Slideshow Advisers on the move: Morgan loses recruits with over $4B in combined assets

Published
  • September 27 2016, 3:18pm EDT
19 Images Total

Mega losses

In this roundup of adviser moves, Morgan Stanley lost recruits who managed more than $4 billion in combined client assets to several of its competitors.

Wells Fargo, on the other hand, recruited advisers who managed more than $1.5 billion in client assets to join the firm's employee and independent channels.

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

Read more: Advisers on the move: RBC nabs $1B Morgan team

$2.2B Morgan Stanley team leaves wirehouse to go on its own

A $2.2 billion team of more than a dozen advisers and staff has departed from Morgan Stanley in favor of independence, citing the desire for a more varied menu of products and services to offer its clients as a chief reason for leaving the wirehouse.

The Wichita, Kansas-based team is now operating under the name 6 Meridian (a reference to a departure point for 19th century surveyors exploring the western regions of the country). Team members include founding partners Tom Kirk, Margaret Dechant, Andrew Mies, Bryan Green, Steve Bahm, Pam Smith and Sarah Hampton.

The group anticipates delivering more customized portfolios and a service model with fewer of the institutional restrictions in place at the brokerage giant.

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(Image: Bloomberg News)

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Merrill Lynch hires advisers with $750M AUM from UBS

Merrill Lynch enticed away three advisers from UBS that oversaw $750 million in client assets, a spokeswoman said.

Two of the wirehouse's new hires had worked at Merrill Lynch earlier in their career.

Advisers Harry Lewkowitz and Jeff Gersten joined Merrill last month in New York. They operate as the Lewkowitz-Gersten Wealth Management Group, based in Manhattan. The group had overseen $500 million in client assets while at UBS, according to the Merrill.

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(Image: Bloomberg News)

Morgan Stanley teams with over $680M in AUM join Raymond James

Two Morgan Stanley teams that oversaw more than $680 million in client assets joined Raymond James & Associates, the firm's employee channel, according to the company.

In the larger of two moves, the Campbell Courtright Group joined Raymond James last month in Boise, Idaho. The team is comprised of advisers William Campbell and Patrick Courtright as well as Campbell's wife Eltiena, senior investment management specialist, and Christine Robertson, registered service associate.

They previously managed over $360 million in client assets, according to Raymond James.

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$600M Morgan team jumps to Wells Fargo

Wells Fargo lured away a team that oversaw $600 million in client assets from Morgan Stanley, the company said.

These are the latest advisers to join the firm from Morgan; earlier this month Wells Fargo said it enticed over brokers overseeing more than $500 million in combined assets from its wirehouse rival.

Wells Fargo's newest hires include Michael Dechiario, Thomas Charmley, Thomas Soden, Dean Vetsikas and Stacy Robinson. They operate from two offices in Philadelphia and San Rafael, California, a suburb of San Francisco.

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Merrill brokers with $550M AUM go indie with Dynasty

Dynasty Financial Partners helped four breakaway advisers from Merrill Lynch go independent to form a multilingual and multigenerational firm focused on high-net-worth entrepreneurs globally, according to a press release.

The advisers sought to build a practice “unconstrained by the structure of a one-firm model,” Elizabeth van Walleghem, who co-founded the firm with Thomas Butler, said in a statement. The two had previous responsibility for managing $550 million in client assets.

Their new firm, Coral Gables, Florida-based Maximai Investment Partners, specializes in serving clients with ties to Latin America. Advisers Alejandro Behrens and Daniella Viete, along with Ana Bueso, the new firm's manager of client services, also left Merrill to join the practice.

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Wells Fargo FiNet reels in teams with over $500M

Advisers overseeing more than $500 million in combined client assets joined Wells Fargo's independent channel last month, according to a spokesman.

In the largest of several moves, JPMorgan lost two advisers to Wells Fargo Advisers Financial Network. Rajeev Dhillon and Joseph Lesko previously managed more than $253 million, according to Wells Fargo.

They joined an existing independent practice, Capital Strategies. Capital Strategies has offices in Fort Lauderdale, Florida, New York and San Francisco.

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(Image: Bloomberg News)

Morgan advisers with over $500M in combined AUM join Wells Fargo

Wells Fargo recruited three Morgan Stanley advisers who managed more than $500 million in combined client assets, a spokeswoman confirmed.

In the larger of two moves, advisers Clifford Coury and Mark Pyper joined Wells Fargo Advisors in Salt Lake City. They managed more than $340 million, according to the wirehouse. Also moving with the team are Stephanie Daigle, financial consultant, Tyler Kjesbo, and Siga Baker, senior registered client associates, and Loni Smith, client associate.

Coury started his advisory career with Lehman Brothers in 1988, according to FINRA BrokerCheck records. He moved to Smith Barney in 1993, staying through that firm's merger with Morgan Stanley.

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J.P. Morgan adviser joins $350M team at Snowden Lane

Snowden Lane Partners hired a 27-year industry veteran from J.P. Morgan Securities, a spokesman said.

Adviser Dave Woolford joined an existing Snowden team that will manage more than $350 million in client assets, according to the firm.

Woolford, who joins as a managing director and private wealth adviser, will be based with Harbor Wealth Management Group in Baltimore.

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Advisers with $300M AUM join Ameriprise

Advisers with $300 million in AUM have recently joined Ameriprise, according to the firm.

Frank Coussens is joining an Ameriprise branch in Miami with 35 advisers and 10 support staff, headed by complex manager Frank Teodosio, according to a company spokeswoman. Coussens previously had been with Merrill Lynch, where he had overseen $132 million in AUM, according to Ameriprise.

Joining from Cetera Advisors, James O'Brien previously had overseen $92 million in AUM before he moved to Ameriprise, the firm spokeswoman said. O'Brien, based in Lone Tree, Colo., will report to Branch Manager Kathleen Drake, who heads an office of 10 advisers and three staffers.

A third recruit, Joe Cunningham, left SagePoint Financial where he previously had $73 million in AUM, according to Ameriprise. Cunningham runs his practice as a solo practitioner and will join Ameriprise's franchise channel, working under the direction of Field Vice President Mike Barker.

To read more, click here.

(Image: Bloomberg News)

Merrill grabs $1.8M producer from Morgan

Merrill Lynch picked up an adviser who generated $1.8 million in annual revenue at Morgan Stanley, a spokeswoman said.

Brad Wienman joined Merrill Lynch in West Palm Beach, Florida. While at Morgan Stanley he oversaw $240 million in client assets, according to Merrill.

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$160M Wells Fargo team leaves for Steward Partners

Three Wells Fargo advisers who managed $160 million in client assets have left the wirehouse to join Steward Partners, according to the independent firm which is affiliated with Raymond James.

While at Wells Fargo, the advisers generated $1.6 million in annual revenue, according to Steward Partners.

Advisers Larry Natale, Mark Johnson and his son Dino opened a new office for the fast growing independent firm in Albany, New York. They say that they made the move in part because they were looking for more freedom in how they structure their practice and a different corporate culture.

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(Image: Bloomberg News)


$140M Wells Fargo team joins Stifel

Stifel recruited two advisers from Wells Fargo where they managed $140 million in client assets, a spokesman confirmed.

Advisers Thomas Schmidt and his son Bradley joined Stifel's office in Chesterfield, Missouri, a suburb of St. Louis. They report to Bob Beckmann, branch manager.

The elder Schmidt started his advisory career at Lehman Brothers in 1984, according to FINRA BrokerCheck records. He moved to Smith Barney in 1993, and joined Wells Fargo in 2005.

His son joined him at the wirehouse in 2011.

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$1.2M producer leaves Morgan Stanley to go indie

A Morgan Stanley adviser who oversaw about $132 million in client assets left the wirehouse to go independent with Raymond James Financial Services, according to the firm.

Dieter Ramaekers previously generated $1.2 million in annual revenue while at Morgan Stanley, according to Raymond James.

He joined a former wirehouse colleague, Victor Adint, who went independent with Raymond James in 2009, the firm said.

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UBS loses team led by 2 brothers to Raymond James

Raymond James recruited a UBS team led by two brothers, a spokeswoman for the regional firm confirmed.

The group, led by brothers Preston and David Elliott, joined Raymond James' employee channel last week in Bexley, Ohio, a suburb of Columbus.

The spokeswoman declined to provide their AUM or production.

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Raymond James hires complex manager from Wedbush

A wirehouse veteran joined Raymond James & Associates as its newest complex manager.

Jeff Mallula, who was previously with Wedbush, will oversee Raymond James' Pacific Northwest complex, which encompasses Washington and Oregon, the company says. Mallula will be based in Seattle.

Raymond James has two employee offices in Washington: Chehalis and Seattle, and three offices in Oregon: Portland, Lake Oswego and Redmond.

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U.S. Trust names J.P. Morgan manager as new exec

U.S. Trust has recruited a former J.P. Morgan manager to serve as a market executive, the firm says.

Randy Hammond joined the Charlotte, North Carolina, office of U.S. Trust, Bank of America’s elite unit serving ultrahigh net-worth clients, and will be responsible for the North Carolina, Tennessee, Kentucky, Alabama and Mississippi markets. He reports to Doug DiVirgillo, Southeast Division executive.

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RBC appoints new director overseeing nearly 600 advisers

RBC has named a new director for its central division who will be responsible for nearly 600 advisers.
Wally Chapman will lead 8 complexes in Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Nebraska, North Dakota, Ohio, South Dakota, West Virginia and Wisconsin, according to a statement released by RBC. He also will oversee offices in Maryland, New York and Pennsylvania.

Chapman was promoted to his new post after heading RBC’s Minneapolis complex since March 2015, according to the firm. Prior to that, he was manager of the firm’s Edina, Minn. branch. Chapman, who started with RBC in 1995, was included in On Wall Street's Top 100 Branch Managers listing earlier this year.

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Deutsche hires BNY Mellon exec to expand private banking team

Deutsche Bank has hired a former BNY Mellon Wealth Management executive as part of its efforts to expand the firm's private banking team, a spokeswoman said.

Jake Block, a former senior director at BNY Mellon, joins the German bank's wealth management unit, operating from its U.S. Western region in San Francisco. He will be reporting to Russell Daulton, Deutsche's San Francisco market manager, the firm says.

Block's experience and background in investment and asset management will complement Deutsche's goal of expanding in key growth areas, according to Patrick Campion, head of Deutsche Bank Wealth Management, America. Block will be working with Deutsche's portfolio management team, wealth strategist and lenders to provide advice and solutions to ultrahigh-net-worth clients and families.

While at BNY Mellon, Block worked in business development, a division in-charge of attracting new clients to the firm's platform, according to Deutsche. Prior to that, Block worked for Nomura Securities International, where he was executive director overseeing sales and trading.