving the clients," Blake says.
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$112M wirehouse duo goes indie with Raymond James
Ashley Banks and Donna Carroll opened their independent practice in Gainesville, Florida.
Banks, who previously served as a branch manager at Morgan, said they went independent in part because of Raymond James' network for women advisers as well as the company's capabilities.
Both advisers are certified divorce financial analysts, according to Raymond James.
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Steward Partners' recruiting streak continues with $100M hire
Michael Germano joined Steward Partners' New York office. He previously worked at Citigroup Personal Wealth Management, and cites
"I was at Citi for nearly 12 years. Solid people. But I was at a stage of my career where I was looking to be more empowered and to give my clients more flexibility," Germano tells On Wall Street.
Germano is among the latest
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UBS grabs $125M Merrill team
Michael Chabalik joined UBS in a Rochester, New York, branch on Feb. 24, according to FINRA BrokerCheck records. His team, which includes wealth strategy associate Patrick Kelly and client service associate Melody Wilkinson, generated $1.2 million in revenue last year, according to Chabalik.
Chabalik started his career in the industry with Waddell & Reed in Overland Park, Kansas, in 2003. He joined Brighton Securities in Rochester in late 2004, moving over to a Merrill Lynch office in the Rochester suburb of Pittsford in June 2008.
Ex-UBS advisers go indie with Raymond James
Jeremy Wallace, Andrew Hart and Jessica Bedell of Wallace Hart Capital Management selected Raymond James for custody and clearing of their new Lexington, Kentucky, firm. The trio managed more than $113 million in client assets at UBS, according to Raymond James.
Wallace and Bedell had joined UBS in 2008, with Bedell starting her career there and Wallace moving over after seven years at Merrill Lynch. Hart went to UBS in 2012 following stints with the World Bank Credit Union and Headley Investment Analysis.
They chose Raymond James “because of their strength, stability and reputation as one of the most highly regarded investment firms in the industry,” Wallace said in a statement.
“We wanted to become true fiduciaries – and we felt we could grow and market ourselves better as independents,” he said.
Wells Fargo’s Abbot Downing adds American Girl historian
Mark Speltz, who oversaw accuracy and authenticity in the Mattel subsidiary’s books, products, movies and marketing, joined Abbot Downing as a senior historian. He will work alongside 13 other education consultants at Wells Fargo’s family and business history center in San Francisco.
The team provides clients with research into archives and other sources to analyze the geographic, cultural and economic forces that shaped their family’s wealth. Abbot Downing then helps the clients prepare to transfer the wealth to the next generation by teaching the youngsters financial strategy.
Speltz has worked as a historian for more than 20 years. Part of his work has included profiles of family businesses and local industry in Wisconsin, and he released a book in November called “North of Dixie: Civil Rights Photography Beyond the South.”
RBC names former U.S. Bank executive head of wealth planning
Angie O’Leary had served as head of investment solutions for U.S. Bank’s wealth management unit before coming aboard at RBC, according to her new firm. She spent eight years at U.S. Bank following tenures with UBS and Piper Jaffray, according to FINRA BrokerCheck records.
At RBC, she reports to Ann Senne, the head of the company’s new advice and solutions group. O’Leary’s team will help ensure RBC’s U.S. clients receive tailored investment guidance.
“While we’ve historically had many areas working on wealth planning, Angie will lead a team solely focused on goals-based advice ― namely deriving new insights and increasing our effectiveness so that we can deliver more customized solutions to our clients,” Senne said in a statement.