Advisors on the Move: Wells Fargo Nabs $650M Team
May 12, 2015 5:21 PM
Advisors on the Move: Wells Fargo Nabs $650M Team
It's been a hot recruiting period for wirehouse and regional broker-dealers: Wells Fargo lured away a team that managed $650 million in assets from Barclays. Meanwhile, UBS recruited a $1.3 million producer from Merrill Lynch. Merrill, in turn, hired a J.P. Morgan team with $425 million in AUM.
To see these and what other firms were grabbing large producers, plus details on promotions and new hires, click through our slideshow.
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To see these and what other firms were grabbing large producers, plus details on promotions and new hires, click through our slideshow.
To read more,
Wells Fargo Lures $650M Team
A $650 million team left Barclays for Wells Fargo.
Michael Blaustein and Maureen Clancy joined Wells in New York as managing directors for investments, the firm said. Both are working from the Madison Avenue branch as the Blaustein Clancy Financial Group of Wells Fargo.
Blaustein, according to FINRA's BrokerCheck, worked at Barclays since October 2009. His career goes back nearly three decades, when he got his start with Credit Suisse First Boston in 1988, according to FINRA records.
Clancy had been with Barclays since March 2009, after having worked for MBSC Securities and BNY Mellon.
Michael Blaustein and Maureen Clancy joined Wells in New York as managing directors for investments, the firm said. Both are working from the Madison Avenue branch as the Blaustein Clancy Financial Group of Wells Fargo.
Blaustein, according to FINRA's BrokerCheck, worked at Barclays since October 2009. His career goes back nearly three decades, when he got his start with Credit Suisse First Boston in 1988, according to FINRA records.
Clancy had been with Barclays since March 2009, after having worked for MBSC Securities and BNY Mellon.
$1.3M Advisor Joins UBS
A Merrill Lynch advisor generating $1.3 million in annual revenue jumped to UBS, a spokesman for the firm said.
Advisor Andrew Ober oversaw $160 million in client assets while at Merrill where he had been since joining the industry 30 years ago, according to FINRA records.
Ober is based in the Manasquan branch of UBS' Red Bank, N.J., complex. He will report to branch manager Mathew Wojcik and complex director John Geoghan.
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Advisor Andrew Ober oversaw $160 million in client assets while at Merrill where he had been since joining the industry 30 years ago, according to FINRA records.
Ober is based in the Manasquan branch of UBS' Red Bank, N.J., complex. He will report to branch manager Mathew Wojcik and complex director John Geoghan.
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Merrill Nabs $4M Team
A $4 million team has left J.P. Morgan for Merrill Lynch, according to the firm.
Shawn Gold and his team, specializing in wealthy clients, oversaw roughly $425 million in client assets at J.P. Morgan, Merrill said. The group spent nearly 13 years at J.P. Morgan before making the move.
Gold now reports to Deborah Shepherd, complex director at Merrill's branch in Princeton, N.J.
Prior to joining J.P. Morgan in 2001, Gold worked for the New York-based Wall Street Discount Corporation from 1996 to 1998, according to FINRA's BrokerCheck.
Joining in the transition is Farah Kazmi, who will serve as Gold's client associate.
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Shawn Gold and his team, specializing in wealthy clients, oversaw roughly $425 million in client assets at J.P. Morgan, Merrill said. The group spent nearly 13 years at J.P. Morgan before making the move.
Gold now reports to Deborah Shepherd, complex director at Merrill's branch in Princeton, N.J.
Prior to joining J.P. Morgan in 2001, Gold worked for the New York-based Wall Street Discount Corporation from 1996 to 1998, according to FINRA's BrokerCheck.
Joining in the transition is Farah Kazmi, who will serve as Gold's client associate.
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Wells Fargo Grabs Advisors Collectively Managing More Than $500M
Wells Fargo recruited advisors from Edward Jones, Morgan Stanley and Barclays, the firm said.
Steven Jumper, a former Edward Jones advisor managing more than $153 million, joined the wirehouse in Texarkana, Texas. Jumper's move comes after nearly 24 years with Edward Jones, according to BrokerCheck.
Another Edward Jones advisor, Steven Polk, managed $108 million in client assets before also making the move to wirehouse. Polk, who spent 12 years with his previous employer, is working from the Wells Fargo branch in Orlando, Fla.
Advisors moving from Morgan Stanley included Jonathan Zucker, who joined Wells Fargo in Woodbury, NY. He had been working with over $109 million in client assets before making the move, Wells said. Zucker has 27 years of securities experience, and has held positions with Citigroup and Lehman Brothers, according to FINRA BrokerCheck records.
Craig Goldberg also left Morgan after managing more than $108 million in client assets to join the Woodbury branch, Wells Fargo said. He reports to Gregory O'Keefe, managing director and complex manager at Wells. Goldberg had been with Morgan since 2009, and before that worked with Citigroup, David Lerner Associates and Seco West Limited, according to BrokerCheck.
A third advisor leaving Morgan, G. "Carey" Revels, managed more than $108 million in assets before joining Wells Fargo at the firm's branch in Hattiesburg, Miss., the firm said. Revels has 32 years of experience, and previously worked for Citigroup.
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Steven Jumper, a former Edward Jones advisor managing more than $153 million, joined the wirehouse in Texarkana, Texas. Jumper's move comes after nearly 24 years with Edward Jones, according to BrokerCheck.
Another Edward Jones advisor, Steven Polk, managed $108 million in client assets before also making the move to wirehouse. Polk, who spent 12 years with his previous employer, is working from the Wells Fargo branch in Orlando, Fla.
Advisors moving from Morgan Stanley included Jonathan Zucker, who joined Wells Fargo in Woodbury, NY. He had been working with over $109 million in client assets before making the move, Wells said. Zucker has 27 years of securities experience, and has held positions with Citigroup and Lehman Brothers, according to FINRA BrokerCheck records.
Craig Goldberg also left Morgan after managing more than $108 million in client assets to join the Woodbury branch, Wells Fargo said. He reports to Gregory O'Keefe, managing director and complex manager at Wells. Goldberg had been with Morgan since 2009, and before that worked with Citigroup, David Lerner Associates and Seco West Limited, according to BrokerCheck.
A third advisor leaving Morgan, G. "Carey" Revels, managed more than $108 million in assets before joining Wells Fargo at the firm's branch in Hattiesburg, Miss., the firm said. Revels has 32 years of experience, and previously worked for Citigroup.
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Baird Grabs Wirehouse Branch Manager
Baird named a veteran UBS complex director as branch manager.
After nearly 40 years of industry experience of which almost 20 years were as a complex director for UBS, according to his LinkedIn profile Mark Kenyon has moved to Baird. He joined the Minnetonka, Minn., office as branch manager, the firm said.
Kenyon replaces Larry Law, the firm's previous branch manager, who will continue working with clients as a financial advisor, according Baird.
Kenyon began his career in the financial services industry in 1975 with E.F. Hutton, according to FINRA's BrokerCheck.
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After nearly 40 years of industry experience of which almost 20 years were as a complex director for UBS, according to his LinkedIn profile Mark Kenyon has moved to Baird. He joined the Minnetonka, Minn., office as branch manager, the firm said.
Kenyon replaces Larry Law, the firm's previous branch manager, who will continue working with clients as a financial advisor, according Baird.
Kenyon began his career in the financial services industry in 1975 with E.F. Hutton, according to FINRA's BrokerCheck.
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Benjamin Edwards Grabs Advisors With $600M in Combined AUM
Benjamin F. Edwards recently picked up five new advisors who collectively managed a total of $600 million in assets before joining the firm, a spokeswoman said.
Former Morgan Stanley advisor Robert Kahne will head the firm's new Sarasota, Fla. office as managing director of investments. Kahne got his start in the industry 29 years ago at A.G. Edwards, according to BrokerCheck.
Richard Milliard also made the move in Florida, joining Benjamin Edwards at its Melbourne branch office. He previously spent nearly seven years with Wells Fargo, according to BrokerCheck.
Chris McNew, who also left Morgan Stanley, became branch manager at the Melbourne office. Sonja Snell joins McNew as his financial associate, the firm said.
Randy Raney, a 35-year industry veteran, joins Benjamin Edwards at the firm's branch in Harrison, Ark. He previously spent six years with Wells Fargo, according to the firm.
Another advisor from Morgan, Arthur Laine, joins Benjamin Edwards in Peoria, Ill. Laine has 38 years in the industry.
Justin Souma, CFP, also joins the firm in Highlands, N.C. Souma previously spent seven years at LPL Financial, according to BrokerCheck.
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Former Morgan Stanley advisor Robert Kahne will head the firm's new Sarasota, Fla. office as managing director of investments. Kahne got his start in the industry 29 years ago at A.G. Edwards, according to BrokerCheck.
Richard Milliard also made the move in Florida, joining Benjamin Edwards at its Melbourne branch office. He previously spent nearly seven years with Wells Fargo, according to BrokerCheck.
Chris McNew, who also left Morgan Stanley, became branch manager at the Melbourne office. Sonja Snell joins McNew as his financial associate, the firm said.
Randy Raney, a 35-year industry veteran, joins Benjamin Edwards at the firm's branch in Harrison, Ark. He previously spent six years with Wells Fargo, according to the firm.
Another advisor from Morgan, Arthur Laine, joins Benjamin Edwards in Peoria, Ill. Laine has 38 years in the industry.
Justin Souma, CFP, also joins the firm in Highlands, N.C. Souma previously spent seven years at LPL Financial, according to BrokerCheck.
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Janney Picks Up 2 Wirehouse Advisors
Two Morgan Stanley advisors have left the wirehouse to join Janney Montgomery Scott, the firm said.
Senior advisor Fred Zeller joined Janney's Baltimore branch. He managed about $200 million in client assets while working for Morgan, Janney said.
Zeller has more than 30 years of experience, according to FINRA records.
Financial advisor Eric Walker, who had been with Morgan for six years, will be joining Janney's Shaffer McGreevy Spainhour team in Washington. The group manages about $500 million in assets, the firm said.
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Senior advisor Fred Zeller joined Janney's Baltimore branch. He managed about $200 million in client assets while working for Morgan, Janney said.
Zeller has more than 30 years of experience, according to FINRA records.
Financial advisor Eric Walker, who had been with Morgan for six years, will be joining Janney's Shaffer McGreevy Spainhour team in Washington. The group manages about $500 million in assets, the firm said.
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RBC Grabs $3.4M Advisors
RBC Wealth Management says it recruited two advisors with a combined $3.4 million in annual production from UBS.
Dustin Smith and James Rubinton join RBC's office in Naples, Fla. They had a combined $289 million in AUM before making the move, RBC said.
Smith spent the last 18 years with UBS, according to FINRA's BrokerCheck.
Rubinton worked nearly 10 years for the wirehouse. Prior to that, he worked for Merrill Lynch from 1992 to 2005.
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Dustin Smith and James Rubinton join RBC's office in Naples, Fla. They had a combined $289 million in AUM before making the move, RBC said.
Smith spent the last 18 years with UBS, according to FINRA's BrokerCheck.
Rubinton worked nearly 10 years for the wirehouse. Prior to that, he worked for Merrill Lynch from 1992 to 2005.
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Morgan Team With $244M AUM Goes Indy
A Morgan Stanley team that oversaw $244 million in assets jumped to Wells Fargo's independent brokerage network, a spokeswoman for the firm said.
The three member team joined the wirehouse in Lake Oswego, Ore. The group is comprised of brothers Mitchell and Christopher Rask and Jane Miller.
Mitchell started his advisory career at Merrill Lynch in 1998, according to FINRA records. His brother, who got his start in the industry in 1997, joined him at the firm in 2002. Miller also started her advisory career at Merrill in 2001.
The three advisors moved to Morgan Stanley in 2008. They now operate as North Point Wealth Advisors with Wells Fargo.
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The three member team joined the wirehouse in Lake Oswego, Ore. The group is comprised of brothers Mitchell and Christopher Rask and Jane Miller.
Mitchell started his advisory career at Merrill Lynch in 1998, according to FINRA records. His brother, who got his start in the industry in 1997, joined him at the firm in 2002. Miller also started her advisory career at Merrill in 2001.
The three advisors moved to Morgan Stanley in 2008. They now operate as North Point Wealth Advisors with Wells Fargo.
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$500M Advisor Joins HighTower
HighTower said it recruited an advisor who managed $500 million in client assets from Oppenheimer.
Carol Nulman, an advisor based in New Providence, R.I., joined HighTower, the firm said.
Mark Whaley, executive vice president of Oppenheimers private client division, said that while Nulman may have left the firm, her teammates remain.
Marissa Pollard and Gretchen Wallace, both executive directors, will continue in their respective roles while Gerry Nelson, registered client service associate, who was previously a team member and had retired, will rejoin the team at Oppenheimer, he said. We expect the majority of the clients to continue their relationship with Oppenheimer.
HighTower said it was confident that it would bring over the assets.
Nulman has more than three decades of industry experience, having started her career with Lehman Brothers in 1983. She later worked for Smith Barney from 1992 to 2009, when she moved to Oppenheimer.
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Carol Nulman, an advisor based in New Providence, R.I., joined HighTower, the firm said.
Mark Whaley, executive vice president of Oppenheimers private client division, said that while Nulman may have left the firm, her teammates remain.
Marissa Pollard and Gretchen Wallace, both executive directors, will continue in their respective roles while Gerry Nelson, registered client service associate, who was previously a team member and had retired, will rejoin the team at Oppenheimer, he said. We expect the majority of the clients to continue their relationship with Oppenheimer.
HighTower said it was confident that it would bring over the assets.
Nulman has more than three decades of industry experience, having started her career with Lehman Brothers in 1983. She later worked for Smith Barney from 1992 to 2009, when she moved to Oppenheimer.
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Advisors With Combined $300M Join Morgan
Morgan Stanley recruited three advisors collectively managing more than $400 million in client assets, a spokeswoman said.
In the larger of two moves, advisor David Lewis moved to Morgan from Merrill Lynch late last month. While at Merrill, Lewis managed $250 million in assets and generated more than $1.5 million in annual revenue, according to a Morgan spokeswoman.
He joined Morgan's office in Ponte Vedra Beach, Fla., where he reports to branch manager John J. McLaughlin. Morgan's spokeswoman said that Lewis was recruited by Jacksonville branch manager Joseph Agee.
Lewis had been with Merrill since joining the industry in 1983, according to FINRA records.
Morgan said it also recruited two advisors from UBS where they managed $155 million in assets and generated about $1.3 million in annual revenues. Advisors Frances Goldstein and her daughter Judy Eig joined Morgan's office in Paramus, N.J., where they report to branch manager Eric Jansen.
Goldstein has 35 years of industry experience, having joined Dean Witter in 1980. She later moved to Smith Barney in 1993. Eig joined her mother at the firm in 1996, and the two advisors stayed through that firm's merger with Morgan.
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In the larger of two moves, advisor David Lewis moved to Morgan from Merrill Lynch late last month. While at Merrill, Lewis managed $250 million in assets and generated more than $1.5 million in annual revenue, according to a Morgan spokeswoman.
He joined Morgan's office in Ponte Vedra Beach, Fla., where he reports to branch manager John J. McLaughlin. Morgan's spokeswoman said that Lewis was recruited by Jacksonville branch manager Joseph Agee.
Lewis had been with Merrill since joining the industry in 1983, according to FINRA records.
Morgan said it also recruited two advisors from UBS where they managed $155 million in assets and generated about $1.3 million in annual revenues. Advisors Frances Goldstein and her daughter Judy Eig joined Morgan's office in Paramus, N.J., where they report to branch manager Eric Jansen.
Goldstein has 35 years of industry experience, having joined Dean Witter in 1980. She later moved to Smith Barney in 1993. Eig joined her mother at the firm in 1996, and the two advisors stayed through that firm's merger with Morgan.
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