Advisors on the Move: 32 teams switch firms, $8.8B
There has been more movement this year than last, says Michael Terrana, CEO of financial planning recruiting company Terrana Group. And through the rest of the year, he expects to see more advisors leave the four major wirehouses, he says.
As they continue to expand and open new branches across the country, regional broker-dealers like Raymond James, Stifel Financial, RBC Wealth Management, Kestra Financial and Janney Montgomery Scott have been successfully luring advisors from the wirehouses, including several multimillion-dollar teams they’ve recruited in the last few weeks.
Among the wirehouses, at least 17 teams have left Wells Fargo alone. Meanwhile, Morgan Stanley, which made the decision to leave the Broker Protocol last fall, has also lost several teams over the last month. The industry accord allows departing advisors to take basic client contact information with them, but now that Morgan Stanley is no longer a member, the firm has been filing lawsuits against its ex-advisors, alleging that they’ve stolen client information on their way to competing firms.
Whereas Morgan Stanley left the Broker Protocol, regional BD Hilliard Lyons decided to join the industry accord in March. Since then, the firm has expanded in North Carolina, Tennessee and Ohio, hiring new advisor teams and adjusting its growth strategy. Hilliard Lyons hopes to grow its headcount to 450 advisors and increase its revenues by 36% in the next three to five years, says Tom Kessinger, president of the firm.
“I think the RIA industry is just beginning its growth phase,” said Jim Denholm, president of IronBridge, an RIA in Texas. He adds: “I think they’re in a much better position to serve high-net-worth clients than the large firms are. And I think that’s going to be the case for the next 20 years.”
Baird grabs 8 more advisors and $880M from wirehouses
The Mathey Mirabella Group includes managing directors John Mathey and Dan Mirabella, who oversee $305 million in assets and production of $1.5 million. Mirabella will also serve as branch manager for the firm’s Ann Arbor, Michigan, office.
The Olson Bellfi Pham Group includes husband-and-wife duo, managing director Karla Olson-Bellfi and vice president Omer Bellfi, in addition to vice president Thai-Vi Pham. The team manages $475 million and $1.6 million in production and joins Baird’s Ann Arbor office.
Meanwhile, the McCrea Burns Group, which includes director Dobbin McCrea, vice president Cassidy Burns and associate advisor Kevin Rollwagen, joins the firm’s Edina, Minnesota, office. That team manages $98 million with $1.7 million in production.
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Steward Partners nabs more talent from Wells Fargo
Advisors Faith Harrington and Constantine Harris join the firm’s Portsmouth, New Hampshire office from Wells Fargo, where they managed more than $215 million in client assets. It was at least the sixth time Steward has pulled talent from Wells Fargo since February.
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Raymond James scoops up $480M team from UBS
Advisors Dean Dancer, T.J. Goelz, Steven Grossman and Joe Malave joined Raymond James's employee side in Sarasota, Florida in May, the company said.
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$186M team leaves Wells Fargo to launch incubator
Gary Baker, Dan Kraus and Kim Rubenstein of Undivided Wealth Management plan to launch what Baker describes as a “life incubator” for clients of their suburban St. Louis practice under its new independent status, he says. The practice aligned with Kestra Financial’s subsidiary hybrid RIA in early May.
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$800M Merrill Lynch team goes indie with Focus Financial
“Launching an independent firm has been on our mind for a while,” Iain Whyte, chairman of the newly created Pasadena Private Wealth, said in a statement.
Whyte’s fellow teammates include Simon Holford and Bryan Muth.
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Stifel bags $1B advisors in recruiting sweep
Like other regional BDs, Stifel has been on a hiring push, luring talent primarily from larger wirehouse competitors.
Stifel attributed the burst of new hires to cultural changes at the wirehouses and positive shifts in the recruiting landscape, notably greater regulatory clarity following the demise of the Department of Labor's fiduciary rule.
The recruits include father-son duo Dan Gruber and Joe Gruber, who managed $347 million and $42 million while at Wells Fargo and Raymond James, respectively.
Other advisors joining Stifel from Wells Fargo include Michael Heckman in San Rafael, California; Christian Comberg in Charlottesville, Virginia; Asma Mahmood in Modesto, California; and Jeff Hughes in Topeka, Kansas.
Altogether, Stifel's hires from Wells Fargo managed $951 million while at the wirehouse, according to the regional BD. The firm also hired Wells Fargo's Michelle Stebbins to serve as a branch manager in Southfield, Michigan.
Stifel's recruiting sweep also netted Cynthia and Richard Vogel, Savannah, Georgia-based brokers who are wife and husband and oversaw $82 million while with Morgan Stanley. Robert Fenton, previously with Raymond James, joined Stifel in Traverse City, Michigan. He oversaw $42 million in client assets, according to Stifel.
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Janney hires 3 advisors, including $133M father-son duo
The new recruits include Leo Connors and Leo Connors, Jr., a father-son team from Merrill Lynch that managed $133 million in assets, as well as Michael Federico, a 30-year industry veteran from Brown Advisory, an independent wealth management firm.
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RBC attracts former $610M Merrill Lynch duo
The Johnson Prince Group is comprised of Daniel Johnson, a senior vice president and financial advisor who has 21 years of industry experience, and John Prince, a senior vice president and financial advisor with 26 years of experience.
The duo joins RBC’s Century City branch in Southern California.
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$505M Wells Fargo team jumps to Raymond James
Mark Griffin and Mark Liley, who together managed $505 million in client assets at Wells Fargo, are moving to Raymond James.
The team’s departure adds to an already diminishing headcount on Wells Fargo’s wealth management side, which has lost advisors in five out of the last six quarters amid ongoing banking scandals.
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Hilliard Lyons hires $390M team after joining the Broker Protocol
The advisors include Alan Brookshire, James Chandley, Julie Willard, Kale Olson, John Grear and Linda Saylor.
While Hilliard Lyons is not traditionally known for making big recruiting pushes, the regional firm
In May, two advisors who had managed $230 million in assets at UBS joined Hilliard Lyons, opening the sixth branch in Ohio.
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Ameriprise takes advisors managing $113 million from UBS
“I wanted access to a strong suite of financial planning tools, as well as the freedom to select my own staff and run my business in a way that allows me to provide a great customer experience,” advisor Ruth Onkst said in a statement. “My clients are already seeing benefits.”
Onkst is joining the Gainesville, Florida branch of Ameriprise along with advisor Jim Onkst and business manager Stacey Strivers. Ruth Onkst has 33 years of experience in the industry, according to BrokerCheck.
$340M UBS team joins Kestra PWS
The Cranston, Rhode Island-based team, known as Northeast Investment Group, includes financial advisors and founding partners Jeffrey Boudjouk, Anthony Landi and Deborah Shuster, along with client relationship manager Kelly Almonte.
Boudjouk said they made the move to Kestra PWS in order to have greater freedom in how they serve their clients. “We wanted to partner with a firm that gave us all the tools, support and guidance needed to focus on our clients and grow our practice. Kestra PWS really delivered on that front,” Boudjouk said in a statement.
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Raymond James adds $230M in ongoing hiring spree
The St. Petersburg, Florida-based firm's new hires, Todd Krentz, Justin Brown and Michelle Evans joined Raymond James's independent channel in April, according to FINRA BrokerCheck records. The Chesterfield, Missouri-based team operates as Krentz Financial group.
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Janney advisors managing $400M return more than decade after leaving
For three out of the four advisors on the team, it’s not their first time being hired at the firm.
Janney’s new team is made up of Timothy Gormley, Paul Furlong, Kevin Keane and Kathleen Zelenka.
With Keane as the exception, Gormley, Furlong and Zelenka each spent at least four years with Janney more than a decade ago, according to FINRA BrokerCheck.
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Morgan Stanley loses $175M advisor to Stifel as post-protocol departures continue
Janet Stamato left Morgan Stanley to join Stifel in Hackensack, New Jersey. She has 31 years of experience, including stints at wirehouses Merrill Lynch, UBS and Morgan Stanley, according to FINRA BrokerCheck.
Morgan Stanley left the protocol in November, making it harder for advisors to exit the New York City-based wealth management firm with their respective clients in tow.
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Morgan Stanley loses $500M advisor to J.P. Morgan Securities
Ex-Morgan Stanley advisor David Reiser joined J.P. Morgan Securities in New York, where he reports to Mike Lee, regional director.
It's one of the latest wirehouse hires for the boutique wealth management unit, which caters to ultrawealthy clients.
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Wells Fargo loses six more advisors
Advisors Mark Demo and Raymond Patraw, who previously managed $230 million in assets at Wells Fargo, moved to Stifel, according to the firm.
Broker David McClure went to RBC earlier this month. He managed $110 million while at the wirehouse, according to RBC.
Raymond James announced that father-son team Clay and Nate Brandt, who the firm says managed $173 million in assets at Wells Fargo, joined a new branch in Burlington, Wisconsin.
Meanwhile, Eileen Keegan is joining Janney Montgomery Scott in Glatsonbury, Connecticut. The firm says she managed $77 million in assets at Wells Fargo prior to her arrival.
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Merrill Lynch loses 3 advisors to J.P. Morgan Securities
The hires include Jonathan McPharlin, Daniel Halperin and Charles A. Cooper, Jr. They each have less than 10 years of experience in the industry, all of which they spent at Merrill Lynch.
It's one of the latest big Merrill Lynch teams to join J.P. Morgan's elite brokerage unit. A Merrill broker overseeing $800 million in client assets joined the boutique firm in mid-May.
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John Morey leaves GMO, becomes Fiduciary Trust’s new vice president
“He will … assist our growth with families seeking investment and estate advice from a firm aligned with their best interests,” Austin Shapard, CEO of Fiduciary Trust, said in a statement.
Morey served as the head of client relations in North America for 15 years at GMO. Prior to that, he was a senior manager at Putnam and a managing director at BankBoston.
First Republic grabs six hires from Wells Fargo and Jeffries
Jeremy Wenner, Vincent Lovoy, Adam MacDonald and Todd Halbrook will be joining branches in California. Adam Beard will be in Boston.
Lovoy, MacDonald and Halbrook join the firm from Wells Fargo, and Wenner and Beard come to First Republic from Jefferies.
Icon Wealth Partners hires managing director-head of fixed income strategies
Cregan has 17 years of experience in the industry, including 10 years managing assets at Chase Securities of Texas, according to BrokerCheck.
“Mike brings extensive investment expertise in developing customized fixed income portfolios for high net worth investors,” said Mark McAdams, one of the firm’s founding partners.
Hilliard Lyons aims for growth, hiring regional director
The Louisville, Kentucky-based firm recently hired George von Zedlitz as a regional director overseeing the firm’s Northern Ohio and Western Pennsylvania branches. He will be based in Cleveland.
“This represents a significant commitment to expanding in central, northern and eastern Ohio,” Tom Kessinger, Hilliard Lyons president said in a statement.
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RBC hires two new female branch managers
Recruiting Amy Whittington in Houston and Angelica Nelson in Denver is part of RBC’s plan to bring more women into the firm in a variety of roles, including in leadership positions.
“RBC Wealth Management is committed to attracting more women to the firm. Amy and Angelica are proven leaders who are committed to growing their branches and increasing advisor productivity,” Kristen Kimmell, RBC’s chief of staff said in a statement. “Adding more women to leadership positions is good for the industry, good for our business but most of all, good for our clients.”
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Raymond James nabs advisors managing over $1B from Wells Fargo
The new recruits include Thomas Monroe and John McDermott, who oversaw $336 million in assets at Wells Fargo; Craig Cooley, Lee Miller and Michael Wegener, who managed $500 million; and Tim Godin, who oversaw $260 million in client assets, Raymond James says.
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Commonwealth recruits three advisors from Kestra
Charlie Potter, Chip Roe and Price French operate as Potter Financial Group in Durham, North Carolina.
“This was not an easy decision for us — we had been with our prior affiliate for 20 years,” Chip Roe said in a statement. He said they decided on Commonwealth because of the business model and structure and low advisor-to-staff ratio.
LPL grabs $100M team from Nationwide
Christopher Manci and his staff of five associates brought their Tunkhannock, Pennsylvania-based practice to LPL from Nationwide Securities in the second quarter. The team had spent 16 years with their prior BD.
LPL’s headcount surpassed that of any individual wirehouse at more than 16,000 advisors in the first quarter following its
D.A. Davidson hires new advisor from Merrill Lynch
“Aron is the right addition to our team as we continue strengthening our presence in Seattle and offering more clients the personalized service for which our advisors are known,” said Michael Purpura, president of D.A. Davidson Wealth Management in a statement.
Thompson was at Merrill Lynch for 10 years prior to his hire, according to FINRA BrokerCheck.
Kestra lures away $300M Wells Fargo team
The team, known as Liberty Wealth Solutions in Paramus, New Jersey, is led by managing director Steve Battel, as well as senior vice presidents Rob Yevchak, Bruce Battel and Nancy Hurst.
“We’ve worked for years to develop and deepen our client relationships, even serving up to three generations of families and believe moving toward independence will allow those relationships to grow,” Battel said in a statement.
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Three advisors leave Merrill Lynch
Don Bescher managed $386 million in assets at Merrill Lynch, according to Forbes. He was an advisor at the wirehouse for 21 years before he decided to move to regional BD BB&T Scott & Stringfellow.
Bescher is joining two advisors, Larry Milton and Philip Garcia, who left Merrill Lynch in May for BB&T Scott & Stringfellow. They are responsible for opening the firm’s first office in Fort Worth, Texas, says the firm.
RBC hires $600M team from Wells Fargo
The team, dubbed the Weissman & Dion Wealth Management Group, joined RBC in West Palm Beach, Florida, but will move into a new office due to open in Boca Raton later this year.
The new hires include veteran advisors Gary Weissman and Eric Dion as well as Andrea Dellisanti, a registered client associate, and Peggy Eagles, a senior registered client associate.
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Raymond James division recruits advisors from J.P. Morgan
Jon DuPrau will serve as managing director at Alex. Brown. He comes from six years at J.P. Morgan and seven years at Wells Fargo Advisors, according to FINRA BrokerCheck. Caspar Turdor, who will be serving as vice president of investments, has less than one year of experience at J.P. Morgan, says FINRA BrokerCheck. Both men will be located in Los Angeles.
“Their years of experience in successfully managing their client relationships and their unique approach to client portfolios is a perfect fit to the boutique wealth management business we are building at Alex. Brown,” said Gary Cohen, regional executive and branch manager in Los Angeles.
Atlanta Consulting chooses Chalice Capital as Broker-Dealer
“Chalice’s ability to provide institutional quality support and services via full service brokerage and capital markets in addition to their willingness and empathy in supporting the wants and needs of independent RIAs designated that they are a great fit for our firm and clients,” said Roderick Hennek, managing director and founder of Atlanta Consulting, in a statement.
Atlanta Consulting manages over $12 billion in assets, according to the firm.