Slideshow Advisers on the move: Merrill Lynch brokers with over $1.8B jump ship

Published
  • May 08 2017, 2:09pm EDT
28 Images Total

Merrill Lynch has had some notable recruiting scores recently, including one adviser that oversaw $800 million in client assets. But the wirehouse has suffered a net loss of 145 brokers in the first quarter, and our recent recruiting roundup shows that brokers overseeing more than $1.8 billion in assets have parted ways with Merrill.

Among the biggest winners was Raymond James, which lured advisers to its employee and independent channels. One longtime Merrill veteran who opened an independent practice with Raymond James previously oversaw $400 million in client assets. Snowden Lane Partners, an independent firm founded by former Merrill Lynch executives, also lured away talent from the wirehouse. Two advisers managing about $150 million in assets opened Snowden's newest office in San Antonio.

Meanwhile, UBS lost several advisers to RBC, Raymond James and HighTower. The latter firm helped a group composed of three UBS advisers and one Merrill adviser form an independent practice. Together, they previously managed over $500 million.

Scroll through to see these and other moves.

Merrill Lynch recruits adviser who oversaw more than $800M

A Wells Fargo team has left to join an elite Merrill Lynch unit, according to the firm.

One of the advisers, Tim Chapman, previously oversaw more than $820 million in client assets, according to a 2013 Barron's list of top advisers in Oregon. A Merrill Lynch spokeswoman declined to provide AUM or production for the team.

Chapman and Paul Wargnier were previously affiliated with Wells Fargo Private Bank. They joined Merrill's Private Banking & Investment Group, which serves ultrawealthy clients, in Portland, Oregon, where the elite brokerage unit recently opened a new office, according to the firm.

Click here to read more.

Content Continues Below


Latest Merrill Lynch loss: $300M adviser bolts for RBC

RBC recruited a Merrill Lynch team that oversaw $300 million in client assets, the firm said.

Led by adviser Joe Piché, the team is the latest to leave the wirehouse, which recently reported that its brokerage force declined by 145 advisers during the first quarter. Year-over-year, however, Merrill's adviser headcount rose by 72.

A Merrill Lynch spokeswoman was unavailable for immediate comment on the move.

Piché joined the firm in Wayzata, Minnesota, according to RBC. That office is led by branch director Rick Sterling, who oversees 10 advisers and 13 support staff, per the firm.

Click here to read more.

$400M Merrill Lynch duo goes indie with Raymond James

Raymond James grabbed a Merrill Lynch duo with $400 million in client assets in at least the third wirehouse breakaway to the firm’s independent channel so far this year.

David Anderson and George Hall of 1808 Capital Partners joined the broker-dealer’s independent arm in Greensboro, North Carolina, Raymond James announced Wednesday. The pair went indie with the practice founded by Anderson’s father, who recently retired after working at Merrill Lynch for 50 years.

Anderson and Hall opted for Raymond James because of the “client-centered culture, the client experience they offer and the depth of resources available to advisors like us,” Hall said in a statement.

“Building on a legacy business, we have added a younger generation of clients, some children of long-term clients, and having the right expertise and support to continue serving our existing clients and their families — as well as the next generation — was paramount.”

A spokeswoman for Bank of America declined to comment on the team’s departure.

Click here to read more.

$1B team quits Morgan Stanley for J.P. Morgan Securities

J.P. Morgan Securities netted its first big recruiting grab under its new leader: a $1 billion team from Morgan Stanley, a spokeswoman for the bank acknowledged.

The new hires come a month after the elite brokerage unit, which serves ultrawealthy clients, tapped Chris Harvey to serve as CEO, replacing Greg Quental who retired.

The team consists of brothers Jay and Neil Canell as well as Justin Dembo. They group joined J.P. Morgan Securities' office in New York on Monday. They report to Mike Lee, regional director.

To read more, click here.

Content Continues Below


Two Morgan Stanley teams with over $500M join Ameriprise

Ameriprise added four Morgan Stanley advisers with $523 million in combined assets under management, boosting its employee channel’s first-quarter recruiting haul to 17 ex-wirehouse brokers.

Brad Bersh, Terrence McCreanor and Dana Messina of the Marco Island Group moved to a South Florida branch, while Craig Parker came aboard at a suburban Sacramento, California, location.

The Marco Island Group, which gets its name from its location on the Gulf of Mexico barrier island south of Naples, took up the new post at Ameriprise on Feb. 3, according to FINRA BrokerCheck records. The team, which has $385 million in AUM, reports to Regional Vice President Michael Rearden.

Click here to read more.

William Blair hires $350M team, expands NYC presence

Boutique wealth management firm William Blair recruited three advisers overseeing more than $350 million in client assets, a spokesman said.

The group, which is based in New York, comes from two different firms. Advisers Jill Harvey and Richard Arkwright, along with registered portfolio associate Bernadette Eliassen join William Blair from Fieldpoint Private Advisors. Adviser Linda Sutkin, portfolio investment specialist Alexei Lee, and registered portfolio associate Sonia Survilla left Wall Street Access, a New York-based financial services firm.

Sutkin said in a statement that they switched firms in part for William Blair's "partnership culture."

Click here to read more.

Raymond James snatches $700M Wells Fargo team

Four Wells Fargo brokers who generated about $3.8 million in annual revenue bolted from the firm’s dwindling Profit Formula platform for Raymond James.

John Watts, Steuart Evans, Russell Henshaw and Bradford Flowers opened a new Huntsville, Alabama, branch of the regional firm’s Advisor Select division, a part of the company’s employee channel, Raymond James announced. The firm had unveiled another Wells Fargo grab just last 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.

Click here to read more.

Content Continues Below


Merrill Lynch nabs $3.1M producer from Morgan Stanley

Merrill Lynch picked up a Morgan Stanley adviser who oversaw $288 million in client assets, according to his new employer.

Leon Friedlander, an international adviser specializing in Latin American clients, joined Merrill’s office in Aventura, Florida.

He had been with Morgan Stanley and its predecessor firm, Smith Barney, since 2006, according to FINRA BrokerCheck records. He’s been in the industry since starting his career at Portfolio Resources in 2002. Friedlander studied international relations and economics at Brown University and earned an MBA from Babson College.

Friendlander’s teammate, Johanna Trujilo, a client associate, also joined the wirehouse.

To read more, click here.

Merrill Lynch recruits $185M Wells Fargo adviser

An adviser who oversaw $185 million in client assets at Wells Fargo left the wirehouse to join Merrill Lynch, the firm said

Adviser Aaron Dykas joined Merrill last month in Boise, Idaho. Also making the move is senior registered client associate Lisa Schaffer, according to Merrill.

Dykas, an industry veteran of 24 years, had been with Wells Fargo since 2011, according to FINRA BrokerCheck records. He has previous work experience at Smith Barney and Morgan Stanley.

Schaffer has worked in the securities industry since 1993, according to Merrill.

HighTower nabs ex-wirehouse advisers with $500M

Four former wirehouse advisers with $500 million in combined client assets have gone independent with HighTower, becoming the seventh team to join the firm this year, according to HighTower.

Terms of the deal were not disclosed.

Todd Baker, Bradley Harvey, Jack York and James Young will each operate their own advisory practices under their new shared brand, Resolute Investment Advisors, based in Colorado Springs, Colorado, a spokeswoman says.

Baker, Harvey and York defected from UBS, while Young left Merrill.

Click here to read more.

Content Continues Below


Raymond James recruits $1M producer from Morgan Stanley

A $1 million producer left Morgan Stanley to join Raymond James, according to the firm.

Adviser Harmon Wright Jr. now operates from Raymond James' employee branch in Trinity, Florida. He made the move Feb. 24, per FINRA BrokerCheck records.

Wright is an industry veteran, having started his advisory career at A.G. Edwards in 1987. He moved to Morgan Stanley in 1995, according to BrokerCheck records.

Click here to read more.

$230M Wells Fargo team joins Raymond James' indie channel

A Wells Fargo network team managing $230 million in client assets left for the independent channel of Raymond James.

Lisa McIntire Shaw of Cygnus Asset Management in Charlotte, North Carolina, moved her and her father Clif McIntire’s practice from Wells Fargo Advisors Financial Network to Raymond James Financial Services, their new firm announced. They changed companies in January, per FINRA BrokerCheck records.

Shaw, 50, and her father, who is still active at the firm in his 80s, began exploring a switch this past fall and settled on Raymond James because its technical resources better suited the team’s 300 clients, she says.

“We see ourselves as an independent firm that has a robust back office that is spending money on the things we want them to spend it on,” Shaw says. Raymond James also offered more flexibility with services like reports for clients with the client’s grandchildren’s accounts listed on top, she adds.

To read more, click here.

RBC grabs $375M all-woman team from UBS

Two advisers who managed $375 million in client assets left UBS to join RBC, the firm said.

The all-woman team is the newest wirehouse hire at RBC. The group previously generated $2.7 million in annual revenue, according to RBC.

Advisers Tracey Schusterman and Rosa Mazzone as well as Dina LiRosi, investment associate, and Rosa Diaz, client associate, now operate from RBC's Midtown New York office.

"RBC Wealth Management is focused on creating a diverse workforce by bringing more women financial advisers to the firm," John Moran, director of the Midtown complex, said in a statement.

Click here to read more.

Content Continues Below


Ameriprise grabs $333M Merrill team

Ameriprise hired a Merrill Lynch trio that oversaw about $333 million in client assets, making them the latest wirehouse recruits to join the firm, On Wall Street has learned.

Advisers Jordan Plaster, Clark Scarvey and Harry Shumaker joined a new Ameriprise branch office in Tuscaloosa, Alabama, a spokeswoman acknowledged.

Of the three new recruits, Plaster has the most experience. He started his career at Merrill in 1993, according to FINRA BrokerCheck records.

Scarvey and Shumaker began their careers at the wirehouse in 2005 and 2009, respectively, per BrokerCheck records.

Click here to read more.

Merrill Lynch breakaways join Snowden Lane in fiduciary-focused move

Two Merrill Lynch advisers with $150 million in client assets bolted to launch Snowden Lane Partners’ ninth branch.

Larry Barocas and Debbie Ury of the Strategic Management Group opened the hybrid broker-dealer and RIA’s San Antonio office, according to Barocas. Snowden Lane has hired at least seven ex-wirehouse advisers this year, including another Merrill team that joined the firm last month.

“Recently among all the wirehouses, there’s been a lot of proprietary products, a lot of things we felt prevented us from helping the clients,” says Barocas, 57. “Here, I can be a true fiduciary.”

Merrill policies and bureaucratic hurdles for advice involving retirement and estate plans and cross-border wealth also figured in the decision, Boracas adds.

A spokeswoman for Merrill declined a request for comment on the duo’s departure.

Click here to read more.

Stifel snatches $100M family team from UBS

Stifel recruited a father-son team from UBS to open a new office in Janesville, Wisconsin, a spokesman acknowledged. They are the latest wirehouse advisers to switch to the regional firm.

The team oversees more than $100 million in client assets, according to a person familiar with the matter.

Michael and Christian Nimmo will temporarily work from Stifel's office in Madison, according to the company. Also making the move is Nimmo's daughter, Rachel, who is a registered client service associate.

Adviser Michael Nimmo, center, his son Christian, also an adviser, and his daughter Rachel, a registered client service associates, left UBS to join Stifel. The elder Nimmo is an industry veteran, having gotten his start in the business in 1979, according to FINRA BrokerCheck records.

Click here to read more.

Content Continues Below


RBC grabs $262M team from UBS

RBC recruited a UBS team that generated more than $1.7 million in annual revenue, according to the firm.

The group ― the latest wirehouse team to move to RBC ― consists of three advisers, all veterans with more than 20 years of experience each.

Paul DeBey, Chris Cassaday and Jeff Bahnson as well as client associate April Emeola joined RBC's office this week in Leawood, Kansas. They report to Mark Borcherding, director of the Leawood branch.

Click here to read more.

$400M adviser departs Merrill Lynch, goes indie with Raymond James

Adviser Michael Jeppson, who oversaw more than $400 million in client assets, has left Merrill Lynch for Raymond James' independent channel, the firm said.

Jeppson opened his new eponymously named practice in Manhattan Beach, California, in February. Raymond James announced the move May 2. He previously generated $1.8 million in annual production at his prior firm, according to Raymond James.

Also making the move is Angie Duso, senior client services manager.

Click here to read more.

$160M team quits Raymond James for Stifel citing culture

A Raymond James team which oversaw $160 million in client assets has left the firm to join Stifel, a spokesman acknowledged.

Mark Kopkin and Scott Englehardt now operate from Stifel's Atlanta office, the firm said. They are joined by Yolanda Etchison, client service associate.

Kopkin said in a statement that they made the move in part because they felt Stifel "shares the same values and culture we do."

The two advisers are industry veterans. Kopkin started his career at Merrill Lynch in 1984 while Englehardt got his start in the business at Chatfield, Dean & Co. in 1991, according to FINRA BrokerCheck records.

Click here to read more.

Content Continues Below


$147 Merrill adviser quits for regional firm

Raymond James hired a financial adviser overseeing $147 million in client assets, according to the firm.

Walter H. Stamper joined the firm's employee channel in Chattanooga, Tennessee.

Stamper was previously with Merrill Lynch, where he had worked since 1987, according to FINRA BrokerCheck records. He switched firms in late March, per BrokerCheck.

Four executive promotions at Janney

Janney Montgomery Scott promoted four executives.

Joseph Culley is now head of Capital Markets and has joined the firm's executive committee. Previously, he was head of equities and investment banking. In addition, Janney promoted Thomas Bajus to head of fixed income, Andrew Maddaloni to head of equities and Arlen Klinger to head of the firm's private client trading group.

“We are pleased to elevate our talented professionals to positions where they can drive Janney’s growth to the next level,” said CEO Timothy Scheve. “Joe, Tom, Andrew and Arlen bring strong track records of success and leadership to our growing team, and we are confident that they’ll continue to expand Janney’s business while delivering the highest value to clients.”

Janney taps outsider to lead Atlanta branch office

Janney Montgomery Scott picked an outsider to lead its Altanta branch office.

Richard J. Ballou joined the regional firm from Columbia Threadneedle. He has more than 30 years of industry experience, according to Janney.

He will be tasked with growing the regional firm's presence in the Atlanta area, the firm said. Ballou will report to Regional Manager Andrew Kistler.

“Rick is a highly regarded and proven leader, and we’re looking to his experience and insight as we continue to build within our existing geographic footprint,” said Jerry Lombard, President of Janney’s Private Client Group. “The Atlanta area is a logical expansion point for Janney right now, and we’re excited to have Rick on-board to lead our growth in the area.”

While at Columbia Threadneedle, Ballou served served as South-Central Divisional Manager, according to Janney.

Content Continues Below


Janney adds advisers from Merrill, Wells Fargo

Regional brokerage Janney Montgomery Scott said it hired two advisers from Merrill Lynch and Wells Fargo.

Ex-Merrill adviser Joseph Sheehan has joined Janney’s Media, Pennsylvania, office. Sheehan, a 22-year industry veteran, previously managed over $100 million in client assets. He had been with Merrill since 1995, according to FINRA BrokerCheck records.

“We’re pleased that Joe sees Janney as the best firm to enable him to continue to build on his practice moving forward," Tom Simcik, Mid-Atlantic Regional Manager, said in a statement.

In Fairfield, Connecticut, Janney picked up former Wells Fargo adviser David Moss and private client assistant Lindsay Pereguda. Moss previously oversaw more than $90 million in client assets. He had been with the wirehouse since 2004, according to BrokerCheck records.

RBC loses $175 million team to Janney Montgomery Scott

A team that managed nearly $175 million in client assets at RBC left the Canadian firm to join Janney Montgomery Scott, a spokesman said.

Steven Victor and Lisa Fouraker joined Janney’s Radnor, Pennsylvania branch office as Victor Fouraker Wealth Management, the comapny said. Also making the move with them is Heather Stahler, private client assistant.

They made the move May 1, according to FINRA BrokerCheck records.

Victor is a 33-year idnustry veteran with past work experience at Merrill Lynch and Legg Mason. Fouraker has been in the business for nearly 20 years, and also has past experience at Merrill as well as Smith Barney.

A spokeswoman for RBC was not available for immediate comment.

$275M Morgan Stanley team leaps to Raymond James

Morgan Stanley lost a team that oversaw $275 million in client assets to Raymond James, the company said.

The team includes founder Sam Maxwell and director of client services Sherry Nelson. They launched their independent practice, dubbed Executive Wealth Group, with Raymond James' Investment Advisors Division, according to the firm. They are based in Kirkland, Washington.

Maxwell, a 25-year industry veteran, had been with Morgan Stanley since 2008, according to FINRA BrokerCheck records. He previously worked at RBC.

Nelson's 37-year career in financial services started at Smith Barney in 1980, according to Raymond James.

A spokeswoman for Morgan Stanley was not available for immediate comment.

Click here to read more.

Content Continues Below


$1.5B team exits Wells Fargo

Jefferies' wealth management unit lured away a Wells Fargo team that oversaw $1.5 billion in assets, according to a person familiar with the matter.

The Miami-based group, which specializes in serving high-net-worth and ultrawealthy clients from Argentina, Brazil and Uruguay, generated $7.3 million in annual revenue, the person says.

A spokesman for the company confirmed the new hires joined Friday, but declined to comment further.

Click here to read more.

Ameriprise grabs $239M wirehouse team

Ameriprise lured away a team managing $239 million in client assets from Wells Fargo Advisors, a spokeswoman said.

Advisers Thomas Hughes and Bill Steele joined Ameriprise's employee channel March 17, according to FINRA BrokerCheck records. Hughes operates from Southlake, Texas, while Steele works from Dallas. Their complex director is Jeff Bouchard, according to Ameriprise.

"Our team chose Ameriprise Financial for their strength and safety, particularly through periods of change like we're in now. We wanted to join a growing firm whose core focus is investment planning and management," Hughes said in a statement.

Click here to read more.