Slideshow Advisors on the move: 43 of the biggest recent jumps

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  • November 03 2017, 4:04pm EDT
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Wirehouse advisors managing over $12 billion in client assets left the big four to join regional and independent firms, continuing a years-long trend of aggressive recruiting among the nation's smaller brokerages.

Morgan Stanley lost more than 20 teams with more than $9 billion in client assets, according to On Wall Street’s roundup of recent hiring announcements. Despite those losses, Morgan Stanley remains the largest wirehouse by headcount and assets, with 15,759 advisors and $2.3 trillion of client assets.

J.P. Morgan Securities was among the beneficiaries of advisors exiting Morgan Stanley. The boutique wealth management firm netted a slew of top advisors from the wirehouse, including one who managed $3 billion assets and another that oversaw $1.6 billion.

Raymond James, which has long pursued an aggressive recruiting strategy, picked up several new hires, including a $540-million SunTrust team. And regional brokerage firm Benjamin F. Edwards announced a recruiting sweep of 14 advisors who oversee $1.3 billion in total client assets.

Scroll through to learn more about these adviser moves and others. For a look at our previous roundup, click here.

$1.6B team leaves Morgan Stanley for J.P. Morgan Securities

J.P. Morgan Securities enticed away a team overseeing $1.6 billion in assets from Morgan Stanley, a spokeswoman confirmed.

It's the latest hire for the bank's boutique wealth management unit. A week prior to this announcement, J.P. Morgan Securities said it hired a New York-based Morgan Stanley advisor who managed $350 million in client assets.

J.P. Morgan's newest hires, led by advisor Robert Gilman, also joined the firm's New York office. They report to Mike Lee, regional manager.

Gilman cited the firm's brand, platform and senior management as reasons for making the move.

Read more here.

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Under protocol pressure, Morgan Stanley loses 9 teams overseeing $6B in AUM

Within days of Morgan Stanley's announcement that it was quitting the Broker Protocol, nine teams overseeing more than $6 billion bolted for rivals J.P. Morgan Securities, Stifel and RBC Wealth Management.

Of the departures, the largest was a New York-based team led by O'Callaghan and Norm Thomas. The group managed over $3 billion in client assets while at Morgan Stanley and joined J.P. Morgan, a spokeswoman confirms.

Also joining J.P. Morgan Securities in New York this week: the five-person Kolker Group, which oversaw $300 million, and advisor David Panzica, a 23-year industry veteran who managed $130 million.

J.P. Morgan also picked up two other mega teams from Morgan Stanley. Boston-based advisors Patrick Corbett, Bob Mason, and Dan Warren managed approximately $1.2 billion in client assets. Wealth managers Frank Botta, Dan McCarron and Mike Coyne oversaw about $1.1 billion. They are also based in Boston.

And in Dallas, J.P. Morgan hired former Morgan Stanley brokers Joel Tannenbaum and Arthur Dale Mitchell. They oversaw more than $310 million.

Also leaving Morgan Stanley in New York are Ken Ramos and Gary Rudow, who joined Stifel. They oversaw more than $325 million in client assets, according to their new employer.

In Springfield, Illinois, Stifel picked up another Morgan Stanley advisor: Henry Enno, who has more than three decades of industry experience and managed $97 million.

RBC, meanwhile, picked up two young advisors from Morgan Stanley in Dallas. Paul Hendershot, 37, and Carsten Frederikson, 34, oversaw approximately $140 million, according to their new employer.

To read more about Morgan Stanley's protocol exit, click here.

RBC nabs $610M Merrill Lynch team, opens new office

A Merrill Lynch team managing $610 million in assets is leaving to join RBC, according to the regional brokerage.

With the new team, RBC launched its Palos Verdes, California, office and continues to expand in the region.

Named the PVG Group, the team boasts three industry veterans. Larry Prutch and Cengiz Volkan have more than 20 years of experience each, and Alan Goldstein has five decade of industry experience.

Click here to read more.

Raymond James scoops up $540M SunTrust Team

Seeking to be part of a company primarily focused on wealth management, a $540 million team from SunTrust has jumped ship to join Raymond James & Associates, the firm's employee channel.

The new recruits include managing directors William Keaton and Alfred Sams III, the company said. They joined Raymond James' employee offices in Savannah, Sea Island and Macon, Georgia. The team also includes senior financial planning consultant Kristen Murphy.

Read more here.

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HighTower nabs $500M team from J.P. Morgan

HighTower launched a new practice in Miami by poaching a J.P. Morgan team that manages $500 million in assets, the RIA said.

Marc Shachtman, founder and CEO of True Wealth Advisory, joined HighTower after eight years at J.P.Morgan, where he led a team advising on investments, wealth transfer and lending. Shachtman was also a Banker Team Lead for the Miami market at J.P.Morgan.

Shachtman began his career in 2003 with Goldman Sachs.

UBS recruits two advisors with $450M

Advisors managing more than $450 million in combined client assets have joined UBS, a spokeswoman said.

Former Morgan Stanley advisor Thomas Melohn previously generated $1.5 million in annual revenue and managed $200 million in client assets, according to UBS. Also moving with him are Lauren Ma, junior partner, and Lisa Frisch, client service associate.

Joseph Caselle, previously with Merrill Lynch, generated about $1 million in annual revenue and oversaw $250 million in client assets, according to UBS. Also moving with him is partner Ryan Baker.

Read more here.

Wells Fargo’s latest loss: $369M team jumps to Ameriprise

Ameriprise has lured six advisors away from Wells Fargo, where the team managed $369 million in combined client assets, according to the regional firm.

The team joined Ameriprise in its office in Overland Park, Kansas, and includes two veteran advisors — David Neihart and Douglas Royle — each with 32 years of industry experience.

Read more here.

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Morgan Stanley loses $350M advisor to J.P. Morgan Securities

A Morgan Stanley advisor who managed over $350 million in client assets left the wirehouse to join rival J.P. Morgan Securities, a spokeswoman confirmed.

Scott Seltzer, an industry veteran of 21 years, joined the elite brokerage unit in New York where he reports to Mike Lee, regional director.

As a top producer at Morgan Stanley, Seltzer was named to the chairman's club at the firm.

Read more here.

$230M Merrill Lynch advisor jumps to HighTower

HighTower Advisors has recruited the Keith Group. The Lebanon, Pennsylvania-based RIA is led by former Merrill Lynch broker Kevin Keith and oversees $230 million in client assets, according to a spokeswoman.

The Keith Group will be operating on HighTower’s outsourcing platform.

Read more here.

Wells Fargo loses $116M advisor to Stifel

Stifel hired an advisor from Wells Fargo who managed more than $116 million in client assets, a spokesman for the regional brokerage firm said.

David Safarian joined Stifel’s Frontenac branch in Missouri after spending nine years at Wells Fargo. He began his career in 2000 at Edward Jones and also worked for four years at Morgan Stanley, according to FINRA BrokerCheck records.

Read more here.

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Benjamin Edwards adds 14 advisors with over $1.3B

Fourteen advisors with $1.32 billion in combined client assets have joined Benjamin F. Edwards since April, the company said.

Ex-Wells Fargo advisors Laney Mitcham and Robert Waggoner opened the new El Dorado, Arkansas, office. Other departures from Wells Fargo include Charles A. Banks, Joseph Hurston, Ryan Pollacci and Richard Moore. They joined Benjamin Edwards’ Hattiesburg, Mississippi, office. In addition, Eric Loy and Jason Hall joined offices in Springfield, Illinois, and Morristown, New Jersey, respectively.

Advisor Chung Lieu, joining from Hilliard Lyons, opened Benjamin Edwards' new office in Watkinsville, Georgia. Tim Fitzgerald and Jeff Green launched the regional firm’s second office in Jonesboro, Arkansas.

Benjamin Edwards also added Timothy Platt from Morgan Stanley and Linda Dial from Raymond James to its office in Naperville, Illinois. In April, Robert Zimmer left NYLIFE Securities to join Benjamin Edwards’ branch in Baltimore.

Read more here.

Janney nabs 2 wirehouse teams with $400M

Janney grabbed two teams managing more than $400 million in combined client assets, according to the firm.

The Simmons Point Group, led by Gary Lukachinski, Michael Geisen and Michael Oliver, managed more than $359 million in client assets, according to Janney. The former Morgan Stanley team joined Janney’s office in Hauppauge, New York.

Advisor Andrew Vitek managed $48 million in assets while at his former employer, Wells Fargo, according to Janney. He joins the regional firm’s office in Wyncote, Pennsylvania.

Read more here.

Raymond James nabs $160M husband-and-wife team

Raymond James is continuing its Northeast expansion by recruiting a $160 million husband-and-wife duo for its West Hartford, Connecticut, office.

Marty and Jennifer Carroll are joining Raymond James & Associates, the firm’s traditional employee broker-dealer, from Merrill Lynch, according to their new employer.

They will operate as Carroll Wealth Management Advisors of Raymond James.

Read more here.

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Janney lures $120M planner from RBC

Janney Montgomery Scott has landed a 24-year industry veteran who managed over $120 million in client assets for RBC Wealth Management.

Henry Faragalli III will be joining the firm’s Radnor, Pennsylvania office, which is led by complex manager Michael Brown.

Faragalli spent the past six years with RBC. He has prior experience at Morgan Stanley and Smith Barney, according to FINRA BrokerCheck records. Faragalli will be joining an office of 17 other financial advisors, according to the branch website.

Read more here.

Their father worked for Raymond James, but 3 sisters quit for Ameriprise

A team comprised of three sisters left Raymond James, the regional broker-dealer where their father had worked for more than a decade, to join Ameriprise.

The group oversaw $141 million at their former employer, according to Ameriprise.

Erin Wynn Masters, Galin Wynn Crist and Kirstin Wynn Moore joined Ameriprise's employee branch in Ormond Beach, Florida, where they report to branch manager Daniel Landrau.

Read more here.

Wells Fargo snatches Morgan Stanley advisors with nearly $400M

Wells Fargo has recruited two veteran advisors overseeing nearly $400 million in client assets from Morgan Stanley, a spokeswoman said.

The wirehouse's new hires on its employee side include Michael Muehl, who joined Wells Fargo's Rancho Bernardo branch in California. Muehl oversaw approximately $180 million in client assets while at Morgan Stanley.

Advisor Bernard Suissa joined Wells Fargo's branch in Beverly Hills, California. He oversaw more than $192 million in client assets, according to his new employer.

Read more here.

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Stifel lands $300M advisors from Morgan Stanley

Stifel recruited three veteran Morgan Stanley advisors with $303 million in combined client assets.

The St. Louis-based brokerage firm has revved up recruiting efforts in the last few months.

Among the new recruits is Rick Shibel, who joins the firm’s Skaneateles, New York, office. Advisor Mark Sullivan was responsible for more than $100 million in client assets while at Morgan Stanley, his new employer says. He joins the regional firm’s office in Gainesville, Florida.

New hire Steve Dailey joins the Bozeman, Montana, office. He previously managed more than $100 million in client assets.

Read more here.

RBC snaps up $276M Morgan Stanley advisor

RBC recruited an advisor with approximately $276 million in client assets under management.

Steven Altholtz will join the regional broker-dealer’s offices in Florham Park, New Jersey, according to complex manager Steven Ornstein.

Altholtz has 31 years of industry experience, beginning his career with Hym Financial in 1986, per FINRA BrokerCheck records. He worked for several other firms before landing with Morgan Stanley in 2009, per BrokerCheck.

Read more here.

Steward Partners' latest hire: $200M team from Morgan Stanley

A Morgan Stanley duo that managed approximately $200 million in client assets left to join Steward Partners, an independent firm affiliated with Raymond James Financial Services.

Timothy Davis joined Steward Partners in Boston with his teammate Michaelyn Bortolotti.

Davis is a veteran wirehouse advisor who started his career at Merrill Lynch in 1998, per BrokerCheck. Bortolotti got her start in the industry at Smith Barney in 2006, staying on after the firm's acquisition by Morgan Stanley.

Read more here.

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Janney hired a veteran $90M Merrill Lynch advisor

Janney Montgomery Scott landed a veteran Merrill Lynch advisor who manages over $90 million in client assets, the company said.

Jenny Daly joined Janney in Hackensack, New Jersey, after spending her 17-year career at Merrill Lynch. She received her bachelor degree from New York University’s Stern School of Business.

Steward Partners hires $175M wirehouse team

A Morgan Stanley team that oversaw about $175 million is leaving the wirehouse to join Steward Partners.

Steward Partners' latest hires, Barry Salzman, Joshua Mauer and Michael Robert Hoff, will open the firm's 11th branch office in Baltimore. Salzman cites the firm's partnership model as a primary reason they made the move.

"We're partners now, not employees. We're going to have a voice in the direction of the firm and how it grows," he says.

Read more here.

Raymond nabs a Merrill Lynch advisor

Raymond James hired an advisor from Merrill Lynch who spent ten years at the wirehouse.

Phillip Douglas May joined Raymond’s Walnut Creek branch in California. He began his career in 2000 at Emmett A. Larkin and worked six years at A.G. Edwards, according to FINRA BrokerCheck records.

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$172M advisors quit RIA for Ameriprise

The independence movement often leads from brokerages to RIAs, but two advisors bolted an RIA to launch their own practice with Ameriprise.

Jack Elgin and Neven Zelich, who have about $172 million in assets under management, joined Ameriprise’s franchise channel after seven years with Mid Atlantic Financial Management, their new firm announced. The Canton, Ohio-based partners brought three other staff members with them.

Read more here.

$210M Morgan Stanley team jumps to Baird

Baird, an employee-owned broker-dealer, has recruited the Jester Group, which oversaw $210 million in client assets at Morgan Stanley, according to the regional firm.

The move was completed on Monday Oct. 27, the same day that Morgan Stanley said it would exit the Broker Protocol by week's end. The accord permits advisors moving between protocol firms to take basic client contact information with the, and cut back on lawsuits firms filed to block brokers from switching employers.

In making the move, the Jester Group is also opening a new Baird office in Chapel Hill, North Carolina, its fifth in the state.

To read more about Baird's new hire, click here.

$150M Morgan Stanley breakaway team joins hybrid RIA

A Morgan Stanley team with $150 million in client assets joined the breakaway independent movement, launching a hybrid RIA practice with Kestra Private Wealth Services.

Branch manager David Johnston and advisor K.C. Johnston opened White Cap Wealth Management under the subsidiary firm of Kestra Financial, the 13th largest independent broker-dealer, Kestra announced this week.

The manager, a 36-year industry veteran, started the practice in Provo, Utah.

Read more here.

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Morgan Stanley's Fleming launches firm with Rockefellers

The former president of Morgan Stanley Wealth Management and Merrill Lynch is taking a job with the Rockefeller family.

Gregory Fleming will become chief executive of Rockefeller Capital Management, a new company formed by Rockefeller Financial Services, which has nearly $11 billion in AUM and over $5 billion in assets under advisement.

Fleming was president of Morgan Stanley Wealth Management for five years, from 2011 to 2016. He was president and chief operating officer of Merrill Lynch from May 2007 to January 2009.

Read more here.

HighTower executive joins RBC as recruiting head

A HighTower Advisors top executive joined RBC Wealth Management as the head of advisor recruiting, building on the firm’s recent hiring surge.

Michael Parker is the latest in a series of key leadership hires at RBC over the last year. His departure earlier this year was a blow to HighTower.

Parker spent seven years at HighTower. He served as executive vice president and chief development officer, driving strong performance in organic growth.

Read more here.

Raymond James nabs $100M Ameriprise advisor in ongoing hiring spree

An Ameriprise advisor who managed $100 million in assets is leaving the firm to join Raymond James, his new employer said.

David Katz is joining Raymond James's office in Boca Raton, Florida with his client associate Jill Freeman. Katz began his career in 1994 at Metropolitan Life, and prior to Ameriprise, he worked at Gitterman & Associates Wealth Management, according to Raymond James.

Read more here.

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RBC grabs father-son team managing $395M from Wells Fargo

RBC Wealth Management has poached a father-son-team managing $395 million from Wells Fargo Advisors.

The Dominello Investment Group includes advisor George Dominello, senior vice president, and his son William Dominello, also senior vice president. The elder Dominello brings with him 36 years of experience in the industry. He spent 11 years with Wells Fargo and 24 years with Advest, according to BrokerCheck records. His son has 10 years of experience in the industry, all with Wells Fargo.

Read more here.

Merrill Lynch creates new role to capture underserved clients

Merrill Lynch Wealth Management named a veteran insider as head of strategic growth markets, a new position focusing on capturing market share with traditionally underserved clients.

Jen Auerbach-Rodriguez will be focusing on expanding the client base among women, African-American, Hispanic, and LGBT communities, the company says. She began her career at Merrill Lynch’s listed options and futures strategy and trading desk.

U.S. Trust hires executive from Commonfund Institute

U.S. Trust hired an executive director from Commonfund Institute to serve as market strategy & delivery executive, a newly created position.

William Jarvis will be based in New York, the company says. Jarvis has 35 years of experience as a financial services executive and attorney. He served as Commonfund Institute’s head of research for over ten years, and has worked at JPMorgan and Greenwich Associates.

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LPL nabs chief investment strategist from Wells Fargo

LPL Financial hired a chief investment strategist from Wells Fargo Private Bank, the independent brokerage said.

John Lynch joined LPL to lead its investment research team, which consists of 12 analysts. Lynch was most recently the chief investment officer for the Mid-Atlantic region at Wells Fargo Private Bank. He has over 30 years of experience and had worked at Wachovia and Evergreen Investments.

U.S. Trust hires 5 advisors and 4 managers

U.S. Trust says it has hired the following private client advisors and other employees in September:
  • Advisor James Carley joined the Hartford, Connecticut, office from BNY Mellon
  • Advisor Robert Jones joined the St. Louis office from Enterprise Bank & Trust.
  • Advisor Kevin Zimmermann joined the Kansas City office from BOK Financial, Mobank.
  • Advisor Jonathan Miller joined the Melville, New York, office from Bernstein.
  • William Davis joined as a portfolio manager at the Greensboro, North Carolina, office from Wells Fargo.
  • Jennifer Philbeck joined as a regional fiduciary officer at the Charlotte, North Carolina, office from Mullen Holland & Cooper.
  • Advisor Mary Beth Haut joined the Providence, Rhode Island, office from Camden National Bank.
  • Jesse Esparza joined as a specialty asset manager at the Dallas office from Vanguard.
  • Janet Jacobs joined the Seattle office as a philanthropic client manager from Make-A-Wish.