Slideshow Advisors on the Move: Merrill Grabs $1.2B Team

Published
  • March 04 2015, 5:28pm EST
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Advisors on the Move: Merrill Grabs $1.2B Team

Merrill Lynch picked up a Morgan Stanley team managing $1.2 billion in assets. But the wirehouse wasn’t the only recent notable acquisition. Raymond James picked up two $2.6 million producers from RBC. Meanwhile, RBC recruited five advisors from Morgan Stanley managing more than $300 million in combined assets.

See these and all the latest recruiting moves by clicking through our slideshow.

Mega Team Joins Merrill

Merrill Lynch recruited a team from Morgan Stanley that managed $1.2 billion in client assets.

The nine-person team, led by Bruce Munster, generated $5.8 million in annual revenue while at Morgan. They join Merrill's elite Private Banking & Investment Group in Century City, Calif., where they report to Michael Rogers, managing director.

A top producer, Munster was recently featured as No. 7 in On Wall Street's annual ranking of the Top 40 Advisors Under 40.

Munster started his career in 1999 with Paine Webber, which was acquired by UBS, according to FINRA records. He moved to Morgan Stanley in 2007.

Munster's fellow team members also include his partners John Paffendorf, senior vice president, and David Freeman, vice president.

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Image: Bruce Munster

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Raymond James Hires $2.6M Producers

Raymond James added a team with $2.6 million in production who last worked at RBC.

The team, which will now operate as 24/7 Investment Group of Raymond James, previously managed approximately $200 million in client assets. Led by Paul Berman and Joshua Rosenzweig, the team also consists of registered client services associates Susan Valdivia and Maggie Ing.

Berman has 34 years of experience in the securities industry, according to FINRA records. He will serve as the team's senior vice president of investments and specializes in wealth management and retirement planning for both individuals and businesses. Rosenzweig has 8 years of experience, according to FINRA. Prior to joining Berman at RBC, he worked at Ameriprise Financial Services. He specializes in retirement planning and wealth preservation needs, according to the statement.

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RBC Recruits 5 Wirehouse Advisors

RBC recruited five advisors from Morgan Stanley managing more than $300 million in combined assets, according to a firm spokeswoman.

The advisors join RBC's new office in Sarasota, Fla., where John LeTourneau, one of the new recruits, will serve as branch manager.

LeTourneau and fellow advisor David F. Muir III oversaw $120 million in assets under administration and generated approximately $800,000 in production while at Morgan Stanley, according to RBC. The two advisors have called their practice, the Muir LeTourneau Group of RBC. Also moving to RBC is Muir's daughter, Nicole, who serves as a senior client associate.

Another Morgan team overseeing about $190 million in assets and generating $1.7 million in production left the wirehouse to join RBC in Sarasota, according to the firm. The Gress Lodge Group includes advisors Rick Gress, Sarah Lodge and JoAnne Fabec, and also Liz Knighton, senior registered associate.

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Advisors Managing $1.2B Join UBS

Eight advisors managing $1.2 billion in combined assets have joined UBS, a spokesman said.

The advisors, who left Morgan Stanley and Merrill Lynch, all joined UBS at the firm's Houston River Oaks Complex in Texas. Morgan advisors Mark Joffrion, Lance Hutchins, Jerry Rasmussen and Becky Hensley joined UBS in Clear Lake, Texas, where they report to Scott Skinner, branch manager, and Craig Vandegrift, complex manager.

Merrill Lynch advisor Tom Drake also joined the Clear Lake office. Drake had been with Merrill since 2009, and did an earlier stint with UBS prior to that for eight years. Morgan advisors Kevin Wagner and Omar Bitar moved to UBS' office in Beaumont, Texas.

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$500M Northern Trust Advisor Goes Independent

An advisor managing $500 million in assets has left Northern Trust to join independent firm Veris Wealth Partners, according to a spokesman.

Jane Swan serves as a senior wealth manager at the firm's San Francisco headquarters. Veris, which specializes in sustainable and impact investing, also has offices in New York, Portsmouth, N.H., and Boulder, Colo.

Swan previously worked for 15 years at Northern Trust, where she served on several committees, including the Corporate Social Responsibility Task Force and the LGBT Advisory Team, according to a statement from Veris.

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LPL, Commonwealth Independent Advisors Join Raymond James

In a rare move back to employee advisory channels, two independent advisor teams that managed more than $200 million in combined assets left LPL and Commonwealth Financial for Raymond James.

LPL advisors John Sedberry and Zachary Jones, who managed $93 million in assets and generated $1.25 million in annual revenues, joined Raymond James & Associates in San Diego, according to the firm.
A second team, advisors Marta Shen and A.K. Mashhoon, also moved to Raymond James from Commonwealth Financial, where they generated annual revenues of $1.1 million.

In the second move to Raymond James, Shen and Mashhoon managed about $109 million in client assets while at Commonwealth Financial. The team operates as Spring Street Financial of Raymond James and is based in Atlanta. Shen and Mashhoon report to Rob Larmore, North Atlanta branch manager.

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Image: A.K. Maschhoon and Marta Shen

$800M Morgan Stanley Team Goes Independent

An advisor team that managed $800 million in assets for Morgan Stanley has left to go independent with Dynasty Financial Partners, the firm said.

The move surpasses Dynasty's largest wirehouse grab in 2014: a $700 million team formed by three Merrill Lynch advisors who had not previously worked together.

The newest additions to Dynasty's platform, wirehouse veterans Scott Highmark and Larry Shikles, founded Mosaic Family Wealth of St. Louis.

Shikles started his advisory career 20 years ago at Smith Barney, according to FINRA records. He stayed through that firm's merger with Morgan Stanley. Highmark has 19 years of industry experience, records show. He had been with Morgan since 2006. Previously, Highmark worked at A.G. Edwards for ten years.

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Image: Scott Highmark and Larry Sickles

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Raymond James Nabs $150M LPL Team

Just shy of his 18th year with LPL Financial, veteran advisor Edward Metz and his team with $150 million in assets under management have jumped to Raymond James for the smaller firm's "more structured" environment.

Metz and his three-person team operate as Money at Work in Somerset, N.J. He is a CFP, CPA, a Personal Financial Specialist and a Certified Divorce Financial Analyst.

His colleagues are Zamira A. Sanchez and client services associate Janet Sbrocco.

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Merrill Lynch Acquires UBS Team

An advisor team that managed $175 million in client assets for UBS has moved to Merrill Lynch, the firm said.

Former UBS senior vice president Michael Calvin and vice president Guy Clayton joined Merrill Lynch in Lakeway, Texas. They will report to complex director Angelo Ciardella, according a spokesperson.

This isn't Calvin's first time working for Merrill Lynch. He spent four years at the firm prior to joining UBS in 2008, according to FINRA's BrokerCheck.

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D.A. Davidson Advisor Joins IBD

An advisor managing $65 million in client assets left D.A. Davidson to join ICM Private Client Group, an independent firm affiliated with SagePoint Financial.

Advisor Brandon Cass joined the firm's office in Carlsbad, Calif., a seaside city about 30 minutes north of San Diego.

Cass started his advisory career in 2005 at Crowell Wheedon, a regional broker-dealer that was acquired in 2013 by D.A. Davidson. In a statement he said he made the move in part because of SagePoint's technology offerings.

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Merrill Recruits Advisor With $223M AUM

Merrill Lynch grabbed a Morgan Stanley advisor managing more than $223 million in assets.

Advisor Haris Hot joined Merrill's office in Red Bank, N.J., where he reports to Complex Director Peter Ardolino.

While at Morgan, Hot generated $883,200 in annual revenue. Hot had been with Morgan since he started his career in 2003, according to FINRA records.

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Image: Haris Hot

Morgan Stanley Advisors Producing $210M Join Wells Fargo

Two Morgan Stanley advisors managing $210 million in assets left the firm to join Wells Fargo, according to a spokeswoman for the firm.

Advisors Juan Ley and Tiffany Callahan joined Wells Fargo in Tucson, Ariz., where they report to complex manager Ronald Kieft.

While at Morgan, Ley and Callahan generated about $1.2 million in production, said the spokeswoman.

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Raymond James Lures $900K Producer From Edward Jones

An Edward Jones advisor who managed $175 million in client assets has left the firm for the independent advisory channel at Raymond James.

Advisor Billy C. Belcher joined Raymond James Financial Services, and will be working from Texas City, Texas, said Kirk Bell, a regional director for the central region.

Belcher operates as Belcher Wealth Management. Previously, he worked for Edward Jones in Baytown, Texas, for 27 years. He had an annual production of about $900,000 before leaving the firm, according to the release. Belcher, in the statement, said the "time was right" for him to go independent.

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UBS, Wells Fargo Advisors Leave for Baird

Baird recruited three advisors, including a father-son team from UBS that managed $170 million in client assets.

Former UBS advisors Patrick Cook and his son Nathan joined Baird's Houston office, where they report to Craig Young, director of the firm's Houston market.

A third advisor, David Himebaugh, left Wells Fargo Advisors to join Baird as senior vice president at the firm's office in Spokane, Wash. A Baird spokesman declined to provide production or AUM figures for Himebaugh, who reports to Branch Manager Tom Guthrie.

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Image: Nathan and Patrick Cook

$140M Ameriprise Team Heads to Raymond James

A team that managed $140 million in client assets at Ameriprise has signed on with Raymond James, the firm said.

Ty G. Rogers, Donald Furuya and John C. Fleishman joined the firm's employee advisory channel with a senior registered sales associate, Lily Schweitzer. The group will operate as the Rogers Group of Raymond James, and work from the firm's new office in Irvine, Calif., and satellite office in Boulder, Colo., according to a statement.

Rogers, the team's senior vice president, has 21 years of experience in the security industry, according to FINRA records. He is returning to Raymond James -- where he previously worked in the firm's independent channel between 2001 and 2004.

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LPL Firm Lures Merrill Advisor With $130M AUM

After a courtship that lasted years, an LPL Financial hybrid firm has lured away a former Merrill Lynch advisor and retirement plan specialist with $130 million assets under management.

In making the move, advisor John Carroll affiliated with the RIA platform of LPL hybrid firm Independent Financial Partners and has partnered with LPL's retirement division, Pensionmark Retirement Group.

Carroll was part of the executive startup team that launched Wellspring Resources, which became one of the largest retirement plan outsourcing companies in the nation, in a joint venture with State Street Bank of Boston in 1996, according to LPL.

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$120M Brother/Sister Team Joins Aegis

Two former UBS advisors managing over $120 million in client assets have moved to Aegis Capital.

Brother and sister advisors Jorge and Teresa Bravo left the wirehouse to join the New York-based independent broker-dealer, according to a statement from the firm. The team will work from a new branch office in Puerto Rico.

The Bravos, who served as senior vice presidents at UBS, have a focus in retail and corporate accounts. Both siblings have 24 years of experience in financial services, including 4 years at UBS.

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Morgan Team With $107M AUM Joins Wunderlich

Two Morgan Stanley advisors managing $107 million in assets left the wirehouse to join regional broker-dealer Wunderlich.

Advisors Tyler R. Berry IV and Rachel Pena joined Wunderlich's office in Franklin, Tenn., a suburb of Nashville. They report to branch manager Irene Griffis.

Berry started his advisor career in 1996 at the Robinson-Humphrey Company, according to FINRA records. Berry moved to Morgan Stanley in 2000. Pena started her career that same year at Morgan.

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Image: Tyler Berry IV

Ameriprise Advisor Leaves For BB&T

A financial advisor left Ameriprise for a position at regional brokerage firm BB&T Scott & Stringfellow.

Advisor Mayo Woodward brings over 18 years of experience to a newly opened branch in Birmingham, Ala.

Before his role as complex manager at BB&T, Woodward worked for Morgan Stanley, Merrill Lynch and most recently at Ameriprise.

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HighTower Nabs $225M Morgan Stanley Advisor

HighTower lured away a Morgan Stanley advisor managing $225 million in client assets.

Advisor Patricia Pick joined VWG Wealth Management on Friday in Vienna, Va., a suburb of Washington. Her addition brings VGW's total assets under advisement to about $1.2 billion.

Pick has 34 years of industry experience, according to FINRA records. She started her career at Laidlaw Adams & Peck before joining Paine Webber in 1982. She left that firm for Morgan Stanley in 1987.

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Image: Patricia Pick