Slideshow Advisers on the move: Merrill Lynch loses $440M team to Raymond James

Published
  • January 10 2017, 1:30pm EST

Regionals grab wirehouse recruits

Raymond James dominates this latest round up of planners moving to new firms.

The fast-growing regional BD's biggest grab was a $440 million team from Merrill Lynch. Merrill, on the other hand, lured away an elite J.P. Morgan group. Meanwhile, Wells Fargo saw a $1.7 billion team depart for Noyes and an Ameriprise recruiting sweep nabbed advisers with a combined $1 billion in AUM.

To learn more about these adviser moves and others, click through our slideshow.

For a look at the previous roundup of moves, see Advisers on the move: Morgan advisers with over $2B jump to Merrill.

$230M Wells Fargo team grabbed by Raymond James

Raymond James landed a $230M team from Wells Fargo Advisors, according to the regional firm.

Lynn Grossman and Brian Vieira joined Raymond James in Westport, Connecticut, where they operate as Grossman, Vieira, Tom Galvin, North Atlantic regional director for Raymond James & Associates said in a prepared statement. The team works under Connecticut Complex Manager Judson Potter.

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Merrill loses $440M team to Raymond James

Raymond James scooped up a Merrill Lynch team that managed over $440 million in client assets, according to the regional BD.

Advisers George Ewins, Richard Kowalski and Theresa Swett, who generated more than $1.8 million in annual production while at Merrill, joined the employee channel of Raymond James in Burlington, Vermont.

The trio made the move amid a shifting recruiting landscape under the Department of Labor's fiduciary rule. In October, the department released additional guidance on the new regulation that targeted the practice of awarding back-end compensation to advisers to entice them to switch firms.

Raymond James declined to comment on what changes, if any, they have made to their recruiting bonuses in light of the new regulatory guidance.

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Morgan Stanley grabs advisers with $410M in combined AUM

Advisers overseeing a combined $410 million in client assets have joined Morgan Stanley, according to a source with knowledge of the moves.

The wirehouse recruited Ken Furst away from Stifel to work at the wirehouse's office in Boca Raton, Florida, according to FINRA BrokerCheck records. Furst had been managing about $280 million in client assets and had about $1.1 million in production while at Stifel, the source said.

Furst had been with Stifel since 2007, BrokerCheck records show. He worked at several firms prior to that and had started his career in 1989 at Halpert & Co.

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Merrill grabs J.P. Morgan team

Two employees from J.P. Morgan Private Bank joined Merrill Lynch as private wealth advisers.

Jennifer Jennings and Donny Wohl, who declined to release their AUM figure, are now operating as Jennings Wohl Group. The duo is based in Ann Arbor, Michigan, according to the team's website. Jennings and Wohl specialize in serving high-net-worth individuals and families, according to the wirehouse.

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Steward Partners hires advisers with $500M

Three advisers who oversaw $500 million have joined Steward Partners, an independent firm affiliated with Raymond James, the company said.

Carl Gravina, Liana Poodiack, and Joshua Houle opened a new office for Steward Partners — the firm's 8th — in Keene, New Hampshire

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$300M Merrill team departs for Raymond James

Raymond James scooped up a team that managed $300 million in client assets from Merrill Lynch, the regional firm said.

Advisers Joseph DiVestea and Mark Mezzone, along with two other associates, will join the New York Metro complex in Mount Kisco upon its expected opening in coming months, according to the company. The team operates as DiVestea Wealth Partners of Raymond James, and is temporarily based in Danbury, Conn.

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Wells Fargo's FiNet grabs advisers with over $500M in combined AUM

Advisers managing more than $500 million in combined client assets have gone independent with the Wells Fargo Financial Network, a spokesman for the firm said.

Butch Safyurtlu, who managed more than $225 million in client assets, left UBS to open APEX Investment Planning Services in Newport Beach, California, the spokesman said. Safyurtlu started his career at Mercer Allied in 2002, according to FINRA BrokerCheck records. He then left in 2010 to join UBS, BrokerCheck records show.

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Morgan Stanley loses $507M team to RBC

RBC hired a Morgan Stanley team that oversaw approximately $507 million in client assets, the firm said.

This, at the time. was RBC's third new hire annonced since the Department of Labor issued additional regulatory guidance on its fiduciary rule, which said firms could not offer back-end awards as part of recruiting deals.

An RBC spokeswoman was not available for immediate comment.

The team, comprised of advisers Richard Frankel and Shawn Patt, joined RBC in Beverly Hills, California.

They generated $1.6 million in revenue while at the wirehouse, according to RBC.

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Wells Fargo loses $1.7B team to Noyes

A Wells Fargo team that oversees more than $1.7 billion left to join Noyes, an independent broker-dealer, according to a spokesman.

The Cooke Financial Group, led by brothers Chris and Brian Cooke, joined the firm as partners and opened a new branch for Noyes in Indianapolis. CEO Mark Damer said in a statement that it's now Noyes' largest branch office. Damer added that the new hires demonstrate how Noyes is an attractive place for wirehouse advisers to do business.

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RBC names Ameriprise exec as complex director

RBC hired away an executive from Ameriprise to be the firm's managing director for its Boston complex.

Brian Katz, who joined RBC from Ameriprise Financial, will oversee seven branches and more than 50 advisers in his new role as complex director, according to a spokeswoman. He reports to Pat Vaughan, director of RBC’s East division.

Paul Leyden, the previous Boston complex director, is transitioning back into production as an adviser with RBC, a spokeswoman said.

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$1B Morgan group loses adviser to Oppenheimer

An elite, $1 billion team at Morgan Stanley was unable to hold on to a young adviser who left the firm to join Oppenheimer, according to a person with knowledge of the move.

Andrew Koris, 28, departed Excelsior Wealth Management, a Manhattan-based group run by partners Craig Pastolove and Scott Sklar, the person, asking for anonymity, told On Wall Street. Pastolove is a past On Wall Street Top 40 Under 40 adviser who was ranked no. 5 in 2014.

Koris arrived at the Lazos Group at Oppenheimer, also in New York, a spokeswoman for the firm confirmed. That team is run by Christopher Lazos, who placed in On Wall Street's last Top 25 Regional Advisers Under 40 ranking, coming in at no. 7.

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$1.2 million Merrill Lynch producer jumps to Raymond James

Raymond James has nabbed a $1.2 million producer away from Merrill Lynch, according to the regional BD.

Michael Rosner, 38, was overseeing $110 million in client assets when he left the wirehouse, Raymond James reports in a prepared statement.

Rosner joined Raymond James' office in Farmington Hills, Michigan, less than 30 miles northwest of Detroit, under the leadership of Complex Manager Alp Onder, according to Dominic Prioli, Raymond James' Great Lakes regional director.

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$1.6M UBS team jumps to Raymond James

Raymond James hired a team producing $1.6 million from UBS, the company said.

Advisers Harold MacFarland and Tadd Hicks joined the fast-growing firm's employee channel in St. Louis.

While at UBS, the pair, who operate as MacFarland Hicks Financial Group, oversaw $220 million in client assets, according to Raymond James.

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RBC recruits $4M team amid fiduciary upheaval

RBC recruited a Wells Fargo team that generated $4 million in annual revenue, a spokeswoman said.

Team leader David Heide started his career at Edward Jones in 1990, according to FINRA BrokerCheck records. He's been with Wells Fargo since 1995.

Also moving with the team are advisers Mark Anderson, Daniel Jakuta, Joseph Palumbo and Jeffrey Neumann.

The move came days after the Department of Labor issued new regulatory guidance targeting what it deemed conflicts of interest generated by transition packages to switch firms.

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Wells Fargo loses 3 advisers with nearly $400M to Baird

Baird recruited three wirehouse advisers who oversaw nearly $400 million in client assets, the firm said.
The new hires, who joined earlier this month, opened two offices with Baird in Morristown, New Jersey, and West Palm Beach, Florida.

Joining in West Palm Beach are ex-Wells Fargo advisers Keith Epstein and Andrew Oremland, who oversaw a combined $243 million in client assets, according to Baird.

Robert Browne, who also joined from Wells Fargo, oversaw $146 million in client assets, according to Baird.

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Raymond James nabs $173M Morgan Stanley adviser

Raymond James picked up a Morgan Stanley adviser who oversaw $173 million in client assets, according to the firm.

Katherine Fisher-Schultz joined Raymond James' employee channel in Portland, Oregon.

She had been with Morgan Stanley and its predecessor firm, Smith Barney, since 2004, according to FINRA BrokerCheck records. She's been in the industry since starting her career at Prudential Securities in 1999.

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$288M Wells Fargo team joins Raymond James

A Wells Fargo team that oversaw $288 million in client assets has joined Raymond James & Associates, according to the firm.

John Solomon, Phil Greer, Bill Dukelow and Hamilton Neal joined the employee channel at Raymond James in Ponte Vedra Beach, Florida.

Also joining Raymond James are client associates Samantha McMillan and Lindsay Navin. The team had $1.7 million in annual production while working for Wells Fargo, Patrick O'Connor, coastal regional director at Raymond James said.

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RBC grabs another wirehouse recruit: $307M team

A UBS team that managed more than $300 million in client assets jumped to RBC, a spokeswoman said.

The team is comprised of Tim McEwen, financial advisor, Bradley Schindler, senior financial associate and Brooke Wimes, senior registered client associate.

The group generated $1.5 million in annual revenue, according to RBC. They joined the regional brokerage in Lincoln, Nebraska.

McEwen started his career at Morgan Stanley in 2003, per FINRA BrokerCheck records. He moved to UBS in 2008. Schindler joined him at the firm last year.

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Stifel nets wirehouse advisers with over $800M

Stifel picked up two wirehouse teams managing more than $800 million, a spokesman confirmed.

The advisers are opening Stifel's new office in Southfield, a suburb of Detroit, marking the latest new hires for the fast-growing firm.

St. Louis-based Stifel has recently been on a recruiting push, picking up a number of wirehouse teams.

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$1.7B Merrill team picks up two advisers

Two advisers left Comerica Bank to join an existing Merrill Lynch team, the firm said.
That team, the Locniskar Group, oversees approximately $1.7 billion, according to a ranking of wealth advisers by Forbes.

Edward Erwin III and Molly Ransom joined the group in Troy, Michigan, according to a Merrill spokeswoman. The group operates within Merrill's elite Private Banking & Investment Group, which serves high-net-worth and ultrahigh-net-worth clients.

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$260M UBS team goes indie with HighTower

A UBS team that oversaw $260 million in client assets has gone independent with HighTower, according to the firm.

Jake Falcon and Cory Bittner opened for business in Mission Woods, Kansas, which is also the first independent practice for HighTower in the state, according to a statement from the firm.

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$260M Morgan team goes indie with Raymond James

A team managing almost $260 million in client assets at Morgan Stanley has left the firm to go independent with Raymond James, according to the regional firm.

Mark Rhoades and George Livanos oversaw $209 million in client assets and some $50 million in 401(k) assets while at Morgan, according to a Raymond James spokeswoman. The duo also had annual revenues of about $1.5 million while they were at the wirehouse, Raymond James confirmed. Joining the advisers is investment executive Kelly Ward. The team calls itself the Broadview Group and is based in Chapel Hill, North Carolina.

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$312M UBS adviser joins RBC

RBC Wealth Management hired a UBS adviser who once oversaw $312 million in client assets, a spokeswoman says.

David DePaul joined RBC in Florham Park, New Jersey, where he reports to Steve Ornstein, complex director. He previously generated $1 million in annual revenue, according to RBC.

DePaul has more than two decades of industry experience, according to FINRA BrokerCheck records. He had been with UBS since 2008. Previously, he worked at Morgan Stanley and its predecessor firm, Smith Barney.

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$193M Wells Fargo adviser departs for Ameriprise

Wells Fargo lost an adviser who managed $193 million in client assets to Ameriprise, a spokeswoman for the firm confirmed.

Adviser Michael Fisher, who generated $2.4 million in production while at Wells Fargo, joined the firm in Melville, New York, the spokeswoman also confirmed. The job move was made after the Department of Labor issued new regulatory guidance targeting back-end compensation in recruiting packages last October.

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Wells adviser with $350M in AUM joins Raymond James

A Wells Fargo adviser who oversaw $350 million in client assets has joined Raymond James, according to the firm.

Jarrod E. Biebel officially joined the employee channel of the regional firm on Oct. 21, according to FINRA BrokerCheck records. While at Wells, Biebel had more than $2 million in annual fees and commissions, Raymond James Complex Manager Dennis Kaboth said.

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Ameriprise recruiting sweep nets advisers with $1B in combined AUM

Ten advisers with $1 billion in combined client assets have joined Ameriprise, according to the firm.

Ameriprise's latest recruiting sweep stretched from late August to October. The adivsers joined the firm's employee and independent channels, with the largest contingent coming from Wells Fargo Advisors.

In the largest of the moves, former Morgan Stanley advisers Mark Filla and Scott Latzke managed $344 million in client assets before moving to Ameriprise's employee side, the firm said. They switched firms Oct. 21, according to FINRA BrokerCheck records.

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After 38 years at Morgan Stanley, adviser jumps to Steward Partners

Morgan Stanley lost a veteran adviser of nearly four decades to Steward Partners, a fast growing independent firm affiliated with Raymond James.

Sandy Kafetz, who had been with the wirehouse since 1978, joined Steward Partner's office in Bethesda, Maryland. Kafetz is partnering with two former Morgan Stanley colleagues, Rodger Friedman and Joe Wong, at Steward Partners.

The Washington-based firm has been on a recruiting push, adding 25 advisers in 2016 who oversaw a combined $2.75 billion in client assets, according to Steward Partners. Those advisers generated more than $19 million in annual revenue, the firm says.

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Sales pressures push $200M wirehouse team to join Raymond James

Raymond James enticed away a team that managed $200 million in client assets from Wells Fargo, the regional firm said. The move was prompted by changes in the corporate culture at their previous employer, one of the team members said.

Advisers Benjamin Price, W. Cal Batchelor and Anson Kanoy joined the employee channel of Raymond James in September, though the firm announced the move in late November. They are now operating under the name Price, Batchelor and Kanoy Wealth Management as part of the Savannah, Georgia, branch, which is led by Tom Hussey, according to a spokeswoman. The branch reports to Dick Ferguson, Southern division director.

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$250M RBC adviser jumps to Raymond James’ Alex. Brown

An adviser managing $250 million in client assets left RBC Wealth Management to join the Alex. Brown division of Raymond James, the firm said.

Adviser Craig Decker, who generated $1.3 million in annual fees and commissions while at RBC, will reopen an old Alex. Brown office in Annapolis, Maryland later this year, according to a spokeswoman. He is currently based in Baltimore, where he will remain until the new office opens.

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Morgan Stanley adviser joins $350M team at Snowden Lane

A former Morgan Stanley adviser has left the wirehouse to go independent with Snowden Lane Partners, the firm says.

Adviser Michael Mahoney joined Veritas Private Wealth Group, an existing Snowden team in New York, as a partner and managing director. He declined to provide his AUM and production figures.

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$1M Merrill Lynch producer leaves for RBC

RBC Wealth Management added a Merrill Lynch adviser who generated $1 million in annual revenue, according to the firm.

David Galardini joined RBC in Southpointe, Pennsylvania, as part of an effort to expand its reach in the Pittsburgh region, according to Kenneth M. Ross, the senior managing director of the Pittsburgh complex. Registered Client Adviser Cathy Buck joined Galardini in the move from her previous position with Wells Fargo Advisors, according to FINRA.

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Advisers with $500M in combined AUM join Wunderlich

Wunderlich Securities recruited three advisers who oversaw more than $500 million in combined client assets, according to a spokeswoman.

The new hires come from RBC Wealth Management, UBS and First Republic.

James Parrish, president of Wunderlich Wealth Management, said they joined the regional firm in part for its culture.

Joining Wunderlich in Chicago is Scott Glazer. The adviser previously worked at RBC, where he had been since 2005, according to FINRA BrokerCheck records. Previously, Glazer worked at UBS and Smith Barney.

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Stephens hires 41-year industry veteran as branch manager

Regional wealth management firm Stephens has hired a 41-year industry veteran as its newest branch manager, according to the firm.

Steve Head joined the firm as managing director and branch manager of the Dallas office of the Stephens Private Client Group, Stephens said.

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Stifel hires wirehouse team with nearly $250M

A Wells Fargo team that managed $248 million has moved to Stifel, according to a spokesman.

Advisers Gary Hency and Lee Roider are joining the firm's Private Client Group in Belleville, Illinois, but will transfer to a new office due to open in nearby Waterloo, according to the spokesman. They made the move in November, after the Department of Labor issued new regulatory guidance targeting back-end compensation in recruiting packages.

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Raymond James chairman to step down after 50-plus years at firm

Even the longest runs come to an end.

Tom James, chairman of Raymond James for more than 40 years and who has worked at the company since 1962, announced he's stepping down next month.

CEO Paul Reilly, 62, will take over his responsibilities as chairman, according to the company. The transition was anticipated; Reilly replaced James as CEO in 2010.

James, 74, said both he and the board of directors felt the timing is right for Reilly to take over the position.

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