Six advisors who oversaw $390 million in client assets decided to break away from Oppenheimer & Co. for Hilliard Lyons.
While Hilliard Lyons is not traditionally known for making big recruiting pushes, the regional firm joined the Broker Protocol in March. Since then, the firm has expanded its ranks in Ohio, and now North Carolina.
In May, two advisors who had managed $230 million in assets at UBS joined Hilliard Lyons, opening the sixth branch in Ohio.
“It’s just a classic case of a team that’s done great things that is looking to partner with a firm like ours with a great culture that can help their business continue to grow,” said Chris Russell, associate director at Hilliard Lyons, about the new hires in Akron, Ohio.
The regional firm's newest hires in Asheville, North Carolina, are comprised of two teams: the Blue Ridge Group and the Ridgeline Group.
The advisors include Alan Brookshire, James Chandley, Julie Willard, Kale Olson, John Grear and Linda Saylor.
With Saylor as the exception, five of the six advisors come to Hilliard Lyons after working nine years at Oppenheimer. Prior to their time there, they spent less than five months at Stanford Group Company, which they left soon after Allen Stanford was charged with executing a “massive Ponzi scheme.” They were formerly advisors at UBS.
Saylor comes to Hilliard Lyons after six years at Oppenheimer and four years at Wells Fargo.
All the advisors have at least 17 years of experience in their field, according to BrokerCheck. Chandley and Grear have 32 and 36 years of experience, respectively.
An Oppenheimer spokeswoman did not respond to requests for comment on the team’s move.
Russell says the advisors left Oppenheimer and chose their firm for two reasons: Hilliard Lyons had the culture they were looking for and an upgraded platform. Russell adds that, based on the advisors' relationship with their clients, he expects Hilliard Lyons to retain most of the assets they managed at Oppenheimer.
The two teams named their combined group “Looking Glass Wealth Advisors.”