Slideshow Advisers on the move: $1B Wells Fargo team goes indie

Published
  • February 02 2017, 4:24am EST

Advisers on the Move

Wirehouses gained and lost several standout recruits during a busy start to the year in On Wall Street's latest roundup of adviser moves.

Leading the latest career moves is a Wells Fargo team that oversaw $1 billion in client assets, which jumped over to HighTower. The wirehouse also saw an advisory group with $341 million in AUM join Benjamin Edwards.

Meanwhile, Merrill Lynch grabbed an adviser with $850 million in assets under management from Morgan Stanley, as well as a team overseeing $466 million in AUM from UBS.

But Merrill also had defectors, including an adviser who oversaw $500 million in client assets and a five-member team that made more than $9 million in revenue, both which signed on with First Republic.

And in perhaps the most unusual recruiting move, a broker who joined Merrill Lynch in September from Morgan Stanley decided to go back to the wirehouse after only four months.

To learn more about these adviser moves and others, click through our slideshow. For a look at our previous roundup, see Advisers on the move: Merrill Lynch loses $440M team to Raymond James.

HighTower opens new year with a bang, grabs $1B Wells Fargo team

A $1 billion team has left Wells Fargo to go independent with HighTower, which is coming off a robust recruiting year, having picked up a combination of 14 teams and tuck-ins in 2016, according to the firm.

HighTower says those 2016 recruits represented about $4 billion in AUM.

Michael Parker, chief development officer, says they expect to keep up, and even possibly exceed, last year's recruiting pace in 2017. He attributes the growing adviser interest in HighTower to industry-wide trends (independence remains a popular option with top wirehouse breakaways) as well as specific aspects of HighTower.

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Merrill Lynch loses big producers to First Republic

First Republic lured away a top adviser and a five-member team from Merrill Lynch in two separate moves, the bank said.

Hank Holland left Merrill's Private Banking & Investment Group, which serves ultrawealthy clients. He oversaw $500 million in client assets, according to a person familiar with the move.

Holland joined First Republic Private Wealth Management in San Francisco, the bank said in a statement.

In a second move, First Republic picked up a Merrill team based in New York, according to the bank.

Making the move are advisers Larry Rothenberg, Shaun Van Vliet, David Farber, Schuyler Perry and Timothy Deygoo. The team is said to have generated more than $9 million in revenue, according to a person familiar with the matter.

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Snowden Lane snaps up $125M team from Wells Fargo

Snowden Lane Partners, the six-year old New York-based RIA founded by former Merrill Lynch executives, continues to grow, gaining a Wells Fargo team in San Diego that oversaw $125 million in client assets.

Advisers David Lautz and Francisco Malfavon specialize in serving wealthy international clients, particularly those from Latin America.

Snowden Lane has grown to over $3 billion in client assets since its founding in 2011. The firm now has seven offices and has recruited advisers from Merrill Lynch and Morgan Stanley.

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Raymond James hires $100M adviser

An adviser who managed more than $100 million in client assets for Hilliard Lyons has switched over to Raymond James, the firm said.

James Perry Jr. joined Raymond James' employee channel earlier this month in Huntington, West Virginia, according to the firm.

Perry said he made the move for several reasons, including Raymond James' culture and resources.

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Advisers with $200M in combined AUM join Steward Partners

Advisers who oversaw $200 million in combined client assets have joined Steward Partners, the independent firm affiliated with Raymond James said.

Alexandra Koch and Brandon Haase joined Steward’s offices in New York state, according to a released statement. Koch will be working from the firm's Manhattan location while Hasse is stationed in Albany.

Koch, who has 22 years of experience in wealth management, last worked for Morgan Stanley, according to FINRA BrokerCheck records. She had been with the wirehouse and its predecessor firm, Smith Barney, since 2000 and began her career at Merrill Lynch in 1994.

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Raymond James loses branch manager to Stifel

Stifel hired a Raymond James branch manager to help lead its recruiting efforts in Texas, a spokesman has confirmed.

Eleanor Jordan joined Stifel's office in Austin, where she will oversee 17 advisers in that office as well as another office in nearby Corpus Cristi, the spokesman told On Wall Street for an exclusive report.

Both Stifel and Raymond James have been aggressively recruiting. The regional BDs have typically been pulling over wirehouse teams, and have recently netted recruiting wins.

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Morgan wins back $1.8M adviser who left 4 months ago for Merrill

An adviser who quit Morgan Stanley to join Merrill Lynch in September, changed his mind and returned to work for his former employer in January, according to BrokerCheck records.

A Morgan spokeswoman confirmed that Brad Weinman rejoined Morgan Stanley in West Palm Beach, Florida.

When Merrill hired Weinman in September, the firm said he generated $1.8 million in revenues and oversaw $240 million in client assets. A spokeswoman for the firm could not be reached for comment on his departure so soon after joining.

Bill Willis, a Los Angeles-based recruiter, says it's "extremely rare" to see an adviser make such a turnaround.

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Ameriprise recruits advisers with over $300M in AUM

Ameriprise picked up advisers managing more than $300 million in client assets for its employee and independent channels.

In the largest of three moves, former Wedbush adviser Arthur Hoffman went independent with Ameriprise in Glendale, Arizona. He oversaw $133 million in client assets, according to Ameriprise.

Hoffman had been with Wedbush since 2009, according to FINRA BrokerCheck records. He has previous work experience at Merrill Lynch and Morgan Stanley.

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Merrill recruits $4.5M team from UBS

Merrill Lynch picked up a UBS team that generated more than $4.5 million in annual revenue, according to the wirehouse.

They are the latest group to join Merrill's Private Banking & Investment Group, which serves ultrawealthy clients.

The team is based at the firm's office in Austin, Texas. Over the last three and a half years, PBIG has almost doubled the number of elite advisers operating in the state to 55, according to Merrill.

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$850M adviser leaves Morgan Stanley for Merrill Lynch

Merrill Lynch picked up an adviser managing $850 million in client assets from Morgan Stanley, a spokeswoman said.

Adviser Adam Schur joined Merrill in White Plains, New York. He generated $2 million in annual revenues, according to the wirehouse.

A Morgan Stanley spokeswoman confirmed the departure and declined to comment further.

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Merrill Lynch adviser with over $160M AUM joins RBC

RBC picked up a Merrill Lynch adviser who oversaw $164 million in client assets, according to the firm.

Greg Lunak, who generated over $1 million in production at Merrill Lynch, joined RBC’s branch office in Stillwater, Minnesota, the regional firm said.

Lunak had been with Merrill Lynch since 2002, according to FINRA BrokerCheck records. He did a 1 year stint at Morgan Stanley before that, BrokerCheck records show.

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Wells Fargo advisers with $341M in combined AUM join Benjamin Edwards

Six advisers overseeing $341.7 million in client assets left Wells Fargo to join Benjamin F. Edwards, according to the company.

The firm also hired a Stifel manager, Peter Kramer, as its Chicago market manager. In the newly created position, Kramer is charged with growing the firm's presence in the Chicagoland area, where Benjamin Edwards has two offices and 14 advisers.

While at Stifel, Kramer oversaw almost 30 advisers, according to Benjamin Edwards.

Among Benjamin Edwards' new advisers are Theresa Clemmons and Greg Thornton, who opened a new office in Chandler, Arizona. Also moving with Clemmons and Thornton is Kristin Lindsey, a registered financial associate.

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Wells Fargo branch manager joins RBC

A Wells Fargo branch manager left the wirehouse to join RBC, in the firm’s latest recruiting grab.

RBC tapped Bob Gipp to lead its Raleigh, North Carolina, branch, which the regional broker-dealer considers one of its fastest-growing offices in the southeast.

Gipp's hire follows at least four other poaches from wirehouse firms by RBC over the past two months.

“The firm is definitely in growth mode,” Gipp says. “The opportunity to build a brand here in this marketplace is very appealing.”

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Raymond James nabs $100M Merrill adviser

Raymond James recruited a Merrill Lynch adviser who previously managed $100 million in client assets, the firm said.

Suzanne LaTour joined the firm's employee channel in San Diego earlier this month. She generated about $850,000 in revenue while at Merrill, according to Raymond James.

LaTour said in a statement that she was drawn to Raymond James for its culture, and was impressed by a visit to the firm's headquarters in St. Petersburg.

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