Advisors on the Move: Fired Merrill Advisor Who Once Managed $5B in AUM Joins Wells Fargo
September 28, 2015 8:15 AM
Advisors on the Move: Fired Merrill Advisor Who Once Managed $5B in AUM Joins Wells Fargo
Wells Fargo reported some of the largest advisor recruitments so far this month. The wirehouse nabbed a fired Merrill advisor that once managed $5 billion in client assets along with a handful of advisors with nearly $1 billion in combined AUM. Meanwhile, UBS lost an advisor with more than $2 billion in AUM, but also gained a Merrill team with $1.3 billion in AUM.
See these and all the latest recruiting moves by clicking through our slideshow.
See these and all the latest recruiting moves by clicking through our slideshow.
Fired Merrill Advisor Who Managed $5B Joins Wells Fargo
An advisor who was terminated from Merrill Lynch for "inappropriate workplace behavior" landed at Wells Fargo Advisors, according to his website and BrokerCheck records.
A spokeswoman for Wells Fargo declined to comment, but BrokerCheck records confirmed Marc Lowe joined the firm on Aug. 26.
In 2011, Barron's listed Lowe's AUM as $5 billion. In a filing contained in his CRD, Merrill said it discharged Lowe due to "conduct involving inappropriate workplace behavior, resulting in a loss of management's confidence."
A spokeswoman for Wells Fargo declined to comment, but BrokerCheck records confirmed Marc Lowe joined the firm on Aug. 26.
In 2011, Barron's listed Lowe's AUM as $5 billion. In a filing contained in his CRD, Merrill said it discharged Lowe due to "conduct involving inappropriate workplace behavior, resulting in a loss of management's confidence."
$2B Advisor Leaves UBS
An advisor who managed more than $2 billion in assets has left UBS, the firm confirms.
Greg Hersch was ranked as No. 7 in On Wall Street's Top 40 Under 40 in 2012. His AUM was listed as $2.06 billion. Hersch was featured on the list three consecutive times. In 2010, he ranked as No. 26 with $708 million in AUM.
A UBS spokesman declined to say where he had gone. Hersch did not return calls seeking comment. A receptionist at his UBS office said he did not know where Hersch was currently employed, but confirmed his departure.
Hersch is an advisor who has also had a brush with fame, having been photographed with his one-time girlfriend, Ivanka Trump.
Greg Hersch was ranked as No. 7 in On Wall Street's Top 40 Under 40 in 2012. His AUM was listed as $2.06 billion. Hersch was featured on the list three consecutive times. In 2010, he ranked as No. 26 with $708 million in AUM.
A UBS spokesman declined to say where he had gone. Hersch did not return calls seeking comment. A receptionist at his UBS office said he did not know where Hersch was currently employed, but confirmed his departure.
Hersch is an advisor who has also had a brush with fame, having been photographed with his one-time girlfriend, Ivanka Trump.
UBS Hires a $1.3B Merrill Team
UBS pulled in a Merrill Lynch team that generated about $7.8 million in annual revenues, a spokesman said.
Team members Melissa Corrado-Harrison, Greg Richardson and Ronald Kemp joined UBS's Private Wealth Management division in Denver.
The team works primarily with high-net-worth families. While at Merrill, they oversaw $1.3 billion in client assets.
Team members Melissa Corrado-Harrison, Greg Richardson and Ronald Kemp joined UBS's Private Wealth Management division in Denver.
The team works primarily with high-net-worth families. While at Merrill, they oversaw $1.3 billion in client assets.
Wells Fargo Recruits Advisors Managing $1B in Combined AUM
Wells Fargo recruited advisors from Morgan Stanley who collectively managed about $1 billion in client assets, the firm said.
In the larger of the moves, Morgan advisors Jonathan Schlackman, Alan Weintraub and Joshua Zamat managed approximately $700 million in assets, according to Wells Fargo.
The team operates from three offices. Schlackman is based in New Orleans; Weintraub is in Birmingham, Ala.; and Zamat joined the Boca Raton, Fla., office.
In the larger of the moves, Morgan advisors Jonathan Schlackman, Alan Weintraub and Joshua Zamat managed approximately $700 million in assets, according to Wells Fargo.
The team operates from three offices. Schlackman is based in New Orleans; Weintraub is in Birmingham, Ala.; and Zamat joined the Boca Raton, Fla., office.
Morgan Nabs $650M UBS Advisor
A UBS advisor who managed $650 million in client assets has left the wirehouse for Morgan Stanley, according to a source.
Juan Briatore moved $2.7 million in annual production while working at UBS' Coral Gables, Fla., office, before switching to Morgan earlier this month, the source said.
He now works at Morgan's office in Miami, where he reports to Complex Manager Kevin McCarthy.
Juan Briatore moved $2.7 million in annual production while working at UBS' Coral Gables, Fla., office, before switching to Morgan earlier this month, the source said.
He now works at Morgan's office in Miami, where he reports to Complex Manager Kevin McCarthy.
Raymond James Lures a $550M UBS Team
A UBS team that managed more than $550 million in client assets left the wirehouse to join Raymond James & Associates, the firm said.
The group opened a new Raymond James office in Worcester, Mass. On the move were Stephen Erickson, Michael Martin, Scott Louder, Christopher Lussier, Diana Correa and Nancy Jones. Now operating as Elm Wealth Management, the team generated approximately $3 million in production while at UBS, according to Raymond James.
Image: UBS lost a team that generated $3 million in production to Raymond James. Image: Scott Louder, Diana Correa, Michael Martin, Stephen Erickson, Christopher Lussier, Nancy Jones.
The group opened a new Raymond James office in Worcester, Mass. On the move were Stephen Erickson, Michael Martin, Scott Louder, Christopher Lussier, Diana Correa and Nancy Jones. Now operating as Elm Wealth Management, the team generated approximately $3 million in production while at UBS, according to Raymond James.
Image: UBS lost a team that generated $3 million in production to Raymond James. Image: Scott Louder, Diana Correa, Michael Martin, Stephen Erickson, Christopher Lussier, Nancy Jones.
$300M Team Goes Indy With Dynasty
An advisor team that managed $300 million in client assets at J.P. Morgan Securities went independent with help from Dynasty Financial Partners, a spokeswoman said.
Brothers David and Jonathan Steele will serve as CEO and CIO respectively of their new firm, One Wealth Advisors, based in San Francisco.
Also joining the team from J.P. Morgan are Alexander Schmitz, director of financial planning, Kevin Cohen, director of operations, and Samuel Stephens, senior client service associate.
Image: An advisor team led by two brothers went independent with help from Dynasty Financial Partners. Image: Jonathan Steele, David Steele, Kevin Cohen, Alexander Schmitz, Sam Stephens.
Brothers David and Jonathan Steele will serve as CEO and CIO respectively of their new firm, One Wealth Advisors, based in San Francisco.
Also joining the team from J.P. Morgan are Alexander Schmitz, director of financial planning, Kevin Cohen, director of operations, and Samuel Stephens, senior client service associate.
Image: An advisor team led by two brothers went independent with help from Dynasty Financial Partners. Image: Jonathan Steele, David Steele, Kevin Cohen, Alexander Schmitz, Sam Stephens.
Advisors With $231M in AUM Join Benjamin Edwards
Benjamin F. Edwards opened a new branch office and recruited three advisors with a combined $231 million in client assets.
The brokerage firm opened the new office in Paris, Texas. The office is the firm's second in the state, the firm says.
Wells Fargo advisor Robert M. Smith has joined the firm's new office as a senior vice president of investments, according to Benjamin Edwards. Prior to Wells Fargo, Smith spent nearly 24 years at A.G. Edwards, according to FINRA records.
Image: Veteran advisor Robert M. Smith joined Benjamin F. Edwards at the firm's new office in Paris, Texas.
The brokerage firm opened the new office in Paris, Texas. The office is the firm's second in the state, the firm says.
Wells Fargo advisor Robert M. Smith has joined the firm's new office as a senior vice president of investments, according to Benjamin Edwards. Prior to Wells Fargo, Smith spent nearly 24 years at A.G. Edwards, according to FINRA records.
Image: Veteran advisor Robert M. Smith joined Benjamin F. Edwards at the firm's new office in Paris, Texas.
Morgan Signs $3M UBS Producers
Morgan Stanley lured away two advisors managing $223 million from UBS, a spokeswoman said.
Advisors Christopher Griffith and Henry Wheelwright joined Morgan's office in Norwell, Mass., which is a suburb of Boston. The advisors, who joined last week, report to Bill Drew, Boston Harbor complex manager.
While at UBS, they generated $3 million in production, Morgan Stanley said.
Image: Morgan Stanley picked up a UBS team that generated $3 million in annual production. Image: (left to right) Chris Griffith, Ally Cellucci, AnneMarie Daly and Henry Wheelwright.
Advisors Christopher Griffith and Henry Wheelwright joined Morgan's office in Norwell, Mass., which is a suburb of Boston. The advisors, who joined last week, report to Bill Drew, Boston Harbor complex manager.
While at UBS, they generated $3 million in production, Morgan Stanley said.
Image: Morgan Stanley picked up a UBS team that generated $3 million in annual production. Image: (left to right) Chris Griffith, Ally Cellucci, AnneMarie Daly and Henry Wheelwright.
$160M Team Leaves Wells Fargo for Raymond James
Raymond James & Associates recruited three advisors from Wells Fargo who managed about $160 million in client assets, the firm says.
Advisors Vic Philleo, Chris Holladay and Kim Henderson joined Raymond James' office in Virginia Beach, Va. They now operate as Waterfront Advisory group.
Philleo said that they made the move because they craved a different workplace culture.
Advisors Vic Philleo, Chris Holladay and Kim Henderson joined Raymond James' office in Virginia Beach, Va. They now operate as Waterfront Advisory group.
Philleo said that they made the move because they craved a different workplace culture.
$150M AUM Wells Advisor Goes to Merrill
Merrill Lynch picked up an advisor from Wells Fargo who managed more than $150 million in client assets, a spokeswoman said.
Advisor Jin Park joined Merrill in Henderson, Nev., which is part of the greater Las Vegas metropolitan area. He reports to Resident Director Paul Biafore and Market Executive Michael Casey.
Park said in a statement that he joined Merrill because of the breadth of its capabilities.
Advisor Jin Park joined Merrill in Henderson, Nev., which is part of the greater Las Vegas metropolitan area. He reports to Resident Director Paul Biafore and Market Executive Michael Casey.
Park said in a statement that he joined Merrill because of the breadth of its capabilities.
Wells Fargo FINet Grabs 5 Triad Advisors
A veteran team of five advisors with $120 million in assets under management has jumped to Wells Fargo Advisors Financial Network from Triad Advisors.
"Being affiliated with a large bank, some people say it's negative. It's very helpful for us," says Thomas Gray, one of the principals of Retirement Protection Group in Redondo Beach, Calif., which is slated to rebrand itself as Riviera Wealth Management.
Gray's partners in the practice include Christina Jesperson, Kevin Terao, Albert Scudder and Judy Tapia.
Image: A five-member team with $120 million in AUM joins the Wells Fargo Advisors Financial Network.
"Being affiliated with a large bank, some people say it's negative. It's very helpful for us," says Thomas Gray, one of the principals of Retirement Protection Group in Redondo Beach, Calif., which is slated to rebrand itself as Riviera Wealth Management.
Gray's partners in the practice include Christina Jesperson, Kevin Terao, Albert Scudder and Judy Tapia.
Image: A five-member team with $120 million in AUM joins the Wells Fargo Advisors Financial Network.
$100M Wells Fargo Team Goes to Raymond James
An advisor team with $100 million in client assets has left Wells Fargo Advisors to join Raymond James & Associates, the firm's traditional employee broker-dealer said.
Former Wells Fargo advisors Merry Lyn Bagwell and Scott Wicke will now operate as Bagwell Wicke Investment Group of Raymond James in Southlake, Texas, according to Raymond James.
The team, which had annual fees and commissions of roughly $860,000 while at Wells Fargo, will specialize in working with retirees, women and corporate executives, the firm says.
Image: Merry Lyn Bagwell and Scott Wicke will specialize in working with retirees, women and corporate executives in their new positions at Raymond James.
Former Wells Fargo advisors Merry Lyn Bagwell and Scott Wicke will now operate as Bagwell Wicke Investment Group of Raymond James in Southlake, Texas, according to Raymond James.
The team, which had annual fees and commissions of roughly $860,000 while at Wells Fargo, will specialize in working with retirees, women and corporate executives, the firm says.
Image: Merry Lyn Bagwell and Scott Wicke will specialize in working with retirees, women and corporate executives in their new positions at Raymond James.
CEO of Lebenthal's Wealth Unit Quits Amid Executive Shuffle
The CEO of Lebenthal's latest entry into wealth management has quit.
Frank Campanale, a former executive at Smith Barney and E.F. Hutton tasked with building up Lebenthal's nascent wealth management unit, was stepping down as the chief executive of Lebenthal Wealth Advisors to pursue other opportunities, the firm said.
He was replaced by Alexandra Lebenthal, the muni bond scion who had been CEO of the wealth management firm's parent company, Lebenthal Holdings.
Image: Frank Campanale stepped down as CEO of Lebenthal Wealth Advisors to be replaced by Alexandra Lebenthal.
Frank Campanale, a former executive at Smith Barney and E.F. Hutton tasked with building up Lebenthal's nascent wealth management unit, was stepping down as the chief executive of Lebenthal Wealth Advisors to pursue other opportunities, the firm said.
He was replaced by Alexandra Lebenthal, the muni bond scion who had been CEO of the wealth management firm's parent company, Lebenthal Holdings.
Image: Frank Campanale stepped down as CEO of Lebenthal Wealth Advisors to be replaced by Alexandra Lebenthal.
RBC Names New Complex Director
An RBC branch manager is the firm's newest complex director, a spokeswoman said.
Glen Hatch, now director of RBC's Phoenix complex, previously served as branch director of the firm's office in Austin, Texas.
During his two-year tenure in Austin, Hatch doubled the number of advisors and grew revenue by 100%, RBC said.
Image: Glen Hatch is RBC's newest complex manager.
Glen Hatch, now director of RBC's Phoenix complex, previously served as branch director of the firm's office in Austin, Texas.
During his two-year tenure in Austin, Hatch doubled the number of advisors and grew revenue by 100%, RBC said.
Image: Glen Hatch is RBC's newest complex manager.
Merrill Recruits Credit Suisse Advisor
Merrill Lynch lured away an advisor with 14 years of industry experience from Credit Suisse, a spokeswoman said.
Advisor David Sterling joined Merrill's office in Stamford, Conn., where he reports to Market Executive Katie Flaherty.
In a statement Flaherty said that Sterling's experience working with high-net-worth clients and his background in commercial banking made him a good fit for Merrill.
Advisor David Sterling joined Merrill's office in Stamford, Conn., where he reports to Market Executive Katie Flaherty.
In a statement Flaherty said that Sterling's experience working with high-net-worth clients and his background in commercial banking made him a good fit for Merrill.
U.S. Trust Hires 4 Advisors
U.S. Trust has added several new private client advisors.
William Colin Walker, previously a business development and client manager for First Republic Bank, joins U.S. Trust at their office in Palm Beach, Fla., the firm says.
Scott D. Litner, most recently a managing director and head of N.Y. equity sales at Nomura Securities International, has moved to the U.S. Trust's office in New York, the firm says.
Another advisor, Kevin P. Butler, left his position as a managing director with KBCM to join the U.S. Trust's office in Florham Park, N.J., the firm says.
Meanwhile, James C. Kemp also joins the firm at its St. Louis office from the John Burroughs School where he served as a director of advancement, according to statements from the firm.
William Colin Walker, previously a business development and client manager for First Republic Bank, joins U.S. Trust at their office in Palm Beach, Fla., the firm says.
Scott D. Litner, most recently a managing director and head of N.Y. equity sales at Nomura Securities International, has moved to the U.S. Trust's office in New York, the firm says.
Another advisor, Kevin P. Butler, left his position as a managing director with KBCM to join the U.S. Trust's office in Florham Park, N.J., the firm says.
Meanwhile, James C. Kemp also joins the firm at its St. Louis office from the John Burroughs School where he served as a director of advancement, according to statements from the firm.
Raymond James Names New Branch Manager
Raymond James & Associates hired a new branch manager from regional rival BB&T Scott & Stringfellow, a spokeswoman for the super-regional confirmed.
Rodney Lineberry will now oversee a Raymond James' office in Charlotte, N.C. He had been at BB&T since 2012, according to FINRA BrokerCheck records.
Rodney Lineberry will now oversee a Raymond James' office in Charlotte, N.C. He had been at BB&T since 2012, according to FINRA BrokerCheck records.
UBS Recruits Barclays Complex Manager
A former Barclays executive has joined UBS, a spokesman for the wirehouse confirmed.
John Houlihan will serve as UBS' newest complex manager, On Wall Street reports exclusively, overseeing the firm's Long Island, N.Y. complex.
Houlihan, a native Long Islander, now oversees five offices in Jericho, Garden City, Melville, Southampton, and Port Jefferson.
John Houlihan will serve as UBS' newest complex manager, On Wall Street reports exclusively, overseeing the firm's Long Island, N.Y. complex.
Houlihan, a native Long Islander, now oversees five offices in Jericho, Garden City, Melville, Southampton, and Port Jefferson.
