Slideshow Advisors on the Move: Discharged Merrill Duo With $2.5B in Client Assets Lands at Stifel

Published
  • October 22 2014, 3:35pm EDT

Advisors On The Move

A discharged Merrill Lynch advisor duo that managed $2.5 billion in client assets has landed at Stifel. See these and all the latest hires, moves and promotions among wirehouse advisors by clicking through On Wall Street's latest slideshow.

Discharged Merrill Duo With $2.5B in Client Assets Lands at Stifel

A former Merrill Lynch advisor team said they felt the firm wronged them by terminating them, according to their attorney. Veteran advisors Stephen Brown and James Goetz signed on with Stifel on Monday. The team managed $2.5 billion in client assets while at Merrill Lynch and was courted by a number of firms prior to landing at Stifel. The advisors were let go after Merrill Lynch accused them of allegedly violating firm policies. Their attorney, Thomas B. Lewis, said the two men were fired for “what we believe was not terminable reasons.”

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Advisors with $232M Snagged By Wells

Wells Fargo has added two advisors with a combined $232 million in assets under management. St. Louis-based Wells Fargo Advisors announced Tuesday that Zelda Benson has joined the firm in Seal Beach, Calif. from Ameriprise Financial Services, where she managed more than $132 million in client assets. Benson has 27 years of industry experience including 27 at Ameriprise.

Wells Fargo has also added James Harris from Merrill Lynch to its Albany, Georgia office. Harris managed more than $102 million in client assets at Merrill, where he spent 10 years. He previously worked at Morgan Keegan & Company, Wachovia Securities, Lincoln Financial Advisors and H.C. Copeland and Associates Equities.

Steward Partners Pulls In $1.6M Wells Fargo Team

An advisor team managing $200 million in assets has left Wells Fargo to join Steward Partners, an independent firm founded by former wirehouse managers a year ago and affiliated with Raymond James Financial Services.

Advisors Jim Fowkes and Ben Plata joined Steward's Washington D.C. office, where the firm is based. In the past 13 months Steward Partners have recruited advisors managing $1.8 billion in assets.

Fowkes and Plata generated $1.6 million in revenue while at Wells Fargo. Fowkes says they made the move in part because they felt that the leadership at the wirehouse was too distant and that a smaller firm would be more responsive.

Merrill Advisors With $270M AUM Join Snowden Lane

Two Merrill Lynch advisors managing $270 million in assets have left the wirehouse to join independent firm Snowden Lane Partners. Advisors Jesse Clinton and Phillip Pedrena joined Snowden today as partners and managing directors in New York, where the firm is headquartered. This is the second wirehouse team to join Snowden recently. Three weeks ago, a UBS team managing $400 million in assets joined Snowden in Baltimore. Greg Franks, president of Snowden, says that this continues the recruiting momentum of the firm, which he describes as a steady, unhurried process to build up Snowden.

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Jefferies Grabs Barclays Team

Jefferies announced it was expanding its small broker-dealer practice with the addition of three veteran advisors from Barclays.

Joining Jefferies are Adam Shafiroff, Laurence Shafiroff and Morgan McLanahan, who bring a focus on REITs and MLPs, according to the firm. It was unclear whether the two Shafiroff are related. “[We] are very pleased to welcome Adam, Laurence and Morgan to our unique Wall Street culture,” said Michael Armstrong, Global Head of Wealth Management at Jefferies, in a statement.

Adam Shafiroff’s 34 year career includes time with a number of firms, including RBC, Morgan Stanley and Prudential. Prior to joining Jefferies, Laurence Shafiroff spent his 29 years in the industry between Lehman Brothers and Merrill Lynch. McLanahan has 21 years in the industry, having previously worked at Lehman and Bear, Stearns & Co.

The trio joins a firm that currently employs 80 wealth management professionals worldwide, and currently has $5 billion in assets under management.

Morgan Lures Advisors with $565M in AUM

Five advisors flowing into Morgan Stanley’s offices around the country this past week brought over a half billion in assets under management and more than $3 million in revenue.

The firm continues to add advisors to its Aventura, Fla., complex, announcing two hires from JP Morgan Chase that bring $175 million in assets under management. Michael Zalkind and John Williams will report to complex manager Bill Van Scoyoc. The pair had a combined $2.1 million in production. According to FINRA broker records, Zalkind’s 15-year career recently included positions with Chase and Washington Mutual. Prior to JP Morgan, Williams spent six years as an advisor, including time with Chase.

Merrill Grabs UBS Advisors with $500 AUM

Merrill Lynch hired away three advisors from UBS, collectively managing $500M in assets. Rajeev Rathi, Kanwar Singh and Steve Coleman joined Merrill Lynch’s Chicago offices last week. The three had production of close to $5 million, according to Merrill Lynch.

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RBC Recruits Wirehouse Team Managing $213M in Assets

RBC Wealth Management pulled in a Morgan Stanley advisor duo that managed $213 million in assets. Advisors Deborah Sullivan and Christine Saitta joined RBC's office in Sewickley, Pa., a suburb of Pittsburgh. The two advisors will report to Kenneth Ross, senior managing director of RBC's Pittsburgh complex. Sullivan and Saitta generated $1.7 million in annual revenue while at Morgan, according to a statement from RBC.

Focus Lands Firm With $800M in AUM

Focus Financial Partners has picked up an $800 million RIA, with promises to "turbo charge" its growth. Focus cofounder Rajini Kodialam says she spent a few years wooing Hank McLarty, founder of Atlanta-based Gratus Capital Management. The firm has $800 million in assets under management, putting it right in Focus's "sweet spot," Kodialam says.

Janney Lures J.P. Morgan Advisors

Janney Montgomery Scott lured away an advisor team from J.P. Morgan.

Advisors Dan Carney and Stuart Peterson moved over to Janney in South Kingstown, R.I., where they opened a new office for the firm. Also joining them is Beth Friedman, a branch operations assistant, and Paula Cummings, a registered private client assistant.