Advisers on the move: Merrill Lynch loses $602M team to Morgan Stanley
March 6, 2017 3:07 PM
Advisers on the move: wirehouse advisers with $750M in combined AUM go indie
Morgan Stanley has been at the heart of a number of recent adviser moves covered in the latest edition of On Wall Street’s roundup.
Two Morgan advisers and a UBS broker managing $750 million in client assets formed a new company with help from Dynasty Financial Partners. HighTower, Dynasty’s outsourcing rival, attracted a two-member UBS team at around the same time.
In other moves, three separate Morgan Stanley teams managing around $700 million in client assets joined a new Steward Partners office. Meanwhile, the wirehouse scored a recruiting victory of its own by drawing a Merrill Lynch team that oversaw $602 million in assets.
To learn more about these adviser moves and others, click through our slideshow. For a look at our previous roundup, seeAdvisers on the move: $1B Wells Fargo team goes indie .
Two Morgan advisers and a UBS broker managing $750 million in client assets formed a new company with help from Dynasty Financial Partners. HighTower, Dynasty’s outsourcing rival, attracted a two-member UBS team at around the same time.
In other moves, three separate Morgan Stanley teams managing around $700 million in client assets joined a new Steward Partners office. Meanwhile, the wirehouse scored a recruiting victory of its own by drawing a Merrill Lynch team that oversaw $602 million in assets.
To learn more about these adviser moves and others, click through our slideshow. For a look at our previous roundup, see
Elizabeth W. Maringer
Morgan Stanley recruits $602M team from Merrill Lynch
Morgan Stanley scored a big recruiting grab, marking it as one of its largest announced hires in recent months.
The wirehouse picked up a Merrill Lynch team that oversaw $602 million in client assets, according to a spokeswoman. The team previously generated over $4.5 million in annual revenues.
Advisers W. Troy Neat, Jason Redpath and Steven Spaeth joined Morgan Stanley in Kenwood, Ohio, a suburb of Cincinnati and operate as NRS Wealth Management.
To read more, clickhere .
The wirehouse picked up a Merrill Lynch team that oversaw $602 million in client assets, according to a spokeswoman. The team previously generated over $4.5 million in annual revenues.
Advisers W. Troy Neat, Jason Redpath and Steven Spaeth joined Morgan Stanley in Kenwood, Ohio, a suburb of Cincinnati and operate as NRS Wealth Management.
To read more, click
Wirehouse advisers with $750M in combined AUM go indie with Dynasty
Three wirehouse advisers managing $750 million in combined client assets broke away to launch their own firm with help from Dynasty Financial Partners, according to the company.
Mark McAdams, Blake Pratz, and Steve Schwarzbach opened Icon Wealth Partners after more than two years of considering the move, Pratz says. The Houston-based firm makes 40 in Dynasty’s network, double the number of rival HighTower, which also recently added recruits in an increasingly heated competition between the two for RIA business.
“We’ve been following this independent space for several years and doing due diligence,” Pratz says. “So the timing was right. The evolution of this business moving towards the independent space is growing.”
To read more, clickhere .
Mark McAdams, Blake Pratz, and Steve Schwarzbach opened Icon Wealth Partners after more than two years of considering the move, Pratz says. The Houston-based firm makes 40 in Dynasty’s network, double the number of rival HighTower, which also recently added recruits in an increasingly heated competition between the two for RIA business.
“We’ve been following this independent space for several years and doing due diligence,” Pratz says. “So the timing was right. The evolution of this business moving towards the independent space is growing.”
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Snowden Lane hires Morgan Stanley adviser for $400M team
A Morgan Stanley adviser left to join a team of ex-wirehouse advisers at Snowden Lane Partners , an independent firm.
Michelle Begina joined Snowden's VERITAS team in New York. The group oversees more than $400 million, according to the company.
Begina, an industry veteran of 20 years, had been with Morgan Stanley since 2008, according to FINRA BrokerCheck records. She previously worked at Merrill Lynch.
To read more, clickhere .
Michelle Begina joined Snowden's VERITAS team in New York. The group oversees more than $400 million, according to the company.
Begina, an industry veteran of 20 years, had been with Morgan Stanley since 2008, according to FINRA BrokerCheck records. She previously worked at Merrill Lynch.
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Merrill breakaways with $575M in AUM launch new firm
Two Merrill Lynch advisers managing about $575 million in assets left to launch a new RIA with help from Focus Financial Partners, according to the firm.
Sean Campbell and Timothy Deegan opened Campbell Deegan Financial on Feb. 17 under counseling by a Focus division aimed at teams starting new firms. Focus Independence has guided ten new companies into the aggregator's growing 45-member fold, according to the company.
The founding partners of the new Richmond, Virginia, firm first teamed up in 2013 when Deegan joined the Merrill group led by Campbell and his father. Campbell and Deegan have been running the office since the elder Campbell retired in 2015.
To read more, clickhere .
Sean Campbell and Timothy Deegan opened Campbell Deegan Financial on Feb. 17 under counseling by a Focus division aimed at teams starting new firms. Focus Independence has guided ten new companies into the aggregator's growing 45-member fold, according to the company.
The founding partners of the new Richmond, Virginia, firm first teamed up in 2013 when Deegan joined the Merrill group led by Campbell and his father. Campbell and Deegan have been running the office since the elder Campbell retired in 2015.
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Merrill recruits Top 40 Under 40 adviser from Morgan
Merrill Lynch recruited a Morgan Stanley adviser who oversaw $610 million in client assets, according a spokeswoman.
Keith Rowling joined Merrill Lynch last week as a managing director and financial adviser in Bloomfield Hills, Michigan. He reports to Nathan Marsden, market executive for the area.
In 2016, Rowling was ranked No. 2 on On Wall Street's Top 40 Under 40list of the industry's top young producers . He was reported to have generated more than $8 million in annual revenues at the time. This was his second time on the ranking.
To read more, clickhere .
In 2016, Rowling was ranked No. 2 on On Wall Street's Top 40 Under 40
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Norm Betts/Bloomberg News
RBC grabs $145M Merrill duo
Two advisers who oversaw more than $145 million in client assets have left Merrill Lynch to join RBC, according to a company spokesman.
Steven Culbert and Mark Smith now operate from RBC's Minneapolis office. They report to Tom Schulenberg, the director of the Minneapolis complex.
They previously generated over $1 million in annual revenue, according to RBC.
To read more, clickhere .
Steven Culbert and Mark Smith now operate from RBC's Minneapolis office. They report to Tom Schulenberg, the director of the Minneapolis complex.
They previously generated over $1 million in annual revenue, according to RBC.
To read more, click
Morgan Stanley loses $460M team to Raymond James
A Morgan Stanley team that oversaw more than $460 million in client assets has moved to Raymond James, the regional firm said.
Todd Sherman, Jason Sobin, Michael Francisco and Brian Baskin joined Raymond James in Mt. Laurel, New Jersey, according to the firm.
The team, operating as SSG Executive Advisory Group, is also joined by Denise Donahue and Donna Vickers, both senior registered service associates, and Katherine Wright, who serves as business practice coordinator. The group reports to branch manager Paul Clemente and Tony Barrett, Raymond James' Delaware Valley complex manager.
To read more, clickhere .
Todd Sherman, Jason Sobin, Michael Francisco and Brian Baskin joined Raymond James in Mt. Laurel, New Jersey, according to the firm.
The team, operating as SSG Executive Advisory Group, is also joined by Denise Donahue and Donna Vickers, both senior registered service associates, and Katherine Wright, who serves as business practice coordinator. The group reports to branch manager Paul Clemente and Tony Barrett, Raymond James' Delaware Valley complex manager.
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Morgan Stanley adviser with $600M goes indie with Dynasty
A Morgan Stanley adviser who managed approximately $600 million in client assets has formed an RIA with Dynasty Financial Partners, the company said.
Brian Buckley launched his eponymously named firm in Las Vegas.
He is among the latest high profile wirehouse producers to strike out on their own.Dynasty helped adviser Jerry Nigro form an independent practice in Boston earlier this year. He previously oversaw $300 million while at investment bank Robertson Stephens.
To read more, clickhere .
Brian Buckley launched his eponymously named firm in Las Vegas.
He is among the latest high profile wirehouse producers to strike out on their own.
To read more, click
David Paul Morris/Bloomberg
$450M UBS adviser poached by First Republic
An adviser who managed $450 million in client assets while working at UBS has jumped to First Republic, sources said.
Paul Feinstein generated over $3.6 million in revenue at the wirehouse in 2016, according to two people familiar with the matter. First Republic announced Feinstein's move to its private wealth division ina statement . He will oversee individual and family management, as well as estate planning services, out of a Los Angeles branch.
To read more, clickhere .
Paul Feinstein generated over $3.6 million in revenue at the wirehouse in 2016, according to two people familiar with the matter. First Republic announced Feinstein's move to its private wealth division in
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Ameriprise nets ex-wirehouse advisers with $364M in combined AUM
Ameriprise added two veteran wirehouse advisers with a combined $364 million in assets under management in separate hires to its employee channel, according to the firm.
Margo Clarke joined the firm's Edina, Minnesota, branch following an eight-year tenure at Merrill Lynch. Debrah Oelke moved to the Brookfield, Wisconsin, branch after eight years at UBS, Ameriprise announced.
Oelke manages $119 million in AUM, according to Ameriprise. Clarke, who oversees $245 million, began a due-diligence search after Merrill revealed plans this fall tostop offering commission-based IRAs . She says an earlier shift by Merrill to new account minimums of at least $250,000 also figured in her exit from the wirehouse.
To read more, clickhere .
Margo Clarke joined the firm's Edina, Minnesota, branch following an eight-year tenure at Merrill Lynch. Debrah Oelke moved to the Brookfield, Wisconsin, branch after eight years at UBS, Ameriprise announced.
Oelke manages $119 million in AUM, according to Ameriprise. Clarke, who oversees $245 million, began a due-diligence search after Merrill revealed plans this fall to
To read more, click
Ben Nelms/Bloomberg
Stifel recruits $180M team from RBC
Two veteran advisers left RBC to join Stifel, according to a spokesman.
The team previously oversaw approximately $180 million in assets, according to a person familiar with the matter.
Veteran advisers Mark Wielinga and Rosario Petrizzo joined Stifel in St. Joseph, Michigan. They arethe latest advisers to join Stifel , which recruited a number of regional and wirehouse advisers last year.
"We are very excited to expand our Michigan footprint," John Pierce, head of adviser recruiting at the firm, said in a statement.
To read more, clickhere .
The team previously oversaw approximately $180 million in assets, according to a person familiar with the matter.
Veteran advisers Mark Wielinga and Rosario Petrizzo joined Stifel in St. Joseph, Michigan. They are
"We are very excited to expand our Michigan footprint," John Pierce, head of adviser recruiting at the firm, said in a statement.
To read more, click
Wells Fargo's Abbot Downing taps private bank veteran
Abbot Downing, Wells Fargo's elite unit for ultrahigh-net-worth clients, hired a regional head from the firm's private bank to lead an expansion, the company said.
Abbot Downing tapped David Edmiston to launch an Atlanta office, and he will be filling his team out in coming months, according to a firm spokeswoman. The new team will mark Abbot Downing's 12th location, sharing space in the same office Edmiston used with the private bank unit.
The Atlanta area has seen increased demand for ultrahigh-net-worth and family office services amid “the current merger and acquisition activity and wealth transfer needs,” Abbot Downing senior managing director Jack Ginter said in a statement about Edmiston’s hiring.
To read more, clickhere .
Abbot Downing tapped David Edmiston to launch an Atlanta office, and he will be filling his team out in coming months, according to a firm spokeswoman. The new team will mark Abbot Downing's 12th location, sharing space in the same office Edmiston used with the private bank unit.
The Atlanta area has seen increased demand for ultrahigh-net-worth and family office services amid “the current merger and acquisition activity and wealth transfer needs,” Abbot Downing senior managing director Jack Ginter said in a statement about Edmiston’s hiring.
To read more, click
Matthew Lloyd/Bloomberg
UBS advisers jump to HighTower
A pair of breakaway UBS advisers have signed on to HighTower's platform, the third wirehouse team the hybrid RIA and broker-dealer has added to its outsourcing service this year.
The Kelly & Wohlner Group, based in Denver, is run by Jeffery Kelly and Brian Wohlner, who managed $160 million at UBS. Kelly last held the title of senior vice president of investments and senior portfolio manager in UBS' portfolio management program. Prior to that, he worked for Morgan Stanley. At UBS, Wohlner worked as an adviser for high-net-worth clients. Before UBS, he worked for Quadriga Partners, a Denver-based investment bank and financial advisory firm.
To read more, clickhere .
The Kelly & Wohlner Group, based in Denver, is run by Jeffery Kelly and Brian Wohlner, who managed $160 million at UBS. Kelly last held the title of senior vice president of investments and senior portfolio manager in UBS' portfolio management program. Prior to that, he worked for Morgan Stanley. At UBS, Wohlner worked as an adviser for high-net-worth clients. Before UBS, he worked for Quadriga Partners, a Denver-based investment bank and financial advisory firm.
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Steward Partners scoops up three Morgan Stanley teams with $700M in combined assets
Three Morgan Stanley teams with a combined $700 million in assets have joined Steward Partners, the independent firm affiliated with Raymond James said.
Frank Hibbard, Amy Rosa, Todd Hoffman, Angela Helmus-O'Brien, Travis Hadwin and Todd Seymour left Morgan for Steward's new ninth office in Clearwater, Florida, expanding the firm's footprint beyond the northeast for the first time, Steward announced.
Hibbard, who is the former mayor of Clearwater and whose family ran one of the founding hardware cooperatives of the True Value home appliance company, had previously worked with Rosa as The Hibbard Group. Hoffman also came over to Steward with his own team. Helmus-O'Brien, Hadwin, and Seymour made up the third group.
To read more, clickhere .
Frank Hibbard, Amy Rosa, Todd Hoffman, Angela Helmus-O'Brien, Travis Hadwin and Todd Seymour left Morgan for Steward's new ninth office in Clearwater, Florida, expanding the firm's footprint beyond the northeast for the first time, Steward announced.
Hibbard, who is the former mayor of Clearwater and whose family ran one of the founding hardware cooperatives of the True Value home appliance company, had previously worked with Rosa as The Hibbard Group. Hoffman also came over to Steward with his own team. Helmus-O'Brien, Hadwin, and Seymour made up the third group.
To read more, click
Bloomberg News
Wells Fargo recruits advisers with $123M
Two advisers with $123 million in combined client assets have gone independent with Well Fargo, according to a firm spokeswoman.
Mark Standring and Greg Bowden, based in Yardley, Pennsylvania, have joined the Princeton Group, an independent practice of the Wells Fargo Advisors Financial Network, the spokeswoman said.
Prior to joining FiNet, Standring had been with Morgan Stanley since 2009, where he oversaw client assets worth $67 million, according to the spokeswoman. Standring entered the industry in 1999 with Citigroup, per FINRA BrokerCheck records.
To read more, clickhere .
Mark Standring and Greg Bowden, based in Yardley, Pennsylvania, have joined the Princeton Group, an independent practice of the Wells Fargo Advisors Financial Network, the spokeswoman said.
Prior to joining FiNet, Standring had been with Morgan Stanley since 2009, where he oversaw client assets worth $67 million, according to the spokeswoman. Standring entered the industry in 1999 with Citigroup, per FINRA BrokerCheck records.
To read more, click
RBC recruits $136M Morgan Stanley adviser
An adviser who managed $136 million left Morgan Stanley to join RBC, a spokeswoman confirmed.
John Spies joined the regional firm in Dakota Dunes, South Dakota, where he reports to branch manager Jason Kleis, On Wall Street has learned.
Spies generated approximately $926,000 while at Morgan, according to RBC.
He started his advisory career at Merrill Lynch in 2000, according to FINRA BrokerCheck. He moved to the Warner Group in 2001, and later transitioned to Morgan Stanley in 2008.
To read more, clickhere .
John Spies joined the regional firm in Dakota Dunes, South Dakota, where he reports to branch manager Jason Kleis, On Wall Street has learned.
Spies generated approximately $926,000 while at Morgan, according to RBC.
He started his advisory career at Merrill Lynch in 2000, according to FINRA BrokerCheck. He moved to the Warner Group in 2001, and later transitioned to Morgan Stanley in 2008.
To read more, click
Stifel grabs $350M team from Wells Fargo
Wells Fargo lost a team managing $350 million in client assets to Stifel, according to the regional BD.
Advisers Kent Ray, Jeff Siefert, and Greg Seiler joined Stifel in Portage, Michigan, the company says.
They made the move in part for Stifel's culture, Ray said in a statement.
The veteran adviser began his career at Hall Securities in 1984, according to FINRA BrokerCheck records. He moved to A.G. Edwards four years later and stayed through that firm's acquisition by Wells Fargo.
To read more, clickhere .
Advisers Kent Ray, Jeff Siefert, and Greg Seiler joined Stifel in Portage, Michigan, the company says.
They made the move in part for Stifel's culture, Ray said in a statement.
The veteran adviser began his career at Hall Securities in 1984, according to FINRA BrokerCheck records. He moved to A.G. Edwards four years later and stayed through that firm's acquisition by Wells Fargo.
To read more, click
Raymond James recruits $375M wirehouse adviser
Raymond James picked up a Wells Fargo adviser who oversaw $375 million in client assets, according to the firm.
Preston Covington joined Raymond James’ new office in Columbia, South Carolina. While at Wells Fargo, he generated annual fees and commissions of over $2.4 million, the regional firm said.
He reports to Dan Parker, Raymond James' Columbia complex manager. Also joining Raymond James are senior investment portfolio analyst Amanda Simconis and registered client service associate Lindsey Sisk.
To read more, clickhere .
Preston Covington joined Raymond James’ new office in Columbia, South Carolina. While at Wells Fargo, he generated annual fees and commissions of over $2.4 million, the regional firm said.
He reports to Dan Parker, Raymond James' Columbia complex manager. Also joining Raymond James are senior investment portfolio analyst Amanda Simconis and registered client service associate Lindsey Sisk.
To read more, click
Waldrons Photography
Morgan Stanley loses $144M team to Raymond James
Raymond James recruited a Morgan Stanley team that previously oversaw more than $144 million in client assets, according to the firm.
Advisers Janis Cross, Matthew West and A.J. Schultz joined the firm's employee channel in Colorado Springs, Colorado, where they report to George Garro, branch manager.
They made the move in January, according to FINRA BrokerCheck records.
While at Morgan Stanley, the trio generated $1.13 million in annual revenue, according to Raymond James.
To read more, clickhere .
Advisers Janis Cross, Matthew West and A.J. Schultz joined the firm's employee channel in Colorado Springs, Colorado, where they report to George Garro, branch manager.
They made the move in January, according to FINRA BrokerCheck records.
While at Morgan Stanley, the trio generated $1.13 million in annual revenue, according to Raymond James.
To read more, click
Merrill Lynch team moves to Janney to form bigger $350M group
A Merrill Lynch trio that oversaw $150 million in client assets has left to form a larger $350 million team at Janney Montgomery Scott , according to the company.
Noah Doyle, Charles Princiotto and Sean Martin are leaving the wirehouse to partner with Stanley Hochhauser and Alice Coraggio in Janney's New York office.
The move has been in discussion "for years" and was inspired by the opportunity to combine forces with five-decade industry veteran Hochhauser, Doyle tells On Wall Street.
To read more, clickhere .
Noah Doyle, Charles Princiotto and Sean Martin are leaving the wirehouse to partner with Stanley Hochhauser and Alice Coraggio in Janney's New York office.
The move has been in discussion "for years" and was inspired by the opportunity to combine forces with five-decade industry veteran Hochhauser, Doyle tells On Wall Street.
To read more, click
Morgan Stanley recruits $576M international team
A Morgan Stanley investment consulting unit recruited a six-member ultrahigh-net-worth team managing $576 million, according to the company.
V. Thane Stenner and Youssef Zohny brought the StennerZohny Group to Graystone Consulting from Richardson GMP, one of Canada’s largest independent advisory firms. Morgan Stanley announced the move, noting they joined Graystone’s Palo Alto, California, office.
“After two years of due diligence on platforms in Canada and globally, we determined that the Graystone Consulting platform at Morgan Stanley was the best fit for our clients and family office/institutional practice,” Zohny said in a statement.
To read more, clickhere .
V. Thane Stenner and Youssef Zohny brought the StennerZohny Group to Graystone Consulting from Richardson GMP, one of Canada’s largest independent advisory firms. Morgan Stanley announced the move, noting they joined Graystone’s Palo Alto, California, office.
“After two years of due diligence on platforms in Canada and globally, we determined that the Graystone Consulting platform at Morgan Stanley was the best fit for our clients and family office/institutional practice,” Zohny said in a statement.
To read more, click
Ameriprise recruiting drive nets eight advisers with $644M
Eight advisers with $644 million in combined assets under management left wirehouses and IBDs to join Ameriprise’s employee, franchise and independent channels, according to the firm.
Ameriprise’s employee channel added Thomas Dattilo from UBS and Mark Stegmann from Wells Fargo. The company’s franchise channel drew Phillip Johnson from Woodbury Financial Services and Dorne Hall’s team from MSI Financial Services.
And Gartenhaus Financial moved to Ameriprise’s independent channel from Kestra Investment Services. Howard Gartenhaus leads the four-adviser team from Rockville, Maryland, with $168 million in AUM, according to Ameriprise.
To read more, clickhere .
Ameriprise’s employee channel added Thomas Dattilo from UBS and Mark Stegmann from Wells Fargo. The company’s franchise channel drew Phillip Johnson from Woodbury Financial Services and Dorne Hall’s team from MSI Financial Services.
And Gartenhaus Financial moved to Ameriprise’s independent channel from Kestra Investment Services. Howard Gartenhaus leads the four-adviser team from Rockville, Maryland, with $168 million in AUM, according to Ameriprise.
To read more, click
U.S. Trust, Century Capital advisers join Fiduciary Trust
Two advisers with 20 years of industry experience each moved to posts overseeing investment strategy at Fiduciary Trust, according to the company.
Richard Olney joined the firm in Boston after tenures with U.S. Trust and BNY Mellon. Peter Whitlock also relocated to the company's Boston headquarters following 10 years as a partner at Century Capital Management.
Olney and Whitlock will develop and carry out investments on behalf of high-net-worth individuals, families and institutions at Fiduciary.
"We are excited to welcome both Rick and Peter to our client team," CEO Austin Shapard said in a statement. "Given their history of advising clients across a variety of needs and market cycles, they augment our team of experienced professionals who provide personal service to our clients."
Richard Olney joined the firm in Boston after tenures with U.S. Trust and BNY Mellon. Peter Whitlock also relocated to the company's Boston headquarters following 10 years as a partner at Century Capital Management.
Olney and Whitlock will develop and carry out investments on behalf of high-net-worth individuals, families and institutions at Fiduciary.
"We are excited to welcome both Rick and Peter to our client team," CEO Austin Shapard said in a statement. "Given their history of advising clients across a variety of needs and market cycles, they augment our team of experienced professionals who provide personal service to our clients."
