Biggest breakaways so far: Firms with $10.4B in AUM joined Dynasty
The firm has helped four of the biggest breakaways of the year so far go independent. Dynasty’s top four recruits oversaw $10.5 billion in combined client assets.
But Dynasty isn't the only firm benefiting from a steady stream of wirehouse advisers seeking greater independence.
Scroll through to see these and the other biggest breakaways from the year so far.
Merrill breakaways with $575M in AUM launch new firm
Sean Campbell and Timothy Deegan opened Campbell Deegan Financial with counseling from a Focus division aimed at helping teams start new firms. Focus Independence has guided 10 new companies into the aggregator's growing 45-member fold, according to the company.
The founding partners of the new Richmond, Virginia, firm first teamed up in 2013 when Deegan joined the Merrill group led by Campbell and his father. Campbell and Deegan have been running the office since the elder Campbell retired in 2015.
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$6.4M adviser leaves Merrill Lynch
Euclides Moreno generated $6.4 million in annual revenue while at the wirehouse, according to Bolton.
The Miami-based adviser specializes in servicing wealthy international clients. Moreno had been with Merrill Lynch since joining the industry in 2000, according to FINRA BrokerCheck records. Prior to becoming an adviser, Moreno worked in his family’s Venezuela-based bank, according to his new firm.
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Morgan Stanley adviser with $600M goes indie with Dynasty
Brian Buckley launched his eponymously named firm in Las Vegas. He is among the latest high profile wirehouse producers to strike out on their own.
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Raymond James snatches $700M Wells Fargo team
John Watts, Steuart Evans, Russell Henshaw and Bradford Flowers opened a new Huntsville, Alabama branch of the regional firm’s Advisor Select division, Raymond James announced. The firm had unveiled another Wells Fargo grab the previous week.
Advisor Select, also known as the “independent employee” division, has peeled off teams from Wells Fargo’s Profit Formula platform in the past. The hybrid Raymond James unit includes around 100 advisers at 41 branches, according to a company spokeswoman.
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Wirehouse advisers with $750M in combined AUM go indie with Dynasty
Mark McAdams, Blake Pratz and Steve Schwarzbach opened Icon Wealth Partners after more than two years of considering the move, Pratz says. The Houston-based firm makes 40 in Dynasty’s network, double the number of rival HighTower, which also recently added recruits in an increasingly heated competition between the two for RIA business.
“We’ve been following this independent space for several years and doing due diligence,” Pratz says. “So the timing was right. The evolution of this business moving towards the independent space is growing.”
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UBS loses $1B team to breakaway startup
FallLine Securities helped ex-UBS advisers Douglas John (pictured) and Bryn Basiardanes-Talkington set up an independent practice in Dallas. John previously advised on $1 billion of client assets, according to a spokesman. Talkington served as a regional director at UBS Asset Management.
FallLine is the latest firm to service wirehouse breakaways, joining the ranks of Dynasty, HighTower and Focus Financial among others. The Darien, Connecticut-based firm is attempting to differentiate itself in a crowded marketplace by focusing exclusively on advisers serving the superrich.
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Mega adviser exits Goldman to form RIA
The latest breakaway the firm assisted is David Darby, a 21-year veteran of Goldman Sachs. He is making the move to independence with Melissa Gray, director of client services, who also previously worked at the bank. The team operates as DG Wealth Partners from an office in Palm Beach, Florida.
Darby said he made the move in part to "have unfettered access to investment opportunities, client servicing technologies and wealth management resources." The partnership with Dynasty will enable them to serve as an outsourced family office for their wealthy clients, he said in a statement.
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HighTower recruits a second $1B wirehouse team
CEO Joel Talish (pictured), who left Wells Fargo, and managing director John Buffa, who departed from Morgan Stanley, previously oversaw $1 billion in client assets, per the spokeswoman. The firm's newest hires operate as Cognetic Capital Advisors in HighTower's New York office.
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HighTower opens new year with a bang, grabs $1B Wells Fargo team
The firm's newest recruits formed Fortress Wealth Planning in Jacksonville, Florida. The team is comprised of founding partners Jay Rolfe, Eileen Ortega, Jim Williams and Michael Skowfoe. HighTower says those 2016 recruits represented about $4 billion in AUM.
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$8B wirehouse team goes indie
Procyon Partners, formerly a team known as the FDG Group while at UBS, launched in June and will operate under two separate RIAs — one for its institutional investment consulting practice and the other for its personal wealth management group.
At UBS the Procyon team managed over $8 billion in institutional assets and over $400 million in private wealth assets, generating approximately $6 million in annual revenue.
UBS filed a lawsuit for a temporary restraining order and a preliminary injunction against the Shelton, Connecticut-based firm. The lawsuit alleges that Procyon's founding partners violated the Protocol for Broker Recruiting by "aggressively soliciting" UBS clients to leave the firm and do business with Procyon.
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