Advisors on the Move: Wirehouses lose 12 teams with over $3.5B
October 3, 2017 3:09 PM
Wirehouses’ recruiting slump continues as advisors move to regional firms or go independent.
Among the biggest recent breakaways, a Morgan Stanley team managing $1 billion left to join RBC, which has been on a hiring spree. And BNY Mellon grabbed a regional president from Merrill Lynch who managed more than 1,350 advisors with $1.5 billion in annual revenue.
Regional brokerage Janney ventured into Miami with a $200-million advisor as it continues its Southeast expansion. And a $550-million Morgan Stanley team struck out on its own to get back-office and trading support from Bolton.
Greater efficiency, better culture, and removal of conflict of interests are the motivations most often cited by advisors who are breaking away from wirehouses.
Scroll through to learn more about these moves and others. And for a look at our previous roundup of advisors on the go,click here .
Among the biggest recent breakaways, a Morgan Stanley team managing $1 billion left to join RBC, which has been on a hiring spree. And BNY Mellon grabbed a regional president from Merrill Lynch who managed more than 1,350 advisors with $1.5 billion in annual revenue.
Regional brokerage Janney ventured into Miami with a $200-million advisor as it continues its Southeast expansion. And a $550-million Morgan Stanley team struck out on its own to get back-office and trading support from Bolton.
Greater efficiency, better culture, and removal of conflict of interests are the motivations most often cited by advisors who are breaking away from wirehouses.
Scroll through to learn more about these moves and others. And for a look at our previous roundup of advisors on the go,
Brent Lewin/Bloomberg
RBC grabs $1B Morgan Stanley team, opens new office
RBC picked up a top advisory team overseeing $1 billion in ultrahigh-net-worth assets, marking the fourth recruiting move the firm announced in September.
The Gibraltar Group, founded by 36-year veteran Doug Sharon, will open a new office in Miami, according to RBC. Sharon is joined by the group’s co-founder, Carey Bosch, and their client-service team.
Located in Miami’s financial district, the new office will focus on high-net-worth clients, says RBC.
Sharon spent 20 years at Bear Stearns and was executive director of the firm’s Boston office for 10 years, according to RBC.
Bosch began his career with Bear Stearns before jumping to Morgan Stanley in 2008, per BrokerCheck.
Read morehere.
The Gibraltar Group, founded by 36-year veteran Doug Sharon, will open a new office in Miami, according to RBC. Sharon is joined by the group’s co-founder, Carey Bosch, and their client-service team.
Located in Miami’s financial district, the new office will focus on high-net-worth clients, says RBC.
Sharon spent 20 years at Bear Stearns and was executive director of the firm’s Boston office for 10 years, according to RBC.
Bosch began his career with Bear Stearns before jumping to Morgan Stanley in 2008, per BrokerCheck.
Read more
Kevin Van Paassen/Bloomberg
RBC recruiting streak: Firm snaps up another $220M advisor
RBC is adding to its Chicago office a veteran advisor who managed $220 million and has more than 31 years of industry experience, according to RBC Chicago complex director Justin Ferdula.
Advisor Todd Mitchell joins RBC after spending 10 years at UBS, according to FINRA BrokerCheck records. Prior to UBS, Mitchell spent five years at Deutsche Bank.
Read morehere.
Advisor Todd Mitchell joins RBC after spending 10 years at UBS, according to FINRA BrokerCheck records. Prior to UBS, Mitchell spent five years at Deutsche Bank.
Read more
$170M Morgan husband-and-wife team joins Raymond James indie side
Looking for more freedom in how they structure their practice, a married couple managing over $170 million left Morgan Stanley for Raymond James’ independent arm.
Wayne and Therese Green joined Raymond James in Houston earlier this year, according to the St. Petersburg, Florida-based firm, which has picked up a number of new hires this year.
The Greens were trained at Smith Barney and spent over a decade at the firm before its merger with Morgan Stanley.
Read morehere.
Wayne and Therese Green joined Raymond James in Houston earlier this year, according to the St. Petersburg, Florida-based firm, which has picked up a number of new hires this year.
The Greens were trained at Smith Barney and spent over a decade at the firm before its merger with Morgan Stanley.
Read more
Ben Nelms/Bloomberg
RBC nabs Morgan Stanley advisor with $125M
RBC, as it expands its Florida market, is adding a veteran advisor from Morgan Stanley who manages $125 million, according to the firm’s Florida complex director Kirstin Turner.
Alison Gardner has 33 years of industry experience and worked eight years at Morgan Stanley and 15 years at Citigroup, according to FINRA BrokerCheck. She will join the firm’s Sarasota office.
Alison Gardner has 33 years of industry experience and worked eight years at Morgan Stanley and 15 years at Citigroup, according to FINRA BrokerCheck. She will join the firm’s Sarasota office.
Janney grabs Wellington Shields advisor with $119M
Janney Montgomery Scott nabbed a veteran advisor who manages over $119 million in client assets, adding to an impressive recruiting record in the past 12 months.
Marguerite Kircher is joining the firm’s Garden City, New York branch office from Wellington Shields, according to Janney’s complex manager Patrick Maas, adding that Kircher was drawn to Janney’s boutique size and support for advisors.
Kircher spent three decades at Wellington Shields and predecessor firm Shields & Company, according to BrokerCheck.
Marguerite Kircher is joining the firm’s Garden City, New York branch office from Wellington Shields, according to Janney’s complex manager Patrick Maas, adding that Kircher was drawn to Janney’s boutique size and support for advisors.
Kircher spent three decades at Wellington Shields and predecessor firm Shields & Company, according to BrokerCheck.
Jason Clishe
Ameriprise reels in $179M team from Purshe Kaplan Sterling
Ameriprise nabs two advisors managing $179 million from Purshe Kaplan Sterling.
Advisors Phil Nguyen and Todd Ferreira are joining Ameriprise in Campbell, California. Nguyen, who has 23 years of industry experience, worked at LPL Financial for seven years before moving to Purshe Kaplan Sterling, where he spent two years. He cites Ameriprise’s financial planning capabilities as main reason for making the move.
Ferreira also worked at LPL Financial prior to Purshe Kaplan Sterling. He has 21 years of experience and began his career at Wells Fargo, per FINRA BrokerCheck records.
Advisors Phil Nguyen and Todd Ferreira are joining Ameriprise in Campbell, California. Nguyen, who has 23 years of industry experience, worked at LPL Financial for seven years before moving to Purshe Kaplan Sterling, where he spent two years. He cites Ameriprise’s financial planning capabilities as main reason for making the move.
Ferreira also worked at LPL Financial prior to Purshe Kaplan Sterling. He has 21 years of experience and began his career at Wells Fargo, per FINRA BrokerCheck records.
RBC grabs $350M team from Merrill Lynch
RBC added a five-person team managing $350 million in assets from Merrill Lynch, according to RBC Phoenix complex director Glen Hatch.
The Swinn Toll Wealth Management Group joined the firm’s Las Vegas branch on August 31. It is composed of advisors Cason Swinn, husband-and-wife advisors Daniel and Tahirih Toll, and associates Laura Moulin and Ana Bergevin.
Swinn and Daniel Toll both started their careers at Merrill Lynch in 2007, per FINRA BrokerCheck record. Tahirih Toll began hers with Banc of America in 2005, moving to Merrill a year later. The team cited RBC’s corporate culture as a primary reason for the move.
Read morehere.
The Swinn Toll Wealth Management Group joined the firm’s Las Vegas branch on August 31. It is composed of advisors Cason Swinn, husband-and-wife advisors Daniel and Tahirih Toll, and associates Laura Moulin and Ana Bergevin.
Swinn and Daniel Toll both started their careers at Merrill Lynch in 2007, per FINRA BrokerCheck record. Tahirih Toll began hers with Banc of America in 2005, moving to Merrill a year later. The team cited RBC’s corporate culture as a primary reason for the move.
Read more
BNY Mellon hires regional president from Merrill Lynch
A 30-year Merrill Lynch veteran joined BNY Mellon as regional president in San Francisco, according to his new firm.
Thomas Fickinger will lead the region’s wealth management business, including client experience, recruiting strategy, and wealth director development. He will report to Robert Kricena, president of U.S. markets – Northwest for BNY Mellon.
In 2016, Fickinger was managing more than 1,350 financial and private banking advisors generating over $1.5 billion in revenue. He started his career at Merrill Lynch in 1986, according to FINRA BrokerCheck records, and served leadership roles on both the east and west coasts.
Read morehere.
Thomas Fickinger will lead the region’s wealth management business, including client experience, recruiting strategy, and wealth director development. He will report to Robert Kricena, president of U.S. markets – Northwest for BNY Mellon.
In 2016, Fickinger was managing more than 1,350 financial and private banking advisors generating over $1.5 billion in revenue. He started his career at Merrill Lynch in 1986, according to FINRA BrokerCheck records, and served leadership roles on both the east and west coasts.
Read more
Ariana Lindquist/Bloomberg
Ameriprise adds $133M father-son team from Morgan Stanley
Ameriprise recruited a Boston father-and-son team managing $133 million, the firm said.
Joining from Morgan Stanley, William Wiseman has 36 years of experience and worked at Citigroup and Lehman Brothers. His son, Parker Wiseman, began his career at Fidelity in 2014 and moved to Morgan Stanley a year later. His branch manager is Keith Weinstein.
William Wiseman attributed Ameriprise’s “impressive financial strength” as the main reason for making the move.
Joining from Morgan Stanley, William Wiseman has 36 years of experience and worked at Citigroup and Lehman Brothers. His son, Parker Wiseman, began his career at Fidelity in 2014 and moved to Morgan Stanley a year later. His branch manager is Keith Weinstein.
William Wiseman attributed Ameriprise’s “impressive financial strength” as the main reason for making the move.
Raymond James reels in $1.4M team
A team that generated $1.4 million in annual revenue joined Raymond James’ employee channel, the firm said.
The new hires joined from FBT Investments, where they oversaw $240 million, according to Raymond James.
The team includes Leonard Alsfeld, Leo Barros, Chris McLaughlin and Jannie Markey. They joined the firm in New Orleans, overseen by Jude Huval, South Louisiana complex manager.
They made the move to Raymond James in August, according to BrokerCheck.
Read morehere.
The new hires joined from FBT Investments, where they oversaw $240 million, according to Raymond James.
The team includes Leonard Alsfeld, Leo Barros, Chris McLaughlin and Jannie Markey. They joined the firm in New Orleans, overseen by Jude Huval, South Louisiana complex manager.
They made the move to Raymond James in August, according to BrokerCheck.
Read more
Baird poaches two wirehouse advisors with $325M in AUM
Two wirehouse advisors managing more than $325 million in client assets have jumped to Baird, according to the firm.
Thomas Marchal managed $175 million in client assets and joins the firm’s Chicago office from Morgan Stanley, according to FINRA BrokerCheck records.
Ken Williams oversaw $150 million in AUM. He joins Baird’s Nashville office, having previously worked with Wells Fargo, per BrokerCheck.
The regional broker-dealer also hired Burton Street, an ex-complex director with almost 25 years of industry experience, to manage its Indianapolis branch. Street previously worked at RBC.
Read morehere.
Thomas Marchal managed $175 million in client assets and joins the firm’s Chicago office from Morgan Stanley, according to FINRA BrokerCheck records.
Ken Williams oversaw $150 million in AUM. He joins Baird’s Nashville office, having previously worked with Wells Fargo, per BrokerCheck.
The regional broker-dealer also hired Burton Street, an ex-complex director with almost 25 years of industry experience, to manage its Indianapolis branch. Street previously worked at RBC.
Read more
Bolton adds $550M team from Morgan Stanley
A $550 million two-man team from Morgan Stanley launched a firm affiliated with Bolton Global Capital, according to Bolton.
Advisors Ruben Lerner and Manuel Uranga founded A Plus Capital in New York City in August. They are joined by junior partner Ariel Materin, also from Morgan Stanley.
Headquartered in Manhattan with an office in Miami, A Plus Capital targets high-net-worth clients in Europe, Latin America and the U.S.
Bolton will provide back-office support and trading technologies for the team. Bolton expects to add more than $850 million in client assets through new recruits this year in New York City.
Advisors Ruben Lerner and Manuel Uranga founded A Plus Capital in New York City in August. They are joined by junior partner Ariel Materin, also from Morgan Stanley.
Headquartered in Manhattan with an office in Miami, A Plus Capital targets high-net-worth clients in Europe, Latin America and the U.S.
Bolton will provide back-office support and trading technologies for the team. Bolton expects to add more than $850 million in client assets through new recruits this year in New York City.
Merrill Lynch team managing $140M leaves for hybrid
A $140 million Merrill Lynch team left to join Arkadios Capital, according to the hybrid broker-dealer/RIA.
Advisors Scott McQuilken and Richard Reasoner will operate in Atlanta. McQuilken began his career in 1995 and spent eight years at Merrill Lynch prior to Arkadios. Reasoner has 12 years of industry experience and started with Citigroup.
Arkadios, founded in 2016, manages $750 million in client assets.
Advisors Scott McQuilken and Richard Reasoner will operate in Atlanta. McQuilken began his career in 1995 and spent eight years at Merrill Lynch prior to Arkadios. Reasoner has 12 years of industry experience and started with Citigroup.
Arkadios, founded in 2016, manages $750 million in client assets.
John Taggart/Bloomberg
Amid wirehouse recruiting slump, Wells Fargo hires advisors with $293M
Wells Fargo nabbed two advisors with a combined $293 million in assets under management.
Troy Hartman managed $92 million in client assets and joined Reynolds Wealth Management, an independent practice affiliated with Wells Fargo Advisors Financial Network, the bank’s independent broker-dealer. Hartman is based in Kendallville, Indiana. He previously worked for Edward Jones, per FINRA BrokerCheck records.
Thayer Potter recently broke away from Janney Montgomery Scott to start Twin River Wealth Management in Lewisburg, Pennsylvania. He managed $207 million in client assets, according to the firm.
Potter brings Jeremy Soper with him to serve as the administrations manager at Twin River.
Read morehere.
Troy Hartman managed $92 million in client assets and joined Reynolds Wealth Management, an independent practice affiliated with Wells Fargo Advisors Financial Network, the bank’s independent broker-dealer. Hartman is based in Kendallville, Indiana. He previously worked for Edward Jones, per FINRA BrokerCheck records.
Thayer Potter recently broke away from Janney Montgomery Scott to start Twin River Wealth Management in Lewisburg, Pennsylvania. He managed $207 million in client assets, according to the firm.
Potter brings Jeremy Soper with him to serve as the administrations manager at Twin River.
Read more
Janney opens up new office with $200M advisor
Janney continues its Southeast expansion, recruiting a veteran advisor who managed $200 million in client assets to open its eighth office in Florida.
Advisor Fady Maghak has joined the new Miami branch from Raymond James, where he generated $1.3 million in annual revenue, according to Janney. The opening brings Janney’s reach to a total of 116 offices and is the third addition in the southeast region in the past three months, the firm reports.
Janney opened a new Tennessee office in August, welcoming four veteran advisors with $330 million in client assets. In June, a $185-million two-man team joined Janney to set up an office in Goldsboro, North Carolina.
Read morehere .
Advisor Fady Maghak has joined the new Miami branch from Raymond James, where he generated $1.3 million in annual revenue, according to Janney. The opening brings Janney’s reach to a total of 116 offices and is the third addition in the southeast region in the past three months, the firm reports.
Janney opened a new Tennessee office in August, welcoming four veteran advisors with $330 million in client assets. In June, a $185-million two-man team joined Janney to set up an office in Goldsboro, North Carolina.
Read more
Stifel sweeps up advisors managing $230M
Stifel picked up three advisors managing more than $230 million in combined client assets, according to the firm.
Former Wells Fargo broker Amandus Frey joined Stifel in Wilmington, North Carolina. He had been with Wells Fargo since 1999 and previously managed more than $118 million.
Also joining Stifel is David Hatcher. Based in Cookeville, Tennessee, Hatcher previously worked at independent broker-dealer FSC Securities. While there, he oversaw $62 million in client assets.
Mark Cissel joined Stifel’s office in Palm Beach, Florida. He oversaw more than $54 million in client assets while at his previous employer, Morgan Stanley.
Read morehere.
Former Wells Fargo broker Amandus Frey joined Stifel in Wilmington, North Carolina. He had been with Wells Fargo since 1999 and previously managed more than $118 million.
Also joining Stifel is David Hatcher. Based in Cookeville, Tennessee, Hatcher previously worked at independent broker-dealer FSC Securities. While there, he oversaw $62 million in client assets.
Mark Cissel joined Stifel’s office in Palm Beach, Florida. He oversaw more than $54 million in client assets while at his previous employer, Morgan Stanley.
Read more
Ameriprise advisor with $98M leaves for the Princeton Group
A $98 million advisor left Ameriprise after 23 years to join the Princeton Group, an independent practice with Wells Fargo Advisors Financial Network.
Joseph Azzara joined Tim Adams, who founded The Princeton Group in 2009 along with his wife, Donna Sabb. The firm is located in Yardley, Pennsylvania. Azzara began his career with Ameriprise in 1994.
Joseph Azzara joined Tim Adams, who founded The Princeton Group in 2009 along with his wife, Donna Sabb. The firm is located in Yardley, Pennsylvania. Azzara began his career with Ameriprise in 1994.
Ariana Lindquist/Bloomberg
Ameriprise adds Wells Fargo, Morgan Stanley advisors with $391M
Ameriprise is adding three advisors who managed a combined $391 million in assets, a spokeswoman says.
Alan Blender, a former Morgan Stanley advisor based in West Conshohocken, Pennsylvania, oversaw approximately $198 million while at his prior firm.
Paul and Jesse Sheldon, a father-and-son team of Wells Fargo advisors in Westport, Connecticut, are also joining Ameriprise. They are being joined by Michael Tuozzoli, a Wells Fargo registered client associate.
The Sheldon team had approximately $193 million in assets under management, according to Ameriprise.
Read morehere.
Alan Blender, a former Morgan Stanley advisor based in West Conshohocken, Pennsylvania, oversaw approximately $198 million while at his prior firm.
Paul and Jesse Sheldon, a father-and-son team of Wells Fargo advisors in Westport, Connecticut, are also joining Ameriprise. They are being joined by Michael Tuozzoli, a Wells Fargo registered client associate.
The Sheldon team had approximately $193 million in assets under management, according to Ameriprise.
Read more
David Paul Morris/Bloomberg
First Republic hires two UBS advisors
First Republic recruited two advisors from UBS to join its San Francisco branch. Mark Friedman and Mitchell Peters will provide wealth management services to individuals, families, nonprofits and foundations, says First Republic.
Friedman spent 10 years as managing director at UBS’s private wealth management division. He started his career in 1997 and has worked at Smith Barney and Merrill Lynch. Peters has over 20 years of experience in the financial services industry. Prior to UBS, he was co-founder and portfolio manager of Chilmark Capital, a long/short equity hedge fund, from 2001 to 2004.
Friedman spent 10 years as managing director at UBS’s private wealth management division. He started his career in 1997 and has worked at Smith Barney and Merrill Lynch. Peters has over 20 years of experience in the financial services industry. Prior to UBS, he was co-founder and portfolio manager of Chilmark Capital, a long/short equity hedge fund, from 2001 to 2004.
Christopher Dilts/Bloomberg
Northern Trust adds wealth strategist from Merrill Lynch
A trust specialist at Merrill Lynch is joining Northern Trust’s headquarters in Chicago as a wealth strategist.
Bruce Wojack, experienced with wealth transfer strategies, will serve the needs of private clients and the philanthropic vehicles they operate, according to Northern Trust. He will report directly to Susan Curry, the regional manager for wealth strategies. Wojack worked as a client advisor at J.P. Morgan and a principal at Bessemer Trust before spending nine years at Merrill Lynch.
Bruce Wojack, experienced with wealth transfer strategies, will serve the needs of private clients and the philanthropic vehicles they operate, according to Northern Trust. He will report directly to Susan Curry, the regional manager for wealth strategies. Wojack worked as a client advisor at J.P. Morgan and a principal at Bessemer Trust before spending nine years at Merrill Lynch.
