Advisers on the move: Stifel lands $3.9B team
August 22, 2016 1:58 PM
Plus, fast-growing firms boost AUM.
Stifel recruited an Oppenheimer team that managed more than $3.9 billion in client assets. Besides grabbing the mega team, the brokerage also added a former New York governor to its roster of advisers. David Paterson joined a group that manages $2 billion in client assets.
In other recruiting grabs, Benjamin F. Edwards and Ameriprise each landed advisers with combined AUMs of more than $600 million, and a $500 million team left Morgan Stanley for HighTower.
To read the latest round-up of adviser moves, click through our slideshow.
Read more:Advisers on the move: Stifel grabs recruits with $1.6B in combined AUM
In other recruiting grabs, Benjamin F. Edwards and Ameriprise each landed advisers with combined AUMs of more than $600 million, and a $500 million team left Morgan Stanley for HighTower.
To read the latest round-up of adviser moves, click through our slideshow.
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$3.9B team joins Stifel
Stifel has recruited ten advisers, including a team that managed more than $3.9 billion, a company spokesman said.
The largest of Stifel's new hires comes from Oppenheimer. The team, known as PearlStreet Investment Management, opened a new office for Stifel in Ada, Mich., a suburb of Grand Rapids. They manage more than $600 million in fee-based client assets and also have an institutional retirement plan practice that is responsible for more than $5 billion in retirement plan assets, of which $3.3 billion was custodied at the firm, according to Stifel.
Team members include managing directors Kevin Cusack, Joe Horlings, Susan Rose as well as financial advisers Jim Shuster, Shawn Kersjes and Drew Wilson.
To read more, clickhere .
The largest of Stifel's new hires comes from Oppenheimer. The team, known as PearlStreet Investment Management, opened a new office for Stifel in Ada, Mich., a suburb of Grand Rapids. They manage more than $600 million in fee-based client assets and also have an institutional retirement plan practice that is responsible for more than $5 billion in retirement plan assets, of which $3.3 billion was custodied at the firm, according to Stifel.
Team members include managing directors Kevin Cusack, Joe Horlings, Susan Rose as well as financial advisers Jim Shuster, Shawn Kersjes and Drew Wilson.
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Ex-NY governor joins $2B Stifel team; includes ex-Jets star Chrebet
Former New York Gov. David Paterson is trying his hand at a new career: financial adviser.
But Paterson's foray into financial advice may already be off to a rocky start; his FINRA BrokerCheck record indicates that an SEC investigation was initiated in 2014.
"I have been notified by the SEC that, in connection with a board appointment I received, certain stock grants given me were not timely reported to the SEC," Paterson says, according to a short note on his BrokerCheck record.
The longtime Democratic politician joined a team that oversees $2 billion in client assets and includes ex-New York Jets wide receiver Wayne Chrebet, according to Stifel.
Paterson, who earned his Series 7 in May and Series 63 last month, will serve as a director of investments with Stifel's Moldaver, Paterson, Lee and Chrebet Group in New York.
To read more, clickhere .
But Paterson's foray into financial advice may already be off to a rocky start; his FINRA BrokerCheck record indicates that an SEC investigation was initiated in 2014.
"I have been notified by the SEC that, in connection with a board appointment I received, certain stock grants given me were not timely reported to the SEC," Paterson says, according to a short note on his BrokerCheck record.
The longtime Democratic politician joined a team that oversees $2 billion in client assets and includes ex-New York Jets wide receiver Wayne Chrebet, according to Stifel.
Paterson, who earned his Series 7 in May and Series 63 last month, will serve as a director of investments with Stifel's Moldaver, Paterson, Lee and Chrebet Group in New York.
To read more, click
Advisers with $675M in combined AUM land at Benjamin F. Edwards
Benjamin F. Edwards added seven advisers managing a combined $675 million client assets, the firm said.
Among the recruits, Allen C. Rogers was stationed at the firm's newly opened branch office in Berryville, Ark. With the addition of the branch, Benjamin F. Edwards now has 55 offices across 25 states, the firm says.
Rogers joined the firm from Wells Fargo Advisors to work as a vice president of investments, according to Benjamin F. Edwards. He is joined on the move by Lee Ann Ashford, who also had worked at Wells Fargo.
To read more, clickhere .
Among the recruits, Allen C. Rogers was stationed at the firm's newly opened branch office in Berryville, Ark. With the addition of the branch, Benjamin F. Edwards now has 55 offices across 25 states, the firm says.
Rogers joined the firm from Wells Fargo Advisors to work as a vice president of investments, according to Benjamin F. Edwards. He is joined on the move by Lee Ann Ashford, who also had worked at Wells Fargo.
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Advisers with $658M in combined AUM join Ameriprise
Seven advisers with a combined $685 million in client assets have joined Ameriprise Financial’s independent and employee channels, according to the firm.
Joining Ameriprise's employee channel at Ameriprise are Scott Dow, David Ditzel, John Knudson and Pradeep Gokhale. Going independent with Ameriprise are Jeffrey Miller, Michael Gimlin and Jack Cooley.
To read more, clickhere .
(Image: Bloomberg News)
Joining Ameriprise's employee channel at Ameriprise are Scott Dow, David Ditzel, John Knudson and Pradeep Gokhale. Going independent with Ameriprise are Jeffrey Miller, Michael Gimlin and Jack Cooley.
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(Image: Bloomberg News)
Bloomberg News
$500M Morgan Stanley team joins HighTower
A team that managed $500 million in client assets left Morgan Stanley to join HighTower, a spokeswoman said.
Led by advisers Thomas Foley and Keith Hier, the team opened a new HighTower office in Omaha, Neb., the firm's first office in the Cornhusker state. Other team members include Tom Hodgson, financial planning and analytics manager, and Tina Legett, senior client relations manager.
Foley said in a statement that the team made the switch to "HighTower for its sophisticated platform and culture of excellence, both of which will help us address our clients' complex needs and grow our business."
To read more, clickhere.
(Images: Bloomberg News)
Led by advisers Thomas Foley and Keith Hier, the team opened a new HighTower office in Omaha, Neb., the firm's first office in the Cornhusker state. Other team members include Tom Hodgson, financial planning and analytics manager, and Tina Legett, senior client relations manager.
Foley said in a statement that the team made the switch to "HighTower for its sophisticated platform and culture of excellence, both of which will help us address our clients' complex needs and grow our business."
To read more, click
(Images: Bloomberg News)
Advisers with $290M AUM join Waddell & Reed
Three advisers who managed $290 million in combined client assets have joined Waddell & Reed, the firm said.
Advisers Lance Dahmer, Rosco Halsey and William Gustafson moved to the regional brokerage from three different firms over the last four months, according to Waddell & Reed.
Dahmer was previously with First Allied Securities in Libertyville, Ill., where he oversaw $107 million in client assets, the firm said. He moved to Waddell & Reed in July, and will continue to operate in Libertyville. Dahmer has 17 years of industry experience, FINRA BrokerCheck records show, and had worked for IDS Life Insurance, American Express Financial Advisors and Cambridge Investment.
To read more, clickhere .
Advisers Lance Dahmer, Rosco Halsey and William Gustafson moved to the regional brokerage from three different firms over the last four months, according to Waddell & Reed.
Dahmer was previously with First Allied Securities in Libertyville, Ill., where he oversaw $107 million in client assets, the firm said. He moved to Waddell & Reed in July, and will continue to operate in Libertyville. Dahmer has 17 years of industry experience, FINRA BrokerCheck records show, and had worked for IDS Life Insurance, American Express Financial Advisors and Cambridge Investment.
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Bloomberg News
$230M team joins Wells Fargo
A team that managed $230 million in client assets has left Deutsche Bank to join Wells Fargo Advisors, a spokeswoman confirmed.
Veteran advisers Stephen Brady and Joseph Coffey joined Wells Fargo earlier this month in Washington. Brady started his career in 1979 with Merrill Lynch, according to FINRA BrokerCheck records. He later joined brokerage firm Alex. Brown, which was acquired by Deutsche Bank. Coffey joined Brady at Alex. Brown in 1991.
To read more, clickhere .
(Image: Bloomberg News)
Veteran advisers Stephen Brady and Joseph Coffey joined Wells Fargo earlier this month in Washington. Brady started his career in 1979 with Merrill Lynch, according to FINRA BrokerCheck records. He later joined brokerage firm Alex. Brown, which was acquired by Deutsche Bank. Coffey joined Brady at Alex. Brown in 1991.
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(Image: Bloomberg News)
$190M Wells Fargo team goes indie with Triad Advisors
A Wells Fargo team that oversaw more than $190 million in client assets left the wirehouse to go independent with Triad Advisors, spokesman confirmed.
The team, known as Head Investment Partners, is based in Knoxville, Tenn., and is affiliated with Triad Advisors and Triad Hybrid Solutions. The group includes Daniel Head, Brian Dickey, Steven Witt and Barbara Million.
Triad Hybrid Solutions now has an opportunity to work with advisers who are looking to go independent but need support to do so, particularly in light of regulatory changes, says Michael Bryan, the firm’s CEO.
To read more, clickhere .
(Image: Bloomberg News)
The team, known as Head Investment Partners, is based in Knoxville, Tenn., and is affiliated with Triad Advisors and Triad Hybrid Solutions. The group includes Daniel Head, Brian Dickey, Steven Witt and Barbara Million.
Triad Hybrid Solutions now has an opportunity to work with advisers who are looking to go independent but need support to do so, particularly in light of regulatory changes, says Michael Bryan, the firm’s CEO.
To read more, click
(Image: Bloomberg News)
$180M Morgan Stanley team jumps to Raymond James
A former Morgan Stanley adviser team that managed more than $180 million in client assets has joined Raymond James, the firm said.
Mark Southwell and Bill Martin joined the regional broker-dealer in McAllen, Texas, as part of a newly opened South-Central Texas complex. The complex includes the towns of McAllen, Boerne and San Antonio, and is managed by Sam Dickson, a recent recruit from J.P. Morgan, Raymond James said.
Southwell and Martin generated $1.4 million in revenues while working at Morgan, according to Raymond James. They operate their new practice as 1845 Capital of Raymond James, recalling the year Texas was incorporated into the U.S. The team is joined by senior client service associate Thelma Vela.
To read more, click herehere .
Mark Southwell and Bill Martin joined the regional broker-dealer in McAllen, Texas, as part of a newly opened South-Central Texas complex. The complex includes the towns of McAllen, Boerne and San Antonio, and is managed by Sam Dickson, a recent recruit from J.P. Morgan, Raymond James said.
Southwell and Martin generated $1.4 million in revenues while working at Morgan, according to Raymond James. They operate their new practice as 1845 Capital of Raymond James, recalling the year Texas was incorporated into the U.S. The team is joined by senior client service associate Thelma Vela.
To read more, click here
$110M Morgan Stanley adviser returns to Mother Merrill
A Morgan Stanley adviser who managed $110 million in client assets has rejoined Merrill Lynch, a spokeswoman said.
Habib H. Yousefzadeh made more than $1.1 million in production last year while at Morgan Stanley, the Merrill spokeswoman says. He now works out of Merrill's Oklahoma City office.
Merrill Lynch offered welcoming remarks for Yousefzadeh's return, citing him for his dedicated work ethic and professionalism. "Habib tirelessly works with his clients to help them achieve their goals," says Michael C. Rodriguez, Merrill Lynch's Oklahoma complex market executive.
To read more, clickhere .
Habib H. Yousefzadeh made more than $1.1 million in production last year while at Morgan Stanley, the Merrill spokeswoman says. He now works out of Merrill's Oklahoma City office.
Merrill Lynch offered welcoming remarks for Yousefzadeh's return, citing him for his dedicated work ethic and professionalism. "Habib tirelessly works with his clients to help them achieve their goals," says Michael C. Rodriguez, Merrill Lynch's Oklahoma complex market executive.
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$100M adviser leaves UBS for Steward Partners
A UBS adviser who oversaw $100 million in client assets has left the wirehouse to join Steward Partners, the independent firm affiliated with Raymond James, according to the brokerage.
Adviser Keith Barberis, who generated $900,000 in annual revenue before moving, joined Steward's office in Bethesda, Md., the firm said. He will focus on building income distribution strategies for mostly pre-retirement and retirement-age clients.
To read more, clickhere .
Adviser Keith Barberis, who generated $900,000 in annual revenue before moving, joined Steward's office in Bethesda, Md., the firm said. He will focus on building income distribution strategies for mostly pre-retirement and retirement-age clients.
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Wells Fargo Advisors picks insider to replace Mary Mack as president
Wells Fargo Advisors named David Kowach, a longtime executive at the wirehouse, to replace Mary Mack as president.
Kowach, an industry veteran of 25 years, has served as head of Wells Fargo Advisors' Private Client Group since 2012. In that role, he has overseen approximately 11,000 financial advisers, according to the firm.
Mack was promoted last month to oversee Wells Fargo's Community Bank, which has 94,000 employees, according to a spokeswoman.
To read more, clickhere .
Kowach, an industry veteran of 25 years, has served as head of Wells Fargo Advisors' Private Client Group since 2012. In that role, he has overseen approximately 11,000 financial advisers, according to the firm.
Mack was promoted last month to oversee Wells Fargo's Community Bank, which has 94,000 employees, according to a spokeswoman.
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Adviser leaves Deutsche Bank to return to Mother Merrill
An adviser quit Deutsche Bank to rejoin Merrill Lynch, a spokeswoman said.
Paul Morris worked at Merrill from 1997 to 2002, according to FINRA BrokerCheck records. He later worked for Barclays and J.P. Morgan Securities before moving to Deutsche Bank in 2012.
He now rejoins Merrill as part of the Private Banking & Investments Group in New York, according to a spokeswoman for the wirehouse who declined to provide his AUM and production.
To read more, clickhere .
(Image: Bloomberg News)
Paul Morris worked at Merrill from 1997 to 2002, according to FINRA BrokerCheck records. He later worked for Barclays and J.P. Morgan Securities before moving to Deutsche Bank in 2012.
He now rejoins Merrill as part of the Private Banking & Investments Group in New York, according to a spokeswoman for the wirehouse who declined to provide his AUM and production.
To read more, click
(Image: Bloomberg News)
U.S. Trust adds 6 advisers
U.S. Trust hired six adviser recruits for various offices across the firm's growing wealth management business, a spokesman said.
Danielle E. Conkling joins the Bank of America wealth management unit in Palo Alto, Calif., the firm says. Conkling worked at Citigroup Global Markets prior to U.S. Trust, according to FINRA BrokerCheck records. She started her career at J.P. Morgan in 2002, BrokerCheck shows.
William L. Fritz joins U.S. Trust's Chicago office from J.P. Morgan. Fritz started his career at the firm in 2010.
Also moving from J.P. Morgan is Marvin D. Anderson, who joins U.S. Trust in St. Louis. Anderson started his career in 1995 with A.G. Edwards & Sons, BrokerCheck shows. Anderson moved to Wachovia Securities, Wells Fargo Advisors' predecessor, in 2008 but moved to Stern Brothers eight months later, according to BrokerCheck. He joined J.P. Morgan in 2014, per BrokerCheck.
Timothy W. Quinn joins U.S. Trust in Florham Park, N.J. from GAMCO Asset Management, where he worked in the firm's Institutional and Consultant Relations department. The industry veteran started his career in 1983 with Burgess & Leith, a company now part of Merrill Lynch, according to BrokerCheck. Throughout his career, Quinn worked for multiple firms including Charles Schwab, John Hancock and Blackrock, Brokercheck shows.
Brian L. Hungerford joins U.S. Trust's Greenville, S.C. office from Wells Fargo. Hungerford was a commercial banker while at the wirehouse. He started his career at Bank of America Securities in 1998, per BrokerCheck records.
Mary L. Carswell joins U.S. Trust in Nashville, Tenn. from Credit Suisse Securities. She was a private client adviser while at the Swiss Bank, U.S. Trust says.
(Image: Bloomberg News)
Danielle E. Conkling joins the Bank of America wealth management unit in Palo Alto, Calif., the firm says. Conkling worked at Citigroup Global Markets prior to U.S. Trust, according to FINRA BrokerCheck records. She started her career at J.P. Morgan in 2002, BrokerCheck shows.
William L. Fritz joins U.S. Trust's Chicago office from J.P. Morgan. Fritz started his career at the firm in 2010.
Also moving from J.P. Morgan is Marvin D. Anderson, who joins U.S. Trust in St. Louis. Anderson started his career in 1995 with A.G. Edwards & Sons, BrokerCheck shows. Anderson moved to Wachovia Securities, Wells Fargo Advisors' predecessor, in 2008 but moved to Stern Brothers eight months later, according to BrokerCheck. He joined J.P. Morgan in 2014, per BrokerCheck.
Timothy W. Quinn joins U.S. Trust in Florham Park, N.J. from GAMCO Asset Management, where he worked in the firm's Institutional and Consultant Relations department. The industry veteran started his career in 1983 with Burgess & Leith, a company now part of Merrill Lynch, according to BrokerCheck. Throughout his career, Quinn worked for multiple firms including Charles Schwab, John Hancock and Blackrock, Brokercheck shows.
Brian L. Hungerford joins U.S. Trust's Greenville, S.C. office from Wells Fargo. Hungerford was a commercial banker while at the wirehouse. He started his career at Bank of America Securities in 1998, per BrokerCheck records.
Mary L. Carswell joins U.S. Trust in Nashville, Tenn. from Credit Suisse Securities. She was a private client adviser while at the Swiss Bank, U.S. Trust says.
(Image: Bloomberg News)
