Slideshow Biggest breakaways: Where advisers are moving now

Published
  • July 07 2016, 3:53pm EDT

The largest teams to go indie this year managed more than $5 billion in client assets.

As a steady stream of top talent exits employee channel firms, IBDs such as Ameriprise and platform providers such as Dynasty have been among the recent chief beneficiaries.

A desire for greater autonomy has driven many advisers to break away from wirehouses.

The largest move so far this year? A team that managed $750 million left Lebenthal Wealth Advisers to start their own firm with backing from Dynasty Financial.

Carrie Gallaway and Andrew Stern are opening YorkBridge Wealth Partners in Bridgehampton, N.Y., and are joined by several former Lebenthal executives.

Before joining Lebenthal in 2014, Gallaway and Stern had been at Morgan Stanley, and its predecessor firm Smith Barney, since 1999, according to FINRA BrokerCheck records.

Click through to see the rest of the largest moves.

To read more about how the departure of advisers Gallaway and Stern is the latest blow to Lebenthal's nascent wealth management business, click here.

Ex-wirehouse adviser with $663M goes indie

A former wirehouse adviser, who manages more than $663 million in client assets, joined Wells Fargo Advisors Financial Network, a spokeswoman said.

Jim Murray previously held positions at U.S. Trust and Merrill Lynch, both units of Bank of America, according to a Wells Fargo spokeswoman.

He opened Guidestar Private Wealth Management in West Lake Village, Calif. Besides being Guidestar's founder and managing principle, Murray also supervises the firm's investment portfolio, a spokeswoman said.

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Morgan adviser with $570M AUM goes indie with Steward Partners

A Morgan Stanley adviser with more than $570 million in client assets has gone independent with Steward Partners, the firm said.

Eric Beiley joined the Raymond James affiliated-firm started by former wirehouse advisers as a founding partner, according to a statement from Steward Partners. Beiley managed more than $570 million in client assets while at Morgan and had a total production of $3.65 million, the statement says. His production level, according to Steward Partners, makes Beiley one of the largest single producers to join Raymond James’ independent channel.

To read more, click here.

(Image: Bloomberg News)

$400M Merrill adviser goes independent with Dynasty

A Merrill Lynch adviser with $400 million in client assets has gone independent with Dynasty Financial Partners, a spokeswoman said.

Miguel Sosa opened Premia Global Advisors LLC, in Coral Gables, Fla., focusing on international high-net-worth families and institution, according to Dynasty.

Sosa compliments Dynasty's comprehensive wealth management service and attributes that as the motivation behind his decision to join the firm. "As an independent firm, we are now in a position to simplify [our clients'] financial lives by offering one of the most advanced platform of services, research and products available, " Sosa says.

Sosa started his career with Merrill Lynch in 1982, FINRA BrokerCheck records show.

Read more:
Merrill handicapped our ability to serve clients, advisers say in lawsuit.

(Image: Bloomberg News)

HighTower recruits adviser team with AUM of $350M

A team that managed $350 million in client assets has moved to HighTower from SunTrust, HighTower said.

Florida-based Otto Group consists of Managing Director Matt Otto and Director of Operations Karen Rivot. Otto started his career in 1995 with A. G. Edwards.

Rivot entered the industry in 1984 as advisor at Merrill Lynch. She moved to SunTrust in 2004, FINRA BrokerCheck records show.

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(Image: Bloomberg News)

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$350M team leaves RBC for Steward Partners

Two veteran advisers who oversaw $350 million in client assets have left RBC to join Steward Partners, an independent firm affiliated with Raymond James, a spokesman said.

Chris Detmer and Aaron Brachman say that they made the move in part to find a firm that more closely resembled that of Ferris, Baker Watts, the regional brokerage firm where the two advisers worked prior to its acquisition by RBC in 2008.

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$325M Merrill adviser joins Steward Partners

A Merrill Lynch adviser with $325 million in client assets left the wirehouse for Steward Partners, an independent firm affiliated with Raymond James, the firm said.

Veteran adviser Michael Sauerborn joins Steward Partners' flagship New York office. He generated $1.35 million in production while at the wirehouse.

Sauerborn attributes both Raymond James' and Steward Partners' advanced adviser platforms as the motivation behind his move. "I was impressed with Raymond James’ practice management model, sophisticated investment products and tools, outstanding client service capabilities and finally, firm culture," Sauerborn says.

Sauerborn started his career at Dresdner Securities in 1987, FINRA BrokerCheck records show. He joined Merrill Lynch in 1999 before moving to Steward Partners, according to BrokerCheck.

(Image: Bloomberg News)

HighTower grabs Merrill adviser with $315M in AUM

A Merrill Lynch adviser who managed $315 million in client assets was lured away by fast-growing aggregator HighTower, the firm said.

Denver Gilliand signed on with HighTower to launch an office in Minneapolis. "When I did my due diligence process, I was really looking at what would be the best structure for the clients now and in the future," Gilliand says, citing HighTower's fiduciary business model as a key factor in the move, as well as its open-architecture and lack of proprietary products.

Another inducement was the opportunity to join as a partner, he says.

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HighTower recruits $300M team from Merrill Lynch

A Merrill Lynch team that oversaw $300 million in client assets has left the wirehouse to join HighTower's independent platform, the firm says.

LaRue Gibson, who served as a senior financial adviser at Merrill Lynch, is leading the new HighTower team as managing director. The team is operating as LRG Wealth Advisors in New York, and will specialize in serving individuals, closelyheld businesses and non-profit organizations, according to the firm.

Other team members include managers Kevin Jackson and Naintara Ramoo-Goodgame, analysts LeAnn Yee and Kemnjika Ohayia, and support staff Amanda Green.

To read more, click here.

Wells Fargo advisers with $300M join U.S. Capital Advisors

U.S. Capital Advisors recruited Wells Fargo advisers that managed approximately $300 million in client assets, the firm said.

Veteran wirehouse advisers John Dix and Karee Sampson left Wells Fargo to join U.S. Capital in Dallas. They report to Ford McTee, senior managing director, who oversees the Dallas and Austin markets for the firm.

Dix has more than four decades of industry experience, having started his career in 1972 at Shearson, Hammill & Co., according to FINRA BrokerCheck records.

To read more, click here.

(Image: Bloomberg News)

Steward Partners recruits $235M Morgan Stanley team

A Morgan Stanley team that generated $1.8 million in annual revenue has left the wirehouse to join Steward Partners, an independent firm affiliated with Raymond James, according to the brokerage.

The team, which oversaw $235 million, opened a new office in Manchester, N.H., for Steward Partners. The location was once occupied by Smith Barney prior to its acquisition by Morgan Stanley, according to Greg Banasz, managing director and head of business development at Steward Partners.

Steward Partner's latest hires – John Rice, Alan Scalingi, and Andy Githmark – have been partners for about five years, they say. The team serves multi-generational families.

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(Image: Bloomberg News)

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Wells Fargo loses $225M team to Raymond James indie unit

Veteran Wells Fargo advisers with $225 million in client assets have moved to the independent channel of Raymond James, Raymond James said.

Gregory Weggeman and R. Peter Dales, operating as ClearTrack Financial Advisors, had $1.6 million in annual production before making the move, according to Raymond James.

Weggeman, now managing partner at ClearTrack, started his career at Wayne Hummer 38 years ago before moving to Blunt Ellis & Loewi, a predecessor of Wells Fargo Advisors, according to FINRA BrokerCheck records.

Joining Weggeman as managing partner is Dales who started his career as a corporate banker for Bank of America in 1994 and later became an investment banker at the bank’s securities arm, Raymond James said.


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$210M Wells Fargo team joins indie firm Steward Partners

A team that generated more than $1.3 million in annual revenue left Wells Fargo to join Steward Partners, an independent firm affiliated with Raymond James, according to the firm.

The new hires are the latest to join Steward Partners, which expects to grow aggressively this year.

Advisers Derek Majkowski and George Shirley say they left Wells Fargo because they were looking for a different firm culture.


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(Image: Bloomberg News)

HighTower grabs $220M Morgan team

A team with client assets of $220 million moved to HighTower from Morgan Stanley, HighTower said.

The Rand Group, which oversaw $200 million in client assets at Morgan Stanley, is based in two locations: Newport Beach, Calif., and Maui, Hawaii. The team specializes in serving small business owners. Team members include advisors Paul Rand, his brother Joel, Sarah Minakary and supporting staff Christina Wolfe and Karie Haider.

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Wells Fargo Team With $200M in AUM Joins Stratos

A team that manages about $200 million in client assets left Wells Fargo to join Stratos Wealth Partners, an independent firm affiliated with LPL, according to a spokesman.

Advisers Bob Rittel and Elizabeth Mahoney, along with staff members Teresa Giarrusso and Amy Medlock, will operate from an office in Scottsdale, Ariz.

Rittel said they made the move for Stratos' technology and to be able to offer their clients "truly unbiased and objective" advice.

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(Image: Bloomberg News)