Advisors on the Move: Morgan Stanley Loses $750M Team
April 13, 2015 4:09 PM
Advisors on the Move: Morgan Stanley Loses $750M Team
HighTower enticed away a Morgan Stanley team managing $750 million in client assets, a HighTower spokesman said. But that wasn't the only big grab in the competition for top talent. Rival firm Wells Fargo swept up five advisors managing about $500 million in assets. Meanwhile, a former Wedbush executive landed at a $2.6 billion RIA.
See these and all the latest recruiting moves by clicking through our slideshow.
See these and all the latest recruiting moves by clicking through our slideshow.
HighTower Hires $750M Morgan Stanley Team
A Morgan Stanley team that managed $750 million has relocated to HighTower, the firm said.
David Bahnsen and Brian Szytel, managing directors of the Bahnsen Group, made the move with their eight-person team.
The Newport Beach, Calif.-based advisors focus on high net worth individuals and families in Orange County, and bolsters HighTower's presence in California.
The team, known as the Bahnsen Group, represents the ninth HighTower team in the state.
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Image: David Bahnsen and Brian Szytel leave Morgan Stanley for HighTower.
David Bahnsen and Brian Szytel, managing directors of the Bahnsen Group, made the move with their eight-person team.
The Newport Beach, Calif.-based advisors focus on high net worth individuals and families in Orange County, and bolsters HighTower's presence in California.
The team, known as the Bahnsen Group, represents the ninth HighTower team in the state.
To read more,
Image: David Bahnsen and Brian Szytel leave Morgan Stanley for HighTower.
Ex-Wedbush Exec Now Oversees $2.6B RIA
Wirehouse and regional advisors usually are the ones making the leap to the RIA space. Now an ex-brokerage manager who oversaw 400 advisors has followed suit.
Wes Long, who left Wedbush last month, is now overseeing advisory operations and recruiting as director of wealth advisor services at Index Fund Advisors, an Irvine, Calif.-based RIA that has 15 advisors and specializes in index investing.
Long says that as part of his new job he will be looking to recruit advisors to IFA that have an interest in the RIA model and IFA in particular. Founded in 1999, IFA has about $2.6 billion in AUM.
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Wes Long, who left Wedbush last month, is now overseeing advisory operations and recruiting as director of wealth advisor services at Index Fund Advisors, an Irvine, Calif.-based RIA that has 15 advisors and specializes in index investing.
Long says that as part of his new job he will be looking to recruit advisors to IFA that have an interest in the RIA model and IFA in particular. Founded in 1999, IFA has about $2.6 billion in AUM.
To read more, click here
Wells Fargo Recruits Advisors Managing $500M
Wells Fargo hired five advisors managing nearly $500 million in combined assets, according to a spokeswoman.
In the largest of three moves, a Morgan Stanley team managing about $200 million joined Wells Fargo in Carlsbad, Calif., a suburb of San Diego. The team is comprised of advisors Daniel Avan and Alan Shapiro.
Advisor Raymond Palmer and client associate Tori DeVries left Stifel to join Wells Fargo in St. Charles, Mo. Palmer managed more than $148 million in client assets while at Stifel, according to a Wells spokeswoman.
Two RBC advisors who managed more than $138 million in client assets moved to Wells Fargo. Michael Berlin and Scott Richman joined the wirehouse's Philadelphia branch.
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Image: Alan Shapiro and Daniel Avan joined Wells Fargo from Morgan Stanley.
In the largest of three moves, a Morgan Stanley team managing about $200 million joined Wells Fargo in Carlsbad, Calif., a suburb of San Diego. The team is comprised of advisors Daniel Avan and Alan Shapiro.
Advisor Raymond Palmer and client associate Tori DeVries left Stifel to join Wells Fargo in St. Charles, Mo. Palmer managed more than $148 million in client assets while at Stifel, according to a Wells spokeswoman.
Two RBC advisors who managed more than $138 million in client assets moved to Wells Fargo. Michael Berlin and Scott Richman joined the wirehouse's Philadelphia branch.
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Image: Alan Shapiro and Daniel Avan joined Wells Fargo from Morgan Stanley.
Ameriprise Adds 3 Advisors Managing $261M
Three advisors collectively managing $261 million in client assets have joined Ameriprise, according to a firm spokesman.
In the largest of three moves, advisor Robert Shanks joined Ameriprise's independent channel from Edward Jones where he managed $128 million in assets, the Ameriprise spokesman said.
In a separate move, a Wells Fargo advisor with $70 million in AUM joined Ameriprise's employee channel in Palm Beach, Fla., said the firm. John Rojas has been in the industry since 1998, according to FINRA records.
In New York, Ameriprise recruited Marc Levy from MetLife Securities where he managed $62 million in assets, the firm said.
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Image: John Rojas joins Ameriprise with $70 million in AUM.
In the largest of three moves, advisor Robert Shanks joined Ameriprise's independent channel from Edward Jones where he managed $128 million in assets, the Ameriprise spokesman said.
In a separate move, a Wells Fargo advisor with $70 million in AUM joined Ameriprise's employee channel in Palm Beach, Fla., said the firm. John Rojas has been in the industry since 1998, according to FINRA records.
In New York, Ameriprise recruited Marc Levy from MetLife Securities where he managed $62 million in assets, the firm said.
To read more,
Image: John Rojas joins Ameriprise with $70 million in AUM.
$100M Janney Team Joins Merrill
A team managing more than $100 million in client assets has left Janney Montgomery Scott to join Merrill Lynch, a spokeswoman said.
Advisor Jon Stevens and his father, Phil, an investment associate, joined Merrill's office in Scranton, Pa. They report to Christopher Reber, complex director of the firm's Eastern Pennsylvania complex.
Together, they generated more than $646,000 in annual revenues while at Janney, according to Merrill.
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Advisor Jon Stevens and his father, Phil, an investment associate, joined Merrill's office in Scranton, Pa. They report to Christopher Reber, complex director of the firm's Eastern Pennsylvania complex.
Together, they generated more than $646,000 in annual revenues while at Janney, according to Merrill.
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$250M Morgan Stanley Advisors Join Steward Partners
Two Morgan Stanley advisors managing $250 million in assets have left the wirehouse to join Steward Partners, an independent firm affiliated with Raymond James Financial Services, according to a spokesman.
Advisors Stephen Philleo and Daniel Ialeggio generated nearly $1.7 million in revenue while at the wirehouse.
They joined Steward Partners as managing directors and will open a new office in Bethesda, Md. Also moving with the team is Conor Wolchesky, client administrative manager.
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Advisors Stephen Philleo and Daniel Ialeggio generated nearly $1.7 million in revenue while at the wirehouse.
They joined Steward Partners as managing directors and will open a new office in Bethesda, Md. Also moving with the team is Conor Wolchesky, client administrative manager.
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Raymond James Snags $1M Wells Fargo Producer
A veteran $1 million producer left Wells Fargo Advisors to join Raymond James & Associates, the firm said.
Advisor James Pohlman joined Raymond James in St. Louis. While at Wells Fargo, Pohlman managed approximately $175 million in client assets, according to Raymond James.
Pohlman started his career in 1984 with Edward Jones, according to FINRA records. He later worked at A.G. Edwards and then Wells Fargo.
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Advisor James Pohlman joined Raymond James in St. Louis. While at Wells Fargo, Pohlman managed approximately $175 million in client assets, according to Raymond James.
Pohlman started his career in 1984 with Edward Jones, according to FINRA records. He later worked at A.G. Edwards and then Wells Fargo.
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Janney Lures 2 RBC Advisors
Two RBC advisors have signed on with Janney Montgomery Scott.
J. Todd Pauliny and Michael Stewart joined Janney's branch office in Bel Air, Md.
While at RBC, their combined production was over $1.25 million, the firm said. The team operates as The Stewart & Pauliny Investment Group and report to branch office manager John Goles.
Both Pauliny and Steward have 10 years of industry experience, according to FINRA records.
To read more,click here
J. Todd Pauliny and Michael Stewart joined Janney's branch office in Bel Air, Md.
While at RBC, their combined production was over $1.25 million, the firm said. The team operates as The Stewart & Pauliny Investment Group and report to branch office manager John Goles.
Both Pauliny and Steward have 10 years of industry experience, according to FINRA records.
To read more,
U.S. Trust Appoints Exec to Oversee Family Office
U.S. Trust added a new executive to oversee and coordinate the firm's philanthropic services and family office.
In her new role as head of philanthropic solutions and the family office at U.S. Trust, Ann Limberg will wear two hats. She will oversee administrative services for U.S. Trust's philanthropic business, as well as the firm's family office which services multi-generational families. She will coordinate with a family's advisors on financial strategy, investment consulting and financial education.
Previously, she served as a managing director and Northeast division executive at U.S. Trust, which is an elite unit of Bank of America that serves ultrawealthy clients.
To read more,click here
Image: Ann Limberg has been named head of philanthropic solutions and the family office at U.S. Trust.
In her new role as head of philanthropic solutions and the family office at U.S. Trust, Ann Limberg will wear two hats. She will oversee administrative services for U.S. Trust's philanthropic business, as well as the firm's family office which services multi-generational families. She will coordinate with a family's advisors on financial strategy, investment consulting and financial education.
Previously, she served as a managing director and Northeast division executive at U.S. Trust, which is an elite unit of Bank of America that serves ultrawealthy clients.
To read more,
Image: Ann Limberg has been named head of philanthropic solutions and the family office at U.S. Trust.
Complex Director Returns to Merrill
A complex director is returning to Merrill Lynch after doing stints at Morgan Stanley and Wells Fargo.
Merrill named Michael Casey director of their Nevada/Boise Complex, the wirehouse said.
At Morgan, Casey had been a wealth management market leader responsible for leading two branches in California and three offices in Tucson, Ariz.
He spent five years with Morgan after a brief stint at Wells Fargo, according to his LinkedIn profile, and was at Merrill before that from 1989 to 2009.
To read more, click here
Merrill named Michael Casey director of their Nevada/Boise Complex, the wirehouse said.
At Morgan, Casey had been a wealth management market leader responsible for leading two branches in California and three offices in Tucson, Ariz.
He spent five years with Morgan after a brief stint at Wells Fargo, according to his LinkedIn profile, and was at Merrill before that from 1989 to 2009.
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Raymond James Adds a $250M Advisor Team
Former Morgan Stanley advisors John Lipari and Richard Ribek, who have $250 million in assets under management, joined Raymond James' independent channel. The pair, who run the Lipari Ribek Group in North Palm Beach, Fla., said in a statement that they spent two years looking for a new broker-dealer.
They say that chose Raymond James Financial Services because of the company's "client first culture."
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Image: Lipari Ribek Group joins Raymond James Financial Services.
They say that chose Raymond James Financial Services because of the company's "client first culture."
To read more, click here
Image: Lipari Ribek Group joins Raymond James Financial Services.
Merrill Lands $160M Deutsche Bank Team
Merrill Lynch landed a Deutsche Bank team that was managing $160 million in client assets, the firm said.
The group, headed by Jeff Tompkins, left the bank to join Merrill's Boca Raton, Fla., office, according to the firm. Tompkins and his son Justin Tompkins, along with team member Patricia O'Conner, will now report to complex director Matthew Liebman.
Prior to joining Deutsche Bank in 2012, Tompkins, a 33-year industry veteran, worked with Morgan Stanley from 2009 to 2012, according to FINRA's BrokerCheck. Before that, he spent nearly two decades with Citigroup.
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The group, headed by Jeff Tompkins, left the bank to join Merrill's Boca Raton, Fla., office, according to the firm. Tompkins and his son Justin Tompkins, along with team member Patricia O'Conner, will now report to complex director Matthew Liebman.
Prior to joining Deutsche Bank in 2012, Tompkins, a 33-year industry veteran, worked with Morgan Stanley from 2009 to 2012, according to FINRA's BrokerCheck. Before that, he spent nearly two decades with Citigroup.
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Advisors Collectively Managing $800M Join Morgan Stanley
Three advisors have joined Morgan Stanley's ranks, according to a firm spokeswoman.
Senior advisor Dan Schwala left UBS to sign on with Morgan Stanley's office in Beverly Hills, Calif. Schwala has 30 years of experience in the securities industry, according to FINRA records. He spent about 11 years at UBS, where he managed $267 million in client assets and had approximately $1.7 million in annual production.
Thomas Cagganello has 17 years of experience in the securities industry, according to FINRA records. He joins Morgan from Wells Fargo. Cagganello managed approximately $145 million in client assets while at Wells, with an annual production of $1.2 million. He will sign on with the Morgan's Westport, Conn., office.
Mark Leonard is joining the wirehouse from SunTrust, where he managed $435 million in client assets with an annual production of $2.9 million.
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Senior advisor Dan Schwala left UBS to sign on with Morgan Stanley's office in Beverly Hills, Calif. Schwala has 30 years of experience in the securities industry, according to FINRA records. He spent about 11 years at UBS, where he managed $267 million in client assets and had approximately $1.7 million in annual production.
Thomas Cagganello has 17 years of experience in the securities industry, according to FINRA records. He joins Morgan from Wells Fargo. Cagganello managed approximately $145 million in client assets while at Wells, with an annual production of $1.2 million. He will sign on with the Morgan's Westport, Conn., office.
Mark Leonard is joining the wirehouse from SunTrust, where he managed $435 million in client assets with an annual production of $2.9 million.
To read more, click here
Stifel Picks Up Advisor Teams Managing $290M
Stifel Nicolaus recruited two advisor teams managing nearly $290 million in assets from rival brokerage D.A. Davidson, according to a Stifel spokesman.
In the larger of the two moves, advisors David Kuhns and Chris Molvig joined Stifel in Billings, Mont. While at Davidson, they managed about $159 million in client assets.
Advisors Scott Baldwin and Joseph Travis left Davidson to open a new Stifel office in Lewiston, Idaho. They managed $130 million in assets while at Davidson, according to a Stifel spokesman.
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Image: David Kuhns joins Stifel with $290 million in AUM.
In the larger of the two moves, advisors David Kuhns and Chris Molvig joined Stifel in Billings, Mont. While at Davidson, they managed about $159 million in client assets.
Advisors Scott Baldwin and Joseph Travis left Davidson to open a new Stifel office in Lewiston, Idaho. They managed $130 million in assets while at Davidson, according to a Stifel spokesman.
To read more, click here
Image: David Kuhns joins Stifel with $290 million in AUM.
Baird Nabs $1.75M Producer From Schwab
Baird recruited a $1.75 million producer from Charles Schwab, a firm spokesman said.
Michael McHugh, who was managing about $350 million in client assets before leaving Schwab, joined Baird's Denver office, the firm's spokesman said. He reports to branch manager Steve Binder.
McHugh started his career with Schwab in 1997, according to FINRA records.
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Image: Michael McHugh left Schwab for Baird.
Michael McHugh, who was managing about $350 million in client assets before leaving Schwab, joined Baird's Denver office, the firm's spokesman said. He reports to branch manager Steve Binder.
McHugh started his career with Schwab in 1997, according to FINRA records.
To read more,
Image: Michael McHugh left Schwab for Baird.
U.S. Trust Announces Wealth Management Hires
In response to a growing demand for wealth management services, the U.S. Trust announced several new hires to a number of offices across the country, according to statements from the firm.
In the Northeast; Erin Smith left Fiduciary Trust Company International and joined the U.S. Trust's West Hartford, Conn. office as a senior trust officer, the firm said. Lee Melchionni left Wasserman Media Group for a position at U.S. Trust as private client advisor in Boston.
The firm enticed away Blaire Ege from her position at Citi Private Bank, as well as Dionne Grumbs from Fisher Investments, for private client advisor positions at the firm's office in Washington.
Additionally, Jackie Yoon was promoted to market executive in St. Louis and Robert Gibson left his position as regional sales manager at Bank of America to join U.S. Trust's office in Palo Alto, Calif., as a private client advisor, according to the firm.
In the Northeast; Erin Smith left Fiduciary Trust Company International and joined the U.S. Trust's West Hartford, Conn. office as a senior trust officer, the firm said. Lee Melchionni left Wasserman Media Group for a position at U.S. Trust as private client advisor in Boston.
The firm enticed away Blaire Ege from her position at Citi Private Bank, as well as Dionne Grumbs from Fisher Investments, for private client advisor positions at the firm's office in Washington.
Additionally, Jackie Yoon was promoted to market executive in St. Louis and Robert Gibson left his position as regional sales manager at Bank of America to join U.S. Trust's office in Palo Alto, Calif., as a private client advisor, according to the firm.
