Slideshow Advisors on the move: 37 of the biggest recent jumps

Published
  • August 07 2017, 11:14am EDT

It’s been a strong month for Raymond James.

The regional broker-dealer has nabbed teams managing more than $4.9 billion in client assets from wirehouses in the last month and a half, according to company announcements.

But Raymond James isn't alone. Overall, regional firms emerged with a number of new hires. They recruited more than a dozen teams, primarily from the wirehouses, which managed approximately $7.1 billion in client assets.

Scroll through to see these and other recent hires.

Raymond James nabs $3.5B UBS team

Raymond James landed another mega wirehouse team ― this time a UBS group that oversaw $3.5 billion in institutional and retail assets.

Raymond James' new 10-person team deals, in part, with institutional investments, helping to prop up the team’s overall assets under management, according to a company spokesperson. About a third of the assets the advisors oversaw were retail, and approximately two-thirds were institutional.

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Merrill Lynch team with $500M joins Raymond James

Two veteran Merrill Lynch advisors who managed more than $500 million in client assets joined Raymond James, the company says.

“We wanted a firm that would afford us both flexibility and choice in the way we serve our clients and allow us to provide the services and solutions they need, rather than what the firm decides,” advisor C. Kemper Wharton said in a statement.

The newest hires, Wharton and teammate M. Todd Oney, both have over 20 years of experience working in the industry at Merrill Lynch, according to BrokerCheck FINRA records.

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$500M Wells Fargo team moves to Raymond James' indie side

Raymond James recruited a Wells Fargo team that managed $500 million in client assets and generated more than $2.5 million in annual revenue, according to a spokeswoman.

The veteran advisors joined the firm for the independence, flexibility and technology it provides them, they said in a statement.

Scott Powers, Gregg Powers and Sean Sill operate as Twin Powers and Sill Wealth Advisors in Palm Beach Gardens, Florida. Joining them from Wells Fargo is client associate Lisa Chavez, according to a spokeswoman.

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$165M Morgan Stanley advisor joins Raymond James

The regional firm grabbed another wirehouse advisor who managed $165 million in client assets and generated about $1.5 million in annual revenue, according to the company.

Morgan Stanley veteran Kathleen Hobart said that she was impressed with the marketing and technology resources at Raymond James.

“My team wants to grow our business to twice our current size,” Hobart said in a statement. “At Raymond James, I truly believe we can do that with all the support we’ve discovered here.”

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$230M Wells Fargo team goes indie with Raymond James

Two Wells Fargo advisors managing $230 million in client assets with more than $1.6 million in annual production bolted for Raymond James’ independent channel.

John Houchin and Jim Ernst of Houchin Ernst Wealth Advisors moved over to Raymond James Financial Services in Palm Beach Gardens, Florida, their new firm announced. The firm’s 4,221 independent advisors comprise 58% of its headcount, according to Raymond James.

The pair joined the firm on the same day as another former Wells Fargo team that now shares the same office with them. Wells Fargo has lost more than 500 advisors in the past three quarters, and recruiting pullbacks at the other wirehouses have also presented Raymond James with an opening.

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$177M Raymond James advisor jumps to Ameriprise

A Raymond James advisor who managed $177 million in clients assets moved to Ameriprise, a spokeswoman says.

Charles White worked under Raymond James in Camden, Maine, for only a year before joining Ameriprise, according to FINRA BrokerCheck records. White operates on the independent side of Ameriprise, the company says.

A spokeswoman from Raymond James was not available to comment on White’s departure.

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Ameriprise grabs $270M wirehouse team

Ameriprise recruited a Morgan Stanley team that managed $270 million in client assets, according to a spokeswoman for the regional firm.

They're the latest regional hires on the tails of a recruiting slowdown at three of the four wirehouses.

Ameriprise's new group consists of Robert Dennis, Ken Demps and Jay MacKenzie. They joined Ameriprise's employee channel in Troy, Michigan. They made the move in part because they thought Ameriprise's corporate culture and philosophy was a good fit for their team, Demps said in a statement.

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After 19 years at Merrill, advisor leads his $463M team to Ameriprise

Ameriprise recruited a Merrill Lynch team that oversaw $463 million in client assets, a spokeswoman said.

The team found Ameriprise culture and platform appealing, advisor Stan Leavitt said.

"The firm's robust financial planning capabilities and the client-focused way they’ve implemented changes related to evolving regulations gave us confidence that Ameriprise was the best place for our clients and team," Leavitt said in a statement.

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$275M Ameriprise team bolts for LPL

An Ameriprise team that managed $275 million in client assets joined LPL Financial, according to their new company.

The team, Socratic Wealth Advisors, consists of five ex-Ameriprise advisors: Chris Demarest, Murat Kaptanoglu, Andrew Lipson, Conley Perry and Brad Williams. They affiliated with Independent Advisor Alliance, an independent advisory firm on LPL's hybrid RIA platform.

The group says they made the move for the independence and technology the independent broker-dealer would provide.

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Oppenheimer recruits advisors with $785M in combined AUM

Two advisors who oversaw about $785 million in combined client assets have joined Oppenheimer & Co., a spokesman said.

Advisors Eric Lyons and Mark Yadgaroff previously worked at AllianceBernstein.

Lyons joined Oppenheimer as a managing director and financial advisor in Atlanta where he works under Todd Wiggins, branch manager. Yadgaroff, also a managing director and financial advisor, now operates from the firm's New York office and reports to branch manager Chad Allen.

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RBC entices $318M team away from Morgan Stanley

A Morgan Stanley team that generated $2 million in annual revenue left to join RBC, according to a spokeswoman. The regional firm has been aggressively attempting to grow through recruiting.

RBC said it recruited more advisors in the first six months of this year than it hired in all of 2016. RBC picked up an advisor who managed $122 million in client assets and tapped an ex-Morgan Stanley branch manager to lead a Chicago office. The firm currently has $294 billion in total client assets and approximately 1,800 advisors.

The team oversaw $318 million while at the wirehouse, according to RBC.

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Stifel nets advisors with $140M in combined AUM

Stifel recruited three advisors overseeing more than $140 million in client assets, a spokesman said. The St. Louis-based firm has been trying to recruit more talent, particularly from wirehouses.

Among the new hires were two former Wells Fargo advisors. James Ferrie and John Bogosta now operate from Stifel's office in Roxbury, New Jersey.

They had been with Wells Fargo since 2009, according to FINRA BrokerCheck records. Prior to that, Ferrie and Bogosta worked at Merrill Lynch. They both started their careers at Prudential Securities in 1997.

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Stifel hires advisors with more than $110M in combined AUM

Stifel hired advisors from three firms who managed more than $110 million in combined client assets, a spokesman said.

As wirehouses such as Merrill Lynch and Morgan Stanley have pulled back on recruiting, regional firms are using it as an opportunity to appeal to smaller advisors, says recruiter Louis Diamond.

“Regional firms have stayed unscathed by the major headlines that have plagued the major firms and they have cultures and stories that appeal to advisors rather than the regulatory environment and bureaucracy that surrounds the larger firms,” Diamond says.

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UBS loses $1B team to breakaway startup

A new firm specializing in wirehouse breakaways made a billion-dollar splash with its first hires.

FallLine Securities helped ex-UBS advisors Douglas John and Bryn Basiardanes-Talkington set up an independent practice in Dallas. John previously advised on $1 billion of client assets, according to a spokesman. Talkington served as a regional director at UBS Asset Management.

FallLine is the latest firm to service wirehouse breakaways, joining the ranks of Dynasty, HighTower and Focus Financial among others. The Darien, Connecticut-based firm is attempting to differentiate itself in a crowded marketplace by focusing exclusively on advisors serving the superrich.

"Advisors we are talking to have to meet two criteria: that they serve only ultrahigh-net-worth clients and that they are very large, at least $1 billion in assets," CEO and founding partner John Straus says.

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Merrill Lynch nets $300M team from Morgan Stanley

Merrill Lynch lured over a Morgan Stanley team that managed $300 million in client assets, according to a spokeswoman.

The team is the latest high-profile hire at Merrill Lynch. The wirehouse said it intended to reduce its recruiting of experienced advisors, but made an exception for talks with potential recruits that started prior to June 1.

The new hires, Will Sahlman and Greg Jones, joined its Rockefeller Center office in New York.

Sahlman and Jones have worked together for 15 years, and serve high net-worth families, foundations and trusts, according to Merrill Lynch.

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Advisors with $270M jump to Steward Partners, citing better tech

“Phenomenal” technology was one of the reasons three advisors managing more than $270 million in client assets left Wells Fargo and Janney Montgomery Scott to join Steward Partners, an independent firm affiliated with Raymond James.

They are the latest to join the independent firm, which has been adding new offices and teams, many from wirehouses. Earlier this year, the Washington-based firm opened its 10th office in Boston.

Steward Partners' new hires cited the firm's technology and backing from Raymond James as key reasons for making the move.

"The technology, to me, was phenomenal. A real upgrade," says advisor Steven Libov, who previously worked at Janney's office in New York.

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Janney grabs $185M duo to open new office

Janney Montgomery Scott recruited a team that managed in $185 million in client assets as it continues a planned expansion in the Southeast, a spokesman says.

With its new hires, Janney is opening a new office in Goldsboro, North Carolina, its fourth location in the state, according to the company.

"This office opening represents the commitment we have to build on the reputation and success of Janney Montgomery Scott in this region and be a contributing member of the community," Andrew Kistler, the firm's Southeastern regional manager, said in a statement.

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$245M Morgan Stanley team goes independent

Industry veteran and former Morgan Stanley advisor Kevin D. Kimery is going independent and he is taking his five-person team who oversaw $245 million in client assets with him, according to a spokesman.

"Our team has spent decades earning the trust of our clients, and recognized that in order to maintain that trust we needed to evolve into a fully transparent, independent financial advisory business," said Kimery in a statement.

Kimery worked at Morgan Stanley for eight years before his departure. He started his career at Goldman Sachs in 1993, according to FINRA BrokerCheck records.

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William Blair nets advisors with $1B in combined AUM

William Blair recruited two teams that managed a combined $1 billion in client assets, a spokesman said.

The boutique wealth management firm's new hires joined from Merrill Lynch and UBS amid a recruiting slowdown at those wirehouses and rival Morgan Stanley.

However, that doesn't mean demand for top talent has slackened, says Ryan DeVore, head of Private Client Advisors at William Blair.

"There are plenty of competitors out there even with three wirehouses quieting down," DeVore says.

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First Republic lures away elite Merrill Lynch duo

First Republic Bank lured away an elite advisor team from Merrill Lynch, the bank said.

It marks the firm's most recent hires from the wirehouse channel, where three of the four major firms have announced recruiting cutbacks.

First Republic's new hires, Danielle Ambrose and Diane Hirschhorn, oversaw approximately $750 million in 2009, according to a Barron's list of wealth managers. They are based in Century City, California.

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HighTower loses $3B advisors, gains high-profile executives

Two large RIAs managing nearly $3 billion have cut ties with HighTower Advisors, but the Chicago-based RIA mitigated the losses by adding several high-profile executives, including a television producer who helped create "Mad Money with Jim Cramer" on CNBC.

Kelly Wealth Management, a $2 billion team that was a HighTower partner, has formed a new firm, Verdence Capital Advisors, in Hunt Valley, Maryland. In Columbus, Ohio, Joel Guth left HighTower's platform business and registered Gryphon Financial Partners, which has almost $1 billion in AUM, as an independent firm.

Both partings were amicable, according to the principals of both firms and HighTower.

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$100M Morgan Stanley advisor joins Steward Partners for 'flexibility'

Among the reasons advisor Bob Solano left Morgan Stanley to rejoin former colleagues at Steward Partners was a simple one: He wanted to hear "yes" more often.

"The most common phrase at the wirehouse is 'No,'" says the advisor of 18 years. “Here, with the additional flexibility, I can get more done based on what the client need is, not the corporate directive.

Solano, who oversaw more than $100 million in client assets at his former firm, is the latest recruit to join Steward Partners, which is affiliated with Raymond James. The independent firm has been on a hiring streak. In June, the firm picked up three advisors from Wells Fargo and Janney Montgomery Scott. They collectively managed more than $270 million in client assets.

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$1B Merrill private banking team goes indie with Dynasty

A Merrill Lynch team from the firm’s elite ultrahigh net-worth unit has bolted to launch its own firm on the Dynasty Financial Partners platform.

Matthew Celenza, two other longtime team members with Merrill’s Private Banking and Investment Group, and a fourth colleague have opened Boulevard Family Wealth in Beverly Hills, California, their new partner announced Tuesday. The team had managed $1 billion in client assets at Merrill, according to Dynasty.

Dynasty, the industry’s leading platform provider, has added 10 RIAs so far this year and 45 since 2010. Rivals like HighTower, United Capital and Focus Financial Partners are waging a fight to bring on breakaway advisors as well, and Dynasty has beefed up its financing offers to attract more firms from the growing stream of new independents.

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UBS recruits Merrill Lynch veterans with $1B

UBS has recruited two Merrill Lynch teams that were managing a total of about $1 billion in client assets, UBS said.

The new hires had spent their entire careers at Merrill before switching firms.

UBS said it would reduce its recruiting efforts in order to reallocate resources to its current brokers. The Swiss firm is not alone in making such announcements; both Merrill Lynch and Morgan Stanley have said they would cut back in recruiting.

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In latest Wells Fargo exodus, $351M team goes indie with LPL

Four Wells Fargo brokers managing $351 million in client assets bolted to launch an independent firm, joining a consortium on LPL Financial’s hybrid RIA platform.

Charlie Strong, Shane Gaddy, Kelly Lee and Kyle Bochat of Strong Gaddy Lee Wealth Management aligned with Integrated Financial Group, according to an announcement this week by LPL, the nation’s largest independent broker-dealer. The consortium includes the Gainesville, Georgia-based practice and more than 80 other indie firms.

The new firm opened its doors in June, just weeks after four Merrill Lynch brokers started a boutique firm under LPL. Although Wells Fargo has not copied other wirehouses’ recruiting cutbacks, it has lost more than a net 500 advisors from its headcount in the last three quarters.

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Wells Fargo's latest loss: $400M team jumps to Jefferies

Jefferies recruited two advisors from Wells Fargo, marking the latest in a series of departures from the wirehouse.

Wells Fargo's brokerage force has declined by more than 500 advisors over the past three quarters. Last year, a fake account scandal rocked the bank, drawing the ire of regulators as well as congressional lawmakers. That scandal cost Wells Fargo its CEO and another high ranking executive as well as more than $185 million in fines.

Jefferies new hires, advisors Julian Rodrigo Soto and Santiago Ocampo, oversaw more than $400 million in client assets, according to a person familiar with the matter.

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Newest hires at UBS: Two advisors with $290M

UBS recruited two RBC advisors who managed $290 million in client assets, according to the firm.

Advisors Deborah Johnston and Erica Frantz joined the wirehouse in Minneapolis, where they report to Christopher Watkins, Minnesota market head and branch manager. Johnston and Frantz had worked at RBC Wealth Management.

Johnston, who got her start in the business in 2000, had spent her entire wealth management career at the regional firm, according to FINRA BrokerCheck records. She had been a member of RBC's Chairman's Council, according to UBS.

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Baird promotes 2 execs to enhance financial planning offering

Baird promoted two executives in a bid to meet rising client demands for more robust financial planning.

"Now more than ever, our high net-worth clients are looking to us to help them filter through the noise and deliver customized advice they can trust," Mike Schroeder, president of Baird’s Private Wealth Management group, said in a statement.

Baird executive Timothy Steffen has moved into to the newly created role of director of advanced planning for the firm's private wealth management business, the company says. Scott Grenier, meanwhile, has been promoted to manager of financial and estate planning.

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RBC hires Wells Fargo manager to further expansion efforts

A Wells Fargo regional brokerage manager left the firm to join RBC Wealth Management, marking the regional firm's latest wirehouse hire.

Charles Carson now serves as director of RBC's Houston complex, which is comprised of 43 advisors working in four branch offices, a spokeswoman said. The firm tapped him to oversee operations there because of his success in recruiting advisor talent and growing revenue, Darryl Traweek, director of RBC Wealth Management’s west division, said.

"His industry knowledge, leadership skills and experience make him a great fit to grow and lead our Houston-area offices," Traweek said in a statement.

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Stifel nabs Wells Fargo complex manager to boost expansion efforts

Stifel enticed away a Wells Fargo complex manager to help further its mission of aggressively recruiting new advisors, particularly from wirehouses.

Kevin Ortmeyer joined the regional brokerage firm, according to FINRA BrokerCheck records. A spokesman confirmed the new hire.

Ortmeyer will serve as a regional director in St. Louis and oversee Stifel's expansion efforts primarily in the middle of the country: Colorado, Illinois, Kansas, Missouri, Oklahoma and Texas.

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Intellectus Partners hires new head of Asia Pacific branch

Intellectus Partners hired a new head to lead its initiative to expand in Asia, according to the company.

Alice Wu has experience working with wealthy Chinese clients in the U.S. from her time at Credit Suisse. Wu will be based in San Francisco and report to the CEO of Intellectus, David La Placa.

“Off-shore and cross border entrepreneurs face steep challenges in managing their complex businesses. By adding Alice’s decades of Asia cross border expertise, we have created a one-of-a-kind service model,” said Mr. La Placa in a statement.

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Morgan Stanley veteran heads to Wunderlich

The 20-year veteran joined the firm’s Memphis, Tennessee, wealth management office, according to the firm.

Stuart Ray started his career at Morgan Stanley in 1999. He trained at the wirehouse for two years before he became a financial advisor.

“With a solid background in wealth management and the strong client service focus that is characteristic of the Wunderlich culture, Stuart is a great fit for our firm and the way we do business,” says the managing director.

Northern Trust hires managing director to lead expansion

The firm hired a managing director and senior strategist to acquire ultrahigh net-worth clients in the greater New York and Florida regions, according to the firm.

Prior to joining Northern Trust, industry veteran, Lisa Marcus, oversaw business development for Fiduciary Trust Company International.

She also has 30 years of experience working at Lehman Brothers and U.S. Trust, according to the company.

RBC recruits Ameriprise executive to head of U.S. marketing

The industry veteran joined RBC Wealth Management as head of U.S. marketing strategy, according to the firm.

As head of U.S. marketing, Sean Kellenberger is growing the firm’s audience using digital marketing, according the firm.

Kellenberger worked at Ameriprise for seven years before joining RBC. He started his career at IDS Life Insurance Co in 1997, according FINRA BrokerCheck.

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Merrill Lynch appointed market executive for Pacific Islands region

The firm promoted an industry veteran to be the head of its Pacific Islands division, the firm says.

Joe Lowery began his career at E. F. Hutton & Co in 1975. He moved to Merrill Lynch 20 years later and has been there since, according to FINRA BrokerCheck records.

He started out at Merrill Lynch as a district sales manager in Houston, Texas. In 2003, he became a market executive for Kansas City, Missouri, according to the firm.

Janney recruits $100M Raymond James advisor

The regional broker-dealer hired a Raymond James veteran with $100 million in client assets, according to the firm.

Jeffery B. Jackson started his career at Wachovia in 1992. He joined Raymond James 10 years later, according to FINRA BrokerCheck records.

Jackson moved to Janney’s growing Goldsboro, North Carolina, office, the firm says.

RBC nabs Stifel branch manager

The firm recruited an industry veteran to be the branch director of its McLean, Virginia, office, according to a spokesman.

Prior to joining RBC, Matt Wunder worked at Stifel for a year. He started his career at Legg Mason Wood Walker in 2003 and moved to Citigroup in 2006, according to FINRA BrokerCheck records.