Advisors with $10B flee wirehouses
November 27, 2017 9:22 AM
The wirehouse breakaways accelerated this month, as advisors left with more than $10 billion in combined client assets, according to recent hiring announcements.
The majority of the departures came from Morgan Stanley, which lost 11 teams managing over $7 billion after its abrupt announcement to exit the Broker Protocol.
Among them, a $3 billion New York-based team led by advisors Collen O’Callaghan and Norm Thomas left for J.P. Morgan. A $778 million team joined Wells Fargo’s independent broker-dealer arm. Others split for Stifel and RBC.
Recruiters suggest that Morgan Stanley’s protocol decision, aimed at stemming the ongoing departures of wirehouse advisors to rivals, might actually have accelerated them. In the post-protocol period, advisors leaving the firm may face costly litigation over who owns the client relationships. If other firms follow suit, the industry could revert to a more litigious era.
Meanwhile, regional firms and independent brokerages continue to benefit from the exodus of talent from the big four. RBC poached four wirehouse teams in November and expanded into Palos Verdes, California. Steward Partners opened its 12th office with new hires from Wells Fargo managing $400 million in assets.
Scroll through to see more advisor moves. For a look at our previous roundup, clickhere.
The majority of the departures came from Morgan Stanley, which lost 11 teams managing over $7 billion after its abrupt announcement to exit the Broker Protocol.
Among them, a $3 billion New York-based team led by advisors Collen O’Callaghan and Norm Thomas left for J.P. Morgan. A $778 million team joined Wells Fargo’s independent broker-dealer arm. Others split for Stifel and RBC.
Recruiters suggest that Morgan Stanley’s protocol decision, aimed at stemming the ongoing departures of wirehouse advisors to rivals, might actually have accelerated them. In the post-protocol period, advisors leaving the firm may face costly litigation over who owns the client relationships. If other firms follow suit, the industry could revert to a more litigious era.
Meanwhile, regional firms and independent brokerages continue to benefit from the exodus of talent from the big four. RBC poached four wirehouse teams in November and expanded into Palos Verdes, California. Steward Partners opened its 12th office with new hires from Wells Fargo managing $400 million in assets.
Scroll through to see more advisor moves. For a look at our previous roundup, click
RBC grabs father-son team managing $395M from Wells Fargo
RBC Wealth Management has poached a father-son-team managing $395 million from Wells Fargo Advisors.
The Dominello Investment Group includes advisor George Dominello, senior vice president, and his son William Dominello, also senior vice president. The elder Dominello brings with him 36 years of experience in the industry. He spent 11 years with Wells Fargo and 24 years with Advest, according to BrokerCheck records. His son has 10 years of experience in the industry, all with Wells Fargo.
Also joining the team is Vanessa Mason, senior registered client associate.
Read morehere.
The Dominello Investment Group includes advisor George Dominello, senior vice president, and his son William Dominello, also senior vice president. The elder Dominello brings with him 36 years of experience in the industry. He spent 11 years with Wells Fargo and 24 years with Advest, according to BrokerCheck records. His son has 10 years of experience in the industry, all with Wells Fargo.
Also joining the team is Vanessa Mason, senior registered client associate.
Read more
RBC forges ahead on recruiting push, hires $231M UBS team
RBC Wealth Management is continuing its recruiting streak, adding to its Tucson, Arizona office by nabbing an advisory team handling $231 million in assets under management from rival firm UBS.
The Langer Wealth Management Group consists of Allen Langer, an advisor with 38 years of industry experience, and J. Fredrick Martinez, an advisor who has 14 years of experience.
Also joining the team from UBS is Marnie Rose, senior registered client associate.
Read morehere.
The Langer Wealth Management Group consists of Allen Langer, an advisor with 38 years of industry experience, and J. Fredrick Martinez, an advisor who has 14 years of experience.
Also joining the team from UBS is Marnie Rose, senior registered client associate.
Read more
Patrick Andrade/Bloomberg
Gone in a New York minute: Morgan Stanley loses 9 teams, $6B in AUM
Shortly after Morgan Stanley announced its departure from the Broker Protocol, nine teams that managed more than $6 billion left the wirehouse for rivals J.P. Morgan Securities, Stifel and RBC Wealth Management. Four of the departures happened in New York City and included Colleen O’Callaghan, who ranked no. 1 on Forbes' Top Women Advisors in 2017.
Of the departures, the largest was a New York-based team led by O'Callaghan and Norm Thomas. The group managed over $3 billion in client assets while at Morgan Stanley, a J.P. Morgan spokeswoman confirms.
Read morehere.
Of the departures, the largest was a New York-based team led by O'Callaghan and Norm Thomas. The group managed over $3 billion in client assets while at Morgan Stanley, a J.P. Morgan spokeswoman confirms.
Read more
Ahead of Broker Protocol exit, $210M Morgan Stanley team jumps to Baird
Baird, an employee-owned broker-dealer, has recruited the Jester Group, which oversaw $210 million in client assets at Morgan Stanley, according to the regional firm.
Founder C. Gene Jester had been at Morgan Stanley for eight years prior to joining Baird. Jester’s career spans 30 years and includes several wealth management firms, but he wasn’t always an advisor. The industry veteran started out as a parish minister and has a Doctor of Ministry degree from Southeastern Baptist Theological Seminary, according to Baird.
Read morehere.
Founder C. Gene Jester had been at Morgan Stanley for eight years prior to joining Baird. Jester’s career spans 30 years and includes several wealth management firms, but he wasn’t always an advisor. The industry veteran started out as a parish minister and has a Doctor of Ministry degree from Southeastern Baptist Theological Seminary, according to Baird.
Read more
Michele Limina/Bloomberg
$900M team leaves Merrill Lynch for UBS
A Merrill Lynch team that oversaw nearly $900 million in client assets jumped to UBS, according to a spokeswoman for the Swiss firm.
The group, led by advisor Rod Loewenthal, joined UBS in Northbrook, Illinois, where they will report to Geoffrey Centner, a branch manager.
Loewenthal started his career at Merrill Lynch in 1995, according to FINRA BrokerCheck records.
Also joining him at UBS are Kevin Kamholz, first vice president, Betsy Mason, senior wealth strategy associate and Justin McIntire, senior registered client service associate.
Read morehere.
The group, led by advisor Rod Loewenthal, joined UBS in Northbrook, Illinois, where they will report to Geoffrey Centner, a branch manager.
Loewenthal started his career at Merrill Lynch in 1995, according to FINRA BrokerCheck records.
Also joining him at UBS are Kevin Kamholz, first vice president, Betsy Mason, senior wealth strategy associate and Justin McIntire, senior registered client service associate.
Read more
Kevin Van Paassen/Bloomberg
RBC nabs $610M Merrill Lynch team, opens new office
A Merrill Lynch team managing $610 million in assets is leaving to join RBC, according to the regional brokerage.
With the new team, RBC launched its Palos Verdes, California, office and continues to expand in the region.
Named the PVG Group, the team boasts three industry veterans. Larry Prutch and Cengiz Volkan have more than 20 years of experience each, and Alan Goldstein has five decade of industry experience. Throughout their careers, the trio jumped from Lehman Brothers, to Smith Barney, and then to Merrill Lynch.
Read morehere.
With the new team, RBC launched its Palos Verdes, California, office and continues to expand in the region.
Named the PVG Group, the team boasts three industry veterans. Larry Prutch and Cengiz Volkan have more than 20 years of experience each, and Alan Goldstein has five decade of industry experience. Throughout their careers, the trio jumped from Lehman Brothers, to Smith Barney, and then to Merrill Lynch.
Read more
RBC lures $182M team from Wells Fargo
RBC Wealth Management notched a recruiting victory against Wells Fargo Advisors with the addition of a $182 million team.
Halcyon Wealth Management Group — consisting of Alfred Hobgood III, his son Alfred Hobgood IV and A. Harrison Peatross — brings a combined 81 years of experience to RBC’s Raleigh, North Carolina, office.
The group previously spent eight years at Wells Fargo, prior to which they were at Scott & Stringfellow, an RIA in Richmond, Virginia, according to FINRA BrokerCheck records. Nancy Winborne is the group’s registered client associate.
Read morehere.
Halcyon Wealth Management Group — consisting of Alfred Hobgood III, his son Alfred Hobgood IV and A. Harrison Peatross — brings a combined 81 years of experience to RBC’s Raleigh, North Carolina, office.
The group previously spent eight years at Wells Fargo, prior to which they were at Scott & Stringfellow, an RIA in Richmond, Virginia, according to FINRA BrokerCheck records. Nancy Winborne is the group’s registered client associate.
Read more
Cooper Neill/Bloomberg
Broker Protocol exodus? A $778M team leaves Morgan Stanley
Morgan Stanley lost yet another team following the firm's declaration that it was abandoning the Broker Protocol effective Nov. 3.
John Testa and David Drotar, who collectively managed approximately $778 million, joined Wells Fargo's independent broker-dealer arm in Palo Alto, California, a spokeswoman confirmed. They each have 19 years of industry experience, and had worked at Morgan Stanley for more than a decade.
They moved Nov. 1, according to FINRA BrokerCheck records, after the firm's protocol announcement on Oct.30,
Read morehere.
John Testa and David Drotar, who collectively managed approximately $778 million, joined Wells Fargo's independent broker-dealer arm in Palo Alto, California, a spokeswoman confirmed. They each have 19 years of industry experience, and had worked at Morgan Stanley for more than a decade.
They moved Nov. 1, according to FINRA BrokerCheck records, after the firm's protocol announcement on Oct.30,
Read more
Lincoln Financial Advisors nabs $366M advisors
Two advisors managing $366 million in total client assets have left CUSO Financial Services for Lincoln Financial Network, an independent broker-dealer.
Kevin McDermott and John Kane are joining LFA and will have access to its digital tools and network. McDermott has 27 years of experience and began his career at Metropolitan Life Insurance. Kane made his start in 2003 at CUNA Brokerage.
The team, located in West Chester, Pennsylvania, operates under the name Delphi Wealth Management Group.
Kevin McDermott and John Kane are joining LFA and will have access to its digital tools and network. McDermott has 27 years of experience and began his career at Metropolitan Life Insurance. Kane made his start in 2003 at CUNA Brokerage.
The team, located in West Chester, Pennsylvania, operates under the name Delphi Wealth Management Group.
Kevin Van Paassen/Bloomberg
RBC grabs $200M Wells Fargo team
RBC poached a $200-million team from Wells Fargo to join its Tucson, Arizona branch furthering its expansion in the region, the regional firm said.
The Ballantyne-Quiri Investment Group is Wells Fargo’s latest loss. Ballantyne had worked at Wells Fargo for 14 years. He has 38 years of total industry experience and began his career with Rauscher Pierce Refsnes, according to FINRA BrokerCheck records.
Quiri made her start in 2007 with A.G. Edwards, staying with the firm following its subsequent acquisition by Wells Fargo.
Read morehere.
The Ballantyne-Quiri Investment Group is Wells Fargo’s latest loss. Ballantyne had worked at Wells Fargo for 14 years. He has 38 years of total industry experience and began his career with Rauscher Pierce Refsnes, according to FINRA BrokerCheck records.
Quiri made her start in 2007 with A.G. Edwards, staying with the firm following its subsequent acquisition by Wells Fargo.
Read more
Stifel picks off a trio of advisors from rivals worth $217M
Stifel’s has added three advisors worth a combined $217 million from competitors Merrill Lynch, Raymond James and Wunderlich Securities, the company announced.
Phillip Rogers, who managed $106 million at Wunderlich Securities, will join Stifel’s office in Memphis, Tennessee.
The firm's Melbourne, Florida, branch welcomed Philip MacDonald, who came from Merrill Lynch and managed $70 million in client assets.
Brandt Hakanson, a former Raymond James advisor, joined Stifel’s branch in Indianapolis, Indiana. Hakanson managed $41 million and has more than two decades of experience.
Read morehere.
Phillip Rogers, who managed $106 million at Wunderlich Securities, will join Stifel’s office in Memphis, Tennessee.
The firm's Melbourne, Florida, branch welcomed Philip MacDonald, who came from Merrill Lynch and managed $70 million in client assets.
Brandt Hakanson, a former Raymond James advisor, joined Stifel’s branch in Indianapolis, Indiana. Hakanson managed $41 million and has more than two decades of experience.
Read more
Bloomberg News
Merrill Lynch loses $143M team to Ameriprise
Two Merrill Lynch advisors who managed $143 million in assets quit for Ameriprise, the regional firm said.
David Schrader and Frank DeFranco joined Ameriprise’s Saddle Brook, New Jersey office in October. In 2008, the duo jumped to Merrill Lynch from Morgan Stanley, where both of them began their career. Schrader has 20 years of industry experience and DeFranco has 17 years.
Schrader said the team made the move because Ameriprise has “all of the capabilities of a wirehouse with the more personal feel of a boutique firm.”
Read morehere.
David Schrader and Frank DeFranco joined Ameriprise’s Saddle Brook, New Jersey office in October. In 2008, the duo jumped to Merrill Lynch from Morgan Stanley, where both of them began their career. Schrader has 20 years of industry experience and DeFranco has 17 years.
Schrader said the team made the move because Ameriprise has “all of the capabilities of a wirehouse with the more personal feel of a boutique firm.”
Read more
Kevin Van Paassen/Bloomberg
Under protocol pressure, $180M Morgan Stanley advisor split for RBC
A Morgan Stanley advisor who managed $180 million in assets quit for RBC one day before the wirehouse formally pulled out from Broker Protocol, his new employer said.
Sherman joined RBC’s office in Sewickley, Pennsylvania. He began his career in 1997 at Legg Mason. Sherman had been with Morgan Stanley and Smith Barney since 2006, according to FINRA BrokerCheck records.
Read morehere.
Sherman joined RBC’s office in Sewickley, Pennsylvania. He began his career in 1997 at Legg Mason. Sherman had been with Morgan Stanley and Smith Barney since 2006, according to FINRA BrokerCheck records.
Read more
Raymond James nabs $100M Ameriprise advisor in ongoing hiring spree
An Ameriprise advisor who managed $100 million in assets is leaving the firm to join Raymond James, his new employer said.
David Katz is joining Raymond James's office in Boca Raton, Florida with his client associate Jill Freeman. Katz began his career in 1994 at Metropolitan Life, and prior to Ameriprise, he worked at Gitterman & Associates Wealth Management, according to Raymond James.
For Raymond James, Katz’s primarily fee-based book of clients makes him a perfect fit, said South Florida Complex manager Bert White.
Read morehere.
David Katz is joining Raymond James's office in Boca Raton, Florida with his client associate Jill Freeman. Katz began his career in 1994 at Metropolitan Life, and prior to Ameriprise, he worked at Gitterman & Associates Wealth Management, according to Raymond James.
For Raymond James, Katz’s primarily fee-based book of clients makes him a perfect fit, said South Florida Complex manager Bert White.
Read more
Cooper Neill/Bloomberg
Steward Partners hires advisors with $400M, opens 12th office
Steward Partners furthered its expansion efforts, opening its 12th office and hiring four new advisors who collectively managed more than $400 million in client assets.
The newest hires ― former Wells Fargo advisors Robert Baker, Edmund Iannaccone, Paul Sarama and Theodore Larson ― include two former radio hosts and a veteran with 50 years of experience. They're based in Paramus, New Jersey.
Read morehere.
The newest hires ― former Wells Fargo advisors Robert Baker, Edmund Iannaccone, Paul Sarama and Theodore Larson ― include two former radio hosts and a veteran with 50 years of experience. They're based in Paramus, New Jersey.
Read more
Raymond James adds wirehouse advisor with $265M in assets
Raymond James has snagged an advisor managing $265 million in client assets from Wells Fargo, the firm announced this week.
The Wasatch Capital Management Group — a firm consisting of advisor Mark Lazar, portfolio associate John Bergerson and service associate Morgan Irvin — will join the firm’s Cottonwood Heights office in the suburbs of Salt Lake City, Utah.
Lazar began his career in 1995 with Merrill Lynch, according to FINRA BrokerCheck records, before moving to Wells Fargo in 1998. Bergerson served as chief compliance officer with Albion Financial Group for 17 years, according to a company release.
Read morehere.
The Wasatch Capital Management Group — a firm consisting of advisor Mark Lazar, portfolio associate John Bergerson and service associate Morgan Irvin — will join the firm’s Cottonwood Heights office in the suburbs of Salt Lake City, Utah.
Lazar began his career in 1995 with Merrill Lynch, according to FINRA BrokerCheck records, before moving to Wells Fargo in 1998. Bergerson served as chief compliance officer with Albion Financial Group for 17 years, according to a company release.
Read more
David Paul Morris/Bloomberg
First Republic grabs three J.P.Morgan advisors
First Republic has landed three veteran advisors in Boston from J.P. Morgan, the company announced.
Jeff Sherman has 30 years of industry experience and served as branch manager throughout his career, according to First Republic. He was an executive director at J.P. Morgan Securities in Boston and has worked at Merrill Lynch and Lehman Brothers.
Art Karabelas has 28 years of experience and was also an executive director at J.P. Morgan Securities. Prior to that, he worked for Merrill Lynch.
Okita Sevi began her career in 2003. She has worked at Merrill Lynch and Bank of America.
Jeff Sherman has 30 years of industry experience and served as branch manager throughout his career, according to First Republic. He was an executive director at J.P. Morgan Securities in Boston and has worked at Merrill Lynch and Lehman Brothers.
Art Karabelas has 28 years of experience and was also an executive director at J.P. Morgan Securities. Prior to that, he worked for Merrill Lynch.
Okita Sevi began her career in 2003. She has worked at Merrill Lynch and Bank of America.
Janney nabs $93M advisor from Raymond James
Janney has poached an advisor who manages about $93 million from Raymond James.
Thomas Paz will join Janney’s Miami branch. Paz has 19 years of experience, including 14 years at Raymond James and five years at Edward Jones, according to FINRA BrokerCheck records.
Paz is joined by Alicia Blanco, his client assistant.
Thomas Paz will join Janney’s Miami branch. Paz has 19 years of experience, including 14 years at Raymond James and five years at Edward Jones, according to FINRA BrokerCheck records.
Paz is joined by Alicia Blanco, his client assistant.
Former TIAA Advisor Joins Snowden Lane Partners
An advisor from TIAA has left to join Snowden Lanes Partners, according to her new employer.
Sharon Reese will join the firm’s Feldman Group, which oversees more than $250 million in client assets.
Reese has over 20 years of experience, including in equity and institutional research, global equity sales and financial planning. At TIAA, Reese worked at a team that managed more than $500 million in assets. Prior to that, she worked at Merrill Lynch and Mitsubishi UFJ, according to FINRA BrokerCheck records.
Snowden Lane’s total client assets now reached over $3.7 billion, the firm said.
Sharon Reese will join the firm’s Feldman Group, which oversees more than $250 million in client assets.
Reese has over 20 years of experience, including in equity and institutional research, global equity sales and financial planning. At TIAA, Reese worked at a team that managed more than $500 million in assets. Prior to that, she worked at Merrill Lynch and Mitsubishi UFJ, according to FINRA BrokerCheck records.
Snowden Lane’s total client assets now reached over $3.7 billion, the firm said.
Cooper Neill/Bloomberg
Wells Fargo names three new regional presidents
Wells Fargo has named three regional presidents and created a new role on manager effectiveness, the firm said.
Rob Samson has been named regional president of the Midwest Region.
Joel Glasco has been named regional president of the newly created Southern Region and will be based in Atlanta, Georgia.
Mary Sumners joined as regional president of the Northern region from RBC and will be based in Minneapolis, Minnesota.
Dave Altshuler has been named Director of Manager Effectiveness, a newly created role. He will work with market managers nationwide to support their advisors' business development needs.
Rob Samson has been named regional president of the Midwest Region.
Joel Glasco has been named regional president of the newly created Southern Region and will be based in Atlanta, Georgia.
Mary Sumners joined as regional president of the Northern region from RBC and will be based in Minneapolis, Minnesota.
Dave Altshuler has been named Director of Manager Effectiveness, a newly created role. He will work with market managers nationwide to support their advisors' business development needs.
Advisor Group nabs managers from Eaton Vance and LPL
Advisor Group has landed two managers from Eaton Vance and LPL Financial to head product development and digital strategy, the firm said.
Shannon Larson joined as senior vice president of product management and development. She was a senior global relationship manager at Eaton Vance. Prior to that, Larson worked at Cetera Financial Group and LPL financial.
Daniel Aguillon joined as vice president of digital platform manager. At LPL, Aguillon oversaw the development of the firm’s first algorithmic digital advisory platform.
Shannon Larson joined as senior vice president of product management and development. She was a senior global relationship manager at Eaton Vance. Prior to that, Larson worked at Cetera Financial Group and LPL financial.
Daniel Aguillon joined as vice president of digital platform manager. At LPL, Aguillon oversaw the development of the firm’s first algorithmic digital advisory platform.
PagnatoKarp hires manager from Schwab
PagnatoKarp has landed a managing director for its advising group from Charles Schwab.
Bob Ciullo’s main role will be business expansion and growth. He has over 30 years of industry experience and specializes in helping advisors grow organically, according to PagnatoKarp. Prior to Schwab, he has worked at UBS Wealth Management.
The Reston, Virginia-based independent firm manages $3.5 billion in client assets.
Bob Ciullo’s main role will be business expansion and growth. He has over 30 years of industry experience and specializes in helping advisors grow organically, according to PagnatoKarp. Prior to Schwab, he has worked at UBS Wealth Management.
The Reston, Virginia-based independent firm manages $3.5 billion in client assets.
