Slideshow Advisors on the Move: Merrill Reels in Recruits With Nearly $3B in AUM

Published
  • July 06 2015, 4:48pm EDT
16 Images Total

Advisors on the Move: Merrill Reels in Recruits With Nearly $3B in AUM

The battle for top talent has been heating up, as firms like Merrill Lynch and Dynasty Financial lure away billion-dollar teams from rivals. Last week, a team managing $3.25 billion in assets left Deutsche Asset & Wealth Management to form its own RIA with Dynasty. In June, Merrill recruited more than 20 advisors managing nearly $3 billion in client assets. Meanwhile, regional brokerage Baird picked up several Wells Fargo advisors managing a combined $1.1 billion in assets.

Click through to see these and all the latest recruiting moves.

Deutsche Loses $3.25B Team to Dynasty

A mega team has left Deutsche Asset & Wealth Management to go independent with Dynasty Financial Partners, a spokeswoman said.

Former Deutsche advisor David J. La Placa managed $3.25 billion in assets, according to the latest Barron's rankings. Also moving with La Placa is advisor Jay Casey.

The team now operates in San Francisco as Intellectus Partners, with La Placa serving as CEO and Casey as president of the new firm.

Content Continues Below


Merrill Lures Advisors With $1.8B in Assets

Merrill Lynch rounded up 20 advisors managing more than $1.8 billion from rivals UBS, J.P. Morgan, Morgan Stanley and Barclays, a Merrill spokeswoman said.

The majority of the new hires joined Merrill's Private Banking & Investment Group, which serves ultrahigh-net-worth clients. The advisors joining that elite unit managed about $1 billion in assets, a Merrill spokeswoman said.

Advisor Michael Margiotta, who joined Merrill from UBS, said in a statement that his wealthy clients need "a firm which could deliver a breadth and depth of brokerage and banking services unparalleled in the financial industry." After considering several firms, Margiotta and his partner, Jerad Chao, settled on Merrill because the firm could best deliver on those services, he said.

The two advisors managed about $422 million in client assets and generated $1.9 million in annual revenue while at UBS, according to a Merrill spokeswoman.

RBC Grabs $1.2B Merrill Team

A team that managed $1.2 billion in assets left Merrill Lynch to join RBC Wealth Management, a spokeswoman said.

RBC's hiring of advisors Dodd Newton Koeckert and Nicholas H. Anger is the firm's second biggest recruiting grab, so far, this year.

Koeckert and Anger joined RBC's office in Stamford, Conn., where they report to Skip Morton, director of the branch. The duo now operates as the Koeckert Anger Group.

Baird Hires Advisors With $1.1B AUM

Baird lured away half a dozen advisors from Wells Fargo who managed a combined $1.1 billion in client assets, the regional firm said in a statement.

The new recruits collectively generated annual revenue of $5.4 million while at the wirehouse, according to Baird.

Among the new hires is Don Barry, who joined as a managing director and has 33 years in the industry, according to FINRA BrokerCheck records. He will be joined by Phillip Garrison, Kevin McWhorter and Suzanne Marshall, as well as Jill and Brian Docking, a mother-and-son team. All had been with Wells Fargo since 2008, and will now be working for Baird from a new office in Wichita, Kan.

To read more, click here

Content Continues Below


Morgan Lands $3.6M Producers

A pair of $3.6 million producers who worked more than 30 years at Merrill Lynch have left the wirehouse for rival Morgan Stanley.

Brothers Harvey Bell and Murray Bell, working as a team, were recruited over to Morgan by Jeff Crystal, head of the firm's branch in Ridgewood, N.J., according to the company. Both had been with Merrill in Jersey City, about 15 miles away, where they previously oversaw about $620 million in combined client assets, a Morgan spokesperson said. Harvey Bell joined the firm in 1982, while his brother started two years later.

The team operates as Bell and Associates, according to the advisors' LinkedIn accounts, and specializes in high-net-worth individuals and corporations.

$350M Team Returns to Merrill

A UBS team that managed more than $350 million in assets has left the wirehouse to return to Merrill Lynch, a spokeswoman said.

Advisors Chad David, Samuel J. Robertson Jr., and Chelsea Smith joined Merrill's office in Baton Rouge, La. The team operates as the David/Robertson Group and reports to branch manager Jeremy Silvas.

The group had previously been with Merrill until leaving the firm in 2008 to join UBS.

$300M UBS Team Joins U.S. Capital Advisors

A UBS team that managed more than $300 million in client assets left the wirehouse to join U.S. Capital Advisors, according to CEO Patrick Mendenhall.

The team, led by advisor Kelly Rushing, joins the Houston office of USCA, where the firm is headquartered.

Rushing has more than four decades of industry experience, according to FINRA BrokerCheck records. He worked for firms such as Shearson Lehman and Smith Barney before joining J.C. Bradford in 1999. Bradford was later acquired by PaineWebber, which was in turn acquired by UBS.

His fellow team members include advisors R. Shawn Jones and Davis Rushing, as well as client service associate Idania Reyes.

Content Continues Below


Morgan Loses $665M Team to Raymond James

A Morgan Stanley team that managed more than $665 million in client assets left the wirehouse to join Raymond James & Associates, the firm said.

The six-advisor team generated nearly $4 million in annual revenues while at Morgan.
The team, now operating as the Horizon Group, joins Raymond James in Grand Blanc, Mich., where team member Terrence Andrysiak will serve as branch manager. Grand Blanc is a suburb of Flint.

$550M+ Merrill Advisors Join Wells Fargo Indy Space

Merrill Lynch advisors with over $555 million in combined client assets have left the firm to start an independent practice with Wells Fargo Advisors Financial Network.

Advisors Doug Brandeen and David Brandeen, both brothers, a team comprised of Jeff Link and Dean Shuplinkov, and Jeff's brother Rob joined forces to start Baltimore-based Highline Financial Advisors, Wells Fargo says.

Prior to joining Merrill in 2002, Doug and David got their start in the industry at Prudential Securities in New York City in 1998, according to FINRA BrokerCheck records.

Jeff Link and Shuplinkov entered the securities industry together at Signator Investors in 1999, according to BrokerCheck.

A Merrill Team Producing $2M Joins Raymond James

Raymond James lured away a Merrill Lynch team generating over $2 million in annual revenue for its employee channel, the firm said.

The three-member group managed about $400 million in client assets at the wirehouse before moving to the regional firm. They will operate as Heritage Wealth Management of Raymond James.

Heading the group is David Holwadel, a 17-year veteran. He joins the Cincinnati office of Raymond James along with team members Jeffrey Thompson, an associate financial advisor, and Yvette Bush, a registered client service associate.

Content Continues Below


Stifel Grabs Janney Advisors With $285M AUM

Stifel recruited three advisors from Janney Montgomery Scott, where they managed more than $285 million in combined client assets, a firm spokesman said.

Advisors David Cohen and Fredrick Bennett joined Stifel in Oyster Bay, a suburban town on New York's Long Island. A third advisor, Jeffrey Haiken, joined Stifel's office in Garden City, which is part of Hempstead, also on Long Island.

All three advisors report to Complex Manager Robert Codignotto.

RBC Lands Advisors With $185M AUM

Two advisors who managed a combined $185 million in client assets joined RBC Wealth Management, a spokeswoman said.

Advisors Alex Fritzsche and Jennifer Edgell left Merrill Lynch and Wye Financial & Trust respectively, and plan on teaming together at RBC. They will work from the Easton, Md., office and report to Mike Crowell, director of the firm's Baltimore complex.

Both generated about $1.3 million in annual revenues before making the move, an RBC spokeswoman said. Fritzsche started his advisory career in 2002 with Morgan Stanley, according to FINRA BrokerCheck records. He moved to Bank of America Investment Services in 2005, staying through BofA's merger with Merrill a few years later.

$1M Producer Leaves Morgan for Raymond James

A Morgan Stanley advisor who managed more than $75 million in client assets left the wirehouse to join the independent advisory channel at Raymond James, firm said.

James Maxwell, a 30-year industry veteran, generated $1 million in production during his time at Morgan, Raymond James said. Maxwell along with Kaitlyn Rath, a registered account executive, is making the move to independence operating as Maxwell Wealth Strategies of Pleasanton, Calif.

Maxwell had been with Morgan since June 2007. His career goes back to 1987, and includes stints with the bank investment channel at Bank of America and Wells Fargo.

Content Continues Below


Barclays Advisors Defect to Merrill Amidst Pending Stifel Deal

Merrill Lynch has grabbed more advisors who had worked at Barclays’ U.S. wealth management division, luring them away before Stifel closes on a deal to acquire the firm.

A Houston-based team of five advisors who had been managing $750 million in client assets at Barclays joined the wirehouse, the firm said. The group consists of 40-year veteran Barry Schneider, Cris Bera, and Chris Dewhurst, plus two support staff members. They operate as Schneider Bera Dewhurst Group.

A Merrill spokeswoman did not disclose AUM figures for all of the new hires, but among the new recruits from Barclays was a team that generated $4.35 million in annual revenue and managing $384 million in client assets.

$390M Team Joins Raymond James Independent Channel

Raymond James has recruited a $390 million team to its independent employee channel, firm says.

Charles Tumlin, Arthur Levin and Hall Sumner had been with Wells Fargo Advisors, where they produced $2.6 million before making the move, Raymond James said. The group had been with the wirehouse since 2008, according FINRA BrokerCheck records.

The trio operates as Tumlin Levin Sumner Wealth Management out of Beaufort, S.C.