Advisors on the Move: Merrill Lynch Lands $3 Billion Team
May 12, 2014 7:03 AM
Advisors on the Move
Merrill Lynch led the pack at the beginning of May, recruiting a team with $3 billion in AUM. Although the wirehouse firm had the biggest grab in recent weeks, it wasn't the only winner in the recruiting wars. Click through On Wall Street's advisor slideshow to see all the latest moves and promotions across the industry.
Merrill Lynch Nabs $3B Advisor Team
Merrill Lynch has scooped up two advisors with $3 billion in assets under management from rival wirehouse giants UBS and Deutsche Bank.
Howard Rowen and Halsey Smith joined the Merrill Lynch Private Banking & Investment Group's Los Angeles office on April 9.
The transition so far has been relatively smooth, but that's not to say it's an easy thing to do. Transitions are often "a little bit of a knife fight," Smith says. "It's a blood sport it's a mad dash to get those clients to stay and we're trying to do the opposite, trying to get them to come join us at Merrill Lynch."
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Howard Rowen and Halsey Smith joined the Merrill Lynch Private Banking & Investment Group's Los Angeles office on April 9.
The transition so far has been relatively smooth, but that's not to say it's an easy thing to do. Transitions are often "a little bit of a knife fight," Smith says. "It's a blood sport it's a mad dash to get those clients to stay and we're trying to do the opposite, trying to get them to come join us at Merrill Lynch."
Read more here
RBC Recruits Veteran Advisor With $350M AUM
A former wirehouse advisor team with $350 million in assets has left Wells Fargo to join RBC Wealth Management-U.S.
The Krinsky, Eidson and Doege team join RBC's office in Leawood, Kan., a suburb of Kansas City. The team has $1.8 million in production and will report to branch director Mark Borcherding, according to the company.
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The Krinsky, Eidson and Doege team join RBC's office in Leawood, Kan., a suburb of Kansas City. The team has $1.8 million in production and will report to branch director Mark Borcherding, according to the company.
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Morgan Stanley Breakaways Join RIA
The Cypress Group, a former-Morgan Stanley team that managed about $740 million in assets, has left the wirehouse firm to join Integrated Wealth Management, an RIA based in Palm Springs, Calif.
The Cypress Group consists of seven advisors: Mark Thatcher, CRPC; Shad F. Lamm, CRPC; Chris Risenmay, CFP, CRPC; Ross Biesinger; David Thatcher, CFP; Clark Penney; and Marc Koven.
With the exception of Koven, all of the Cypress Group advisors worked at Merrill Lynch before jumping ship to Morgan Stanley in 2008, according to FINRA documents. Koven started his financial services career in 2005 when he joined Morgan Stanley.
Four client services representatives are also moving with the Cypress Group.
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The Cypress Group consists of seven advisors: Mark Thatcher, CRPC; Shad F. Lamm, CRPC; Chris Risenmay, CFP, CRPC; Ross Biesinger; David Thatcher, CFP; Clark Penney; and Marc Koven.
With the exception of Koven, all of the Cypress Group advisors worked at Merrill Lynch before jumping ship to Morgan Stanley in 2008, according to FINRA documents. Koven started his financial services career in 2005 when he joined Morgan Stanley.
Four client services representatives are also moving with the Cypress Group.
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Merrill Lynch Lures Away Morgan Stanley Advisor Duo
A father-son advisor duo managing over $300 million in assets at Morgan Stanley left the firm to join forces with Merrill Lynch.
Advisor Gerald Saroken produced approximately $1.2 million in annual revenue while with Morgan Stanley. The elder Saroken started his career in 1999 with Citigroup before moving to Morgan Stanley in 2009, according to FINRA documents. He has joined Merrills office in White Plains, N.Y.
Brian Saroken, Geralds son, also started his career with Citigroup in 2002 and moved to Morgan Stanley in 2009 with his father. The younger Saroken has joined Merrills New York office. He generated about $1.5 million in revenue while with Morgan Stanley.
Advisor Gerald Saroken produced approximately $1.2 million in annual revenue while with Morgan Stanley. The elder Saroken started his career in 1999 with Citigroup before moving to Morgan Stanley in 2009, according to FINRA documents. He has joined Merrills office in White Plains, N.Y.
Brian Saroken, Geralds son, also started his career with Citigroup in 2002 and moved to Morgan Stanley in 2009 with his father. The younger Saroken has joined Merrills New York office. He generated about $1.5 million in revenue while with Morgan Stanley.
HighTower Lands 3 Wells Fargo Advisors
Advisors John Morgan, Brian Sabo and Jason Edelson have left Wells Fargo, where the trio managed $384 million in assets, to join HighTower’s Kelly Wealth Management group in Hunt Valley, Md.
All three advisors are veterans of the financial services industry, having started their careers in the mid-1990s, according to FINRA documents. Morgan started his career in 1995 with Dean Witter Reynolds. Sabo joined Metropolitan Life Company in 1995 and Edelson began work for IDS Life Insurance Company in 1999.
All three joined Wachovia in 2003, staying with the firm through its merger with Wells Fargo.
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All three advisors are veterans of the financial services industry, having started their careers in the mid-1990s, according to FINRA documents. Morgan started his career in 1995 with Dean Witter Reynolds. Sabo joined Metropolitan Life Company in 1995 and Edelson began work for IDS Life Insurance Company in 1999.
All three joined Wachovia in 2003, staying with the firm through its merger with Wells Fargo.
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Morgan Stanley Nabs 2 Advisors from J.P. Morgan
Advisors Timothy Koski and Michael Christian have left J.P. Morgan to join Morgan Stanley's Tulsa, Okla., office.
Prior to J.P. Morgan, Koski worked at Banc One Security Corporation, also in Tulsa, according to FINRA documents. Christian previously worked at BOK Financial.
Prior to J.P. Morgan, Koski worked at Banc One Security Corporation, also in Tulsa, according to FINRA documents. Christian previously worked at BOK Financial.
Raymond James Recruits Wells Fargo Team
Two former wirehouse advisors that managed more than $80 million in client assets have left Wells Fargo to join Raymond James & Associates, the firm's traditional employee/broker dealer.
Advisors David Neunuebel and Lisa Barrantes had annual fees and commissions of approximately $950,000 while at Wells Fargo. The two advisors plus client associate Lynne Ming will open Raymond James' newest office in Santa Barbara, Calif.
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Advisors David Neunuebel and Lisa Barrantes had annual fees and commissions of approximately $950,000 while at Wells Fargo. The two advisors plus client associate Lynne Ming will open Raymond James' newest office in Santa Barbara, Calif.
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Stifel Adds 2 Teams With Combined $1B AUM
Stifel, Nicolaus & Company picked up two wirehouse teams that managed more than $1 billion in combined assets under management, boosting the St. Louis-based firm's presence in the Carolinas to 18 offices from 15.
In North Carolina, six former Wells Fargo advisors that managed $586 million in assets have opened Stifel's Greensboro office. And with the addition of Bulldog Investment Consulting, a former UBS team that managed $542 million in assets, Stifel now has offices in Charleston and Columbia, S.C.
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In North Carolina, six former Wells Fargo advisors that managed $586 million in assets have opened Stifel's Greensboro office. And with the addition of Bulldog Investment Consulting, a former UBS team that managed $542 million in assets, Stifel now has offices in Charleston and Columbia, S.C.
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HighTower Lands $600M Morgan Stanley Team
A Morgan Stanley advisor team that managed $600 million in assets has left the wirehouse to join forces with HighTower.
Gryphon Financial Partners, formerly the Guth Group at Morgan Stanley, will be based in Columbus, Ohio.
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Gryphon Financial Partners, formerly the Guth Group at Morgan Stanley, will be based in Columbus, Ohio.
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Merrill Lynch Breakaways Join Hybrid RIA
Matthew Griffith has left Merrill Lynch to join Washington Wealth Management, an independent hybrid RIA.
Griffith managed about $75 million in client assets while with Merrill Lynch. He had been with that firm since 2000, according to FINRA documents. He will be based in San Diego.
"It's becoming increasingly obvious to advisors in the wirehouses who are looking for a way out, like Matt, that WWM offers the ideal platform to enable them to truly focus on serving the best interests of their clients while controlling their own destiny," CEO Rob Bartenstein said in a statement.
Griffith managed about $75 million in client assets while with Merrill Lynch. He had been with that firm since 2000, according to FINRA documents. He will be based in San Diego.
"It's becoming increasingly obvious to advisors in the wirehouses who are looking for a way out, like Matt, that WWM offers the ideal platform to enable them to truly focus on serving the best interests of their clients while controlling their own destiny," CEO Rob Bartenstein said in a statement.
BofAs Carnoy Takes on Exec Role at U.S. Trust
Bank of Americas head of global capital markets, Lisa Carnoy, has joined the firms U.S. Trust unit a division executive overseeing the Northeast and Metro New York divisions. She will report to U.S Trust President Keith Banks.
Carnoy, a 25-year veteran of the industry, will also become a member of Bank of Americas Global Wealth and Investment Managements leadership team and the companys operating committee.
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Carnoy, a 25-year veteran of the industry, will also become a member of Bank of Americas Global Wealth and Investment Managements leadership team and the companys operating committee.
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UBS Hires New Wealth Management Executive
Andrew Duren will become the new head of institutional consulting and retirement program administration and operations at UBS Wealth Management Americas.
Duren, previously with Graystone Consulting, is a 25-year veteran of the financial services industry. In his new role he will oversee programs including defined contribution plans, defined benefit plans endowments, foundations and other institutional clients. Duren will report to Jim Hausmann, Head of Corporate Solutions & Retirement Services.
Duren, previously with Graystone Consulting, is a 25-year veteran of the financial services industry. In his new role he will oversee programs including defined contribution plans, defined benefit plans endowments, foundations and other institutional clients. Duren will report to Jim Hausmann, Head of Corporate Solutions & Retirement Services.
