Advisors on the Move: Wells Fargo Loses Recruits with $1.3B
March 4, 2016 5:26 PM
Advisors on the Move: Wells Fargo Loses Recruits with $1.3B
Big teams and big producers have been switching firms in recent weeks. Two Wells Fargo teams managing a combined $1.3 billion joined U.S. Capital Advisors. Wells also lost a handful of advisors who oversaw $780 million in combined assets to Benjamin Edwards. Meanwhile, Morgan Stanley is chasing after a big prize: a bunch of Credit Suisse advisors who specialize in working with Latin American clients and who are managing about $36 billion in client assets.
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.
Advisors with $1.3B Move to U.S. Capital Advisors From Wells Fargo
U.S. Capital Advisors recruited two teams of advisors that managed approximately $1.3 billion in combined client assets, the firm said.
In the more recent of the moves, veteran wirehouse advisors 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
In the more recent of the moves, veteran wirehouse advisors 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,
Image: Bloomberg
$1.3B Team Jumps to Raymond James
Raymond James recruited a team overseeing $1.3 billion in client assets from Merrill Lynch, a spokeswoman said.
The team, which is comprised of advisors David S. Loeb Jr., and brothers Edward and Jim Fernberger, generated approximately $7 million in annual revenues, according to Raymond James.
"We selected Raymond James, after extensive due diligence primarily because the firm provides the size, scale and national presence to support the needs of our clients," Jim Fernberger said in a statement.
To read more,click here
Image: Raymond James
The team, which is comprised of advisors David S. Loeb Jr., and brothers Edward and Jim Fernberger, generated approximately $7 million in annual revenues, according to Raymond James.
"We selected Raymond James, after extensive due diligence primarily because the firm provides the size, scale and national presence to support the needs of our clients," Jim Fernberger said in a statement.
To read more,
Image: Raymond James
Raymond James Grabs $1B Team from Stifel
A team that oversaw $1 billion in assets left Stifel to join Raymond James' employee channel, the firm said.
The Goeas Group generated approximately $1.25 million in annual revenue, according to Raymond James.
The team is comprised of Larry Goeas, his brother Leo, and sales associates Lehua Pahia and Sally Kihoi. They will operate from Raymond James & Associates' first branch in Honolulu.
To read more,click here
Image: Raymond James
The Goeas Group generated approximately $1.25 million in annual revenue, according to Raymond James.
The team is comprised of Larry Goeas, his brother Leo, and sales associates Lehua Pahia and Sally Kihoi. They will operate from Raymond James & Associates' first branch in Honolulu.
To read more,
Image: Raymond James
Benjamin Edwards Lands Advisors with Over $780M in AUM
Benjamin Edwards recently landed more than a dozen advisors with a combined $784 million in client assets, the firm said.
Former Wells Fargo advisors Bridget Weatherly, Tom McCormick, Philip Pela and Hal Kaigler joined the firm's new office in Gulfport, Miss., the firm said.
Angela Wolfe, who previously worked for Edward Jones, also joined the location, according to Benjamin Edwards. Howell Taylor, who also had worked for Wells Fargo, went to the firm's new office in Hattiesburg.
To read more,click here
Image: Former Morgan Stanley advisors Randy Sidio, Mary Schulte and Thomas Cleland are among the latest recruits to join Benjamin Edwards. Image: Benjamin Edwards
Former Wells Fargo advisors Bridget Weatherly, Tom McCormick, Philip Pela and Hal Kaigler joined the firm's new office in Gulfport, Miss., the firm said.
Angela Wolfe, who previously worked for Edward Jones, also joined the location, according to Benjamin Edwards. Howell Taylor, who also had worked for Wells Fargo, went to the firm's new office in Hattiesburg.
To read more,
Image: Former Morgan Stanley advisors Randy Sidio, Mary Schulte and Thomas Cleland are among the latest recruits to join Benjamin Edwards. Image: Benjamin Edwards
Morgan Lures Credit Suisse Advisors with $36B in AUM
Morgan Stanley is finding success in an arena where Wells Fargo has recently been falling short: recruiting advisors from Credit Suisse.
Morgan has been enticing U.S.-based advisors at Credit Suisse's Latin American unit to transition their businesses which represent about $36 billion in client assets to the wirehouse by permitting the advisors to bring their deferred comp with them, according to a recruiter involved in several of the moves.
The sweetener, plus the promise of a smooth transition over to Morgan, has clinched deals with nearly all of the 35 advisors who collectively generate $125 million in annual revenue, Steve Rosen, president of recruiting firm Rainmaker Associates, told On Wall Street.
To read more,click here
Image: Bloomberg
Morgan has been enticing U.S.-based advisors at Credit Suisse's Latin American unit to transition their businesses which represent about $36 billion in client assets to the wirehouse by permitting the advisors to bring their deferred comp with them, according to a recruiter involved in several of the moves.
The sweetener, plus the promise of a smooth transition over to Morgan, has clinched deals with nearly all of the 35 advisors who collectively generate $125 million in annual revenue, Steve Rosen, president of recruiting firm Rainmaker Associates, told On Wall Street.
To read more,
Image: Bloomberg
Janney Recruits Advisors with Nearly $470M in AUM
Janney Montgomery Scott recruited six advisors who oversaw nearly $470 million in combined client assets, a spokeswoman said.
The hires move the firm closer to its goal of recruiting 50 financial advisors this year. In 2015, the firm picked up more than 30 advisors last year, according to the spokeswoman.
Jerry Lombard, president of the Janney's Private Client Group, said in a statement that the new additions will bolster the Philadelphia-based firm's footprint along the east coast.
To read more,click here
Image: Janney Montgomery Scott
The hires move the firm closer to its goal of recruiting 50 financial advisors this year. In 2015, the firm picked up more than 30 advisors last year, according to the spokeswoman.
Jerry Lombard, president of the Janney's Private Client Group, said in a statement that the new additions will bolster the Philadelphia-based firm's footprint along the east coast.
To read more,
Image: Janney Montgomery Scott
FiNet Grabs Advisors with Over $350M in AUM
Wells Fargo has recently added several recruits managing more than $350 million to its independent advisor network, a spokeswoman said.
In the largest of three moves, former Morgan Stanley advisors Noel Culberson and Kristy Tochihara opened Wells Fargo Advisors Financial Network in Louisville, Colo.
They manage more than $186 million in client assets. Tochihara has 26 years of industry experience; Culberson has 11. They joined Morgan Stanley Smith Barney in 2008 from UBS, according to FINRA BrokerCheck records.
To read more,click here
Image: Bloomberg
In the largest of three moves, former Morgan Stanley advisors Noel Culberson and Kristy Tochihara opened Wells Fargo Advisors Financial Network in Louisville, Colo.
They manage more than $186 million in client assets. Tochihara has 26 years of industry experience; Culberson has 11. They joined Morgan Stanley Smith Barney in 2008 from UBS, according to FINRA BrokerCheck records.
To read more,
Image: Bloomberg
Waddell & Reed Grabs Advisors with $275M
Waddell & Reed picked up advisors with $270 million in combined AUM, the firm said.
Donald Logan, Jason Hupp and Maureen Zeugin moved to Waddell & Reed from Edward Jones, where they oversaw a combined $74 million in client assets, Waddell & Reed said in a statement.
Logan was with Edward Jones since 2008, Hupp since 2009 and Zeugin 2010, according to FINRA BrokerCheck records.
To read more,click here
Image: Waddell & Reed
Donald Logan, Jason Hupp and Maureen Zeugin moved to Waddell & Reed from Edward Jones, where they oversaw a combined $74 million in client assets, Waddell & Reed said in a statement.
Logan was with Edward Jones since 2008, Hupp since 2009 and Zeugin 2010, according to FINRA BrokerCheck records.
To read more,
Image: Waddell & Reed
Wells Fargo Recruits Advisors With $270M in Combined AUM
Two advisors with about $270 million in combined client assets joined Wells Fargo, the firm said.
Former Raymond James advisor Geoffrey Gatlin, who managed more than $169 million in client assets, joined Wells Fargo's Laurence, Nebens and Valdez team in San Antonio, according to the firm. He will report to William Lee, San Antonio complex manager.
Thomas Braley, who managed more than $95 million in client assets for Merrill Lynch, joined Wells Fargo in Saginaw, Mich. He will report to Tony Thorpe, senior vice president and Central Michigan complex manager.
To read more,click here
Image: Bloomberg
Former Raymond James advisor Geoffrey Gatlin, who managed more than $169 million in client assets, joined Wells Fargo's Laurence, Nebens and Valdez team in San Antonio, according to the firm. He will report to William Lee, San Antonio complex manager.
Thomas Braley, who managed more than $95 million in client assets for Merrill Lynch, joined Wells Fargo in Saginaw, Mich. He will report to Tony Thorpe, senior vice president and Central Michigan complex manager.
To read more,
Image: Bloomberg
Raymond James Hires $235M Wells Fargo Advisor
An advisor who oversaw approximately $235 million in client assets left Wells Fargo for Raymond James & Associates, the firm said.
Lorayne Fiorillo joined Raymond James in Manhattan, where she reports to branch manager David Brennan. At Wells Fargo, she generated about $1.5 million in annual production, according to Raymond James.
Fiorillo is an industry veteran, having started her advisory career in 1987 with Prudential Securities, according to FINRA BrokerCheck records.
To read more,click here
Image: Raymond James
Lorayne Fiorillo joined Raymond James in Manhattan, where she reports to branch manager David Brennan. At Wells Fargo, she generated about $1.5 million in annual production, according to Raymond James.
Fiorillo is an industry veteran, having started her advisory career in 1987 with Prudential Securities, according to FINRA BrokerCheck records.
To read more,
Image: Raymond James
$200M Wells Fargo Team 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.
Advisors 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.
To read more,click here
Image: Stratos Wealth Partners
Advisors 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.
To read more,
Image: Stratos Wealth Partners
RBC Lures Away Raymond James Complex Manager
RBC enticed away a branch manager from Raymond James who had only been with the firm for two years.
Michael Schipper was recruited to work as RBC's San Francisco complex director, the firm said. Before his short tenure at Raymond James, Schipper had worked similar management positions for more than 15 years at Morgan Stanley and more than 7 at Merrill Lynch, according to FINRA BrokerCheck records.
At RBC, Schipper will oversee 70 advisors and 125 employees in seven branch offices. In a statement, RBC highlighted his experience in helping guide his office during Morgan Stanley's acquisition of Smith Barney.
To read more,click here
Image: Bloomberg
Michael Schipper was recruited to work as RBC's San Francisco complex director, the firm said. Before his short tenure at Raymond James, Schipper had worked similar management positions for more than 15 years at Morgan Stanley and more than 7 at Merrill Lynch, according to FINRA BrokerCheck records.
At RBC, Schipper will oversee 70 advisors and 125 employees in seven branch offices. In a statement, RBC highlighted his experience in helping guide his office during Morgan Stanley's acquisition of Smith Barney.
To read more,
Image: Bloomberg
Morgan Stanley Hires 2 Veteran Advisors
Morgan Stanley has recruited two veteran advisors from Credit Suisse, making them some of the latest to depart the high-end brokerage firm.
David Atallah and Mike Cassa joined the wirehouse in Boston where they report to manager Joe Malarney. A spokeswoman for Morgan Stanley confirmed the hires, but declined to comment on production and AUM.
Atallah and Cassa started their careers at Bear Stearns in 1994 and 1995, respectively, according to FINRA BrokerCheck records.
To read more,click here
Image: Bloomberg
David Atallah and Mike Cassa joined the wirehouse in Boston where they report to manager Joe Malarney. A spokeswoman for Morgan Stanley confirmed the hires, but declined to comment on production and AUM.
Atallah and Cassa started their careers at Bear Stearns in 1994 and 1995, respectively, according to FINRA BrokerCheck records.
To read more,
Image: Bloomberg
Executives Take on New Roles at Morgan Stanley
Morgan Stanley reorganized its wealth management leadership, according to a recent memo sent to employees.
The moves come weeks after President Greg Fleming left the wirehouse amid a shakeup of the firm's highest leadership.
The memo from wealth management co-heads Shelley O'Connor and Andy Saperstein states that the regional and complex structure remains unchanged. But leadership roles have shifted.
To read more,click here
Image: Bloomberg
The moves come weeks after President Greg Fleming left the wirehouse amid a shakeup of the firm's highest leadership.
The memo from wealth management co-heads Shelley O'Connor and Andy Saperstein states that the regional and complex structure remains unchanged. But leadership roles have shifted.
To read more,
Image: Bloomberg
With New Hires, U.S. Trust Expands Nonprofit Capabilities
U.S. Trust is expanding its capabilities to serve the philanthropic needs of its ultrawealthy clients.
The firm, a unit of Bank of America, hired Terry Hill, a former Hirtle Callaghan representative in the Midwest, to serve in the newly-created position of nonprofit institutional sales director.
In his new position, Hill will help the firm grow its nonprofit client-base. Hill will report to Bernie Reidy, national philanthropic sales executive, at the firm's office in Chicago.
To read more,click here
Image: Bloomberg
The firm, a unit of Bank of America, hired Terry Hill, a former Hirtle Callaghan representative in the Midwest, to serve in the newly-created position of nonprofit institutional sales director.
In his new position, Hill will help the firm grow its nonprofit client-base. Hill will report to Bernie Reidy, national philanthropic sales executive, at the firm's office in Chicago.
To read more,
Image: Bloomberg
Wirehouse Manager Move to Baird
Baird hired a veteran manager away from Wells Fargo, the regional firm said.
Alex Bigelow will work as a branch director overseeing six Baird wealth management offices in Florida, the firm said.
Bigelow, who has worked in the industry for 34 years, works from Bairds office in Palm Beach Gardens, according to Baird.
To read more,click here
Image: Alex Bigelow, a 34-year industry veteran, was named Bairds Florida market director. Image: Baird
Alex Bigelow will work as a branch director overseeing six Baird wealth management offices in Florida, the firm said.
Bigelow, who has worked in the industry for 34 years, works from Bairds office in Palm Beach Gardens, according to Baird.
To read more,
Image: Alex Bigelow, a 34-year industry veteran, was named Bairds Florida market director. Image: Baird
Snowden Lane Recruits Merrill Advisor
A Merrill Lynch advisor left the wirehouse to join Snowden Lane Partners, an independent firm founded by former Merrill executives, a spokesman said.
Advisor Alex Arista, as well as private banking and lending specialist Juan Carlos Moreno, joined a Snowden Lane team in San Diego.
The LDR International Group, as the team is known, manages approximately $250 million in client assets, a spokesman says.
To read more,click here
Image: Bloomberg
Advisor Alex Arista, as well as private banking and lending specialist Juan Carlos Moreno, joined a Snowden Lane team in San Diego.
The LDR International Group, as the team is known, manages approximately $250 million in client assets, a spokesman says.
To read more,
Image: Bloomberg
Merrill Promotes Insider for New Vice Chairwoman Role
A Merrill Lynch executive has been promoted into the newly created role of vice chairwoman of Merrill Lynch Wealth Management, according to a memo seen by On Wall Street.
Sabina McCarthy, Merrill's division executive for New York, will report directly to John Thiel, head of the firm.
In addition to working in management, McCarthy also has served as a financial advisor. In her new position, she will oversee enhanced collaboration between Bank of America and Merrill Lynch.
To read more,click here
Image: Sabina McCarthy will serve as the new vice chairwoman of Merrill Lynch Wealth Management and will oversee enhanced collaboration with other Bank of America units as part of her new role.
Sabina McCarthy, Merrill's division executive for New York, will report directly to John Thiel, head of the firm.
In addition to working in management, McCarthy also has served as a financial advisor. In her new position, she will oversee enhanced collaboration between Bank of America and Merrill Lynch.
To read more,
Image: Sabina McCarthy will serve as the new vice chairwoman of Merrill Lynch Wealth Management and will oversee enhanced collaboration with other Bank of America units as part of her new role.
