Advisors on the Move: Big Merrill Lynch, Morgan Stanley Teams Go Independent
August 12, 2014 4:59 PM
Advisors on the Move
A Merrill Lynch team managing $800 million in assets went over to HighTower, RBC recruited an advisor managing $245 million in assets and Wells Fargo scooped up advisors managing more than $700 million in assets. Click through to see the latest hires, moves and promotions among wirehouse advisors.
HighTower Recruits Merrill Team With $800 Million in Assets
A Merrill Lynch advisor team managing $800 million in assets left to join HighTower.
The group is comprised of advisors Pamela Lynn Abraham, Jack Thomas, Trevor Swartz and Mathew Verrengia as well as senior registered associate Benita Alstatt and client services associate Tiffany Likness.
Abraham, Thomas and Swartz joined HighTower as partners.
Abraham was an advisor at Merrill for 33 years, according to FINRA records. Thomas started his advisory career at Merrill in 1994 while Swartz and Verrengia joined the wirehouse in 2000.
Read more here.
The group is comprised of advisors Pamela Lynn Abraham, Jack Thomas, Trevor Swartz and Mathew Verrengia as well as senior registered associate Benita Alstatt and client services associate Tiffany Likness.
Abraham, Thomas and Swartz joined HighTower as partners.
Abraham was an advisor at Merrill for 33 years, according to FINRA records. Thomas started his advisory career at Merrill in 1994 while Swartz and Verrengia joined the wirehouse in 2000.
Read more here.
Morgan Stanley Team Managing $650 Million in Assets Goes Independent
A former Morgan Stanley team that managed $650 million in client assets has gone independent with help of consulting firm tru Independence.
The advisors, Derrick Clouser, Walter Urban, Matthew Presjak, Colin Williams and Mary Minshall, left Morgan to start Encompass Wealth Advisors in Portland, Ore., according to a statement from the firm.
The team consists of several industry veterans. Senior member Urban boasts 32 years in the securities industry, according to FINRA Records.
Read more here.
The advisors, Derrick Clouser, Walter Urban, Matthew Presjak, Colin Williams and Mary Minshall, left Morgan to start Encompass Wealth Advisors in Portland, Ore., according to a statement from the firm.
The team consists of several industry veterans. Senior member Urban boasts 32 years in the securities industry, according to FINRA Records.
Read more here.
Wells Fargo Grabs Morgan Stanley Team
Wells Fargo Advisors grabbed a Morgan Stanley advisor team that managed $300 million in client assets.
The new recruits joined Wells Fargo's Denver office and include advisors Chris ONeil and Joe Jaensen as well as senior client associate Terri Lo Sasso.
ONeil has more than three decades of experience in wealth management, having started his career in 1983 with Dean Witter Reynolds, according to FINRA records.
Jaensen joined Morgan Stanley in 1994.
Read more here.
Image: Chris O'Neil, Joe Jaensen, Terri LoSasso.
The new recruits joined Wells Fargo's Denver office and include advisors Chris ONeil and Joe Jaensen as well as senior client associate Terri Lo Sasso.
ONeil has more than three decades of experience in wealth management, having started his career in 1983 with Dean Witter Reynolds, according to FINRA records.
Jaensen joined Morgan Stanley in 1994.
Read more here.
Image: Chris O'Neil, Joe Jaensen, Terri LoSasso.
RBC Lands Janney Advisor Managing $245 Million
RBC Wealth Management-U.S added an advisor managing more than $245 million in assets from Janney Montgomery Scott.
Advisor Roger Rath joined RBC as a senior vice president and financial advisor at the regional firm's office in Annapolis, Md.
Rath, a 34-year industry veteran, has $1.1 million in annual production, according to RBC.
Read more here.
Image: Roger Rath
Advisor Roger Rath joined RBC as a senior vice president and financial advisor at the regional firm's office in Annapolis, Md.
Rath, a 34-year industry veteran, has $1.1 million in annual production, according to RBC.
Read more here.
Image: Roger Rath
Raymond James Lures Away Two Advisors From UBS
Raymond James & Associates has pulled in two advisors from UBS, where the duo generated annual fees and commissions of about $1.9 million.
Matthew Rogers and Mark Christopher Nolan signed on with the regional broker-dealer at its Portland, Maine-based offices. The team operates as Rogers Norton Wealth Management Group of Raymond James. Also joining the team from UBS is Adele Jacque, senior registered sales associate.
While at UBS, the team managed more than $200 million in client assets.
Veteran Matthew Rogers has more than 20 years of experience in the securities industry. He started his career at Fidelity in 1991 before signing on as a financial advisor at Prudential's New York offices, according to a statement announcing the deal. He spent 13 years at UBS, according to FINRA records.
Nolan signed on with UBS in Portland in 2006, where he worked as a branch analyst, vice president and senior portfolio manager. He has 12 years of financial service experience, according to the statement.
Read more here.
Image, left to right: Matthew Rogers and Mark Christopher Nolan
Matthew Rogers and Mark Christopher Nolan signed on with the regional broker-dealer at its Portland, Maine-based offices. The team operates as Rogers Norton Wealth Management Group of Raymond James. Also joining the team from UBS is Adele Jacque, senior registered sales associate.
While at UBS, the team managed more than $200 million in client assets.
Veteran Matthew Rogers has more than 20 years of experience in the securities industry. He started his career at Fidelity in 1991 before signing on as a financial advisor at Prudential's New York offices, according to a statement announcing the deal. He spent 13 years at UBS, according to FINRA records.
Nolan signed on with UBS in Portland in 2006, where he worked as a branch analyst, vice president and senior portfolio manager. He has 12 years of financial service experience, according to the statement.
Read more here.
Image, left to right: Matthew Rogers and Mark Christopher Nolan
Wells Fargo Hires 2 Advisors from Morgan Stanley
Wells Fargo picked up two advisors from Morgan Stanley where they managed a combined $214 million in client assets.
Advisors Steven Lundgren and Phillip Hurner will join Wells at its Walnut Creek, Calif. office. The team comes off of nine years at Morgan.
Senior team member Hurner has 26 years of experience in the securities industry. Prior to his time at Morgan Stanley, the veteran worked at Citigroup and Merrill Lynch. Lundgren has 19 years of experience in the field. The team will be joined by registered representative and client associate Trena Coffee.
Read more here.
Advisors Steven Lundgren and Phillip Hurner will join Wells at its Walnut Creek, Calif. office. The team comes off of nine years at Morgan.
Senior team member Hurner has 26 years of experience in the securities industry. Prior to his time at Morgan Stanley, the veteran worked at Citigroup and Merrill Lynch. Lundgren has 19 years of experience in the field. The team will be joined by registered representative and client associate Trena Coffee.
Read more here.
Morgan Stanley Team Moves to Wells Fargo Advisors
Former Morgan Stanley advisors Larry Rudolph and Stanley Levine will sign on at Wells Fargo's Short Hills, N.J. office as the Rudolph Levine Financial Group. They will be joined by senior registered client associate Paulo Gaspar. The team managed $235 million in client assets while at Morgan.
Rudolph has 29 years of experience, and did stints at Citigroup, UBS and Merrill. Levine, a 25-year veteran, also joined Morgan from Citigroup.
Read more here.
Rudolph has 29 years of experience, and did stints at Citigroup, UBS and Merrill. Levine, a 25-year veteran, also joined Morgan from Citigroup.
Read more here.
Wells Fargo Advisors Creates New Digital Exec Position
Wells Fargo Advisors named a new executive to oversee development of the firm's mobile and online client platforms services that more clients expect of wealth management firms.
In the newly created position, Devon McConnell will be responsible for strategy, development and ongoing management of Wells' mobile and online client platform. She reports directly to Mary Mack, president of Wells Fargo Advisors.
McConnell previously was vice president of product and user experience design for AmercianExpress.com, and before that head of digital client strategy at J.P. Morgan Asset Management.
Read more here.
In the newly created position, Devon McConnell will be responsible for strategy, development and ongoing management of Wells' mobile and online client platform. She reports directly to Mary Mack, president of Wells Fargo Advisors.
McConnell previously was vice president of product and user experience design for AmercianExpress.com, and before that head of digital client strategy at J.P. Morgan Asset Management.
Read more here.
Stifel Recruits Former McAdams Wright Ragen Advisor
Stifel Nicolaus lured away an advisor managing more than $170 million in assets from Baird.
The new recruit, Michael Gregory Foster, had previously worked at McAdams Wright Ragen, a Seattle-based wealth management firm that was previously acquired by Baird.
Foster is based in Bellevue, Wash. He started his career in 1993 at Ragen MacKenzie Group, staying with the firm through its acquisition by Wells Fargo in 2000, according to a statement from Stifel.
Foster moved to McAdams Wright Ragen in 2010, according to FINRA records.
Read more here.
The new recruit, Michael Gregory Foster, had previously worked at McAdams Wright Ragen, a Seattle-based wealth management firm that was previously acquired by Baird.
Foster is based in Bellevue, Wash. He started his career in 1993 at Ragen MacKenzie Group, staying with the firm through its acquisition by Wells Fargo in 2000, according to a statement from Stifel.
Foster moved to McAdams Wright Ragen in 2010, according to FINRA records.
Read more here.
Focus Financial Adds Merrill Executive to Board of Directors
Focus Financial Partners named former Merrill Lynch executive Dan Sontag to its board of directors, according to a Focus spokesperson.
Sontag was previously president of Merrill's global wealth management unit before retiring in 2009. He was a three-decade veteran of the industry, and began his career in 1978 as a Merrill advisor in Colorado Springs, Colo. With his addition, Focus's board now has seven members.
Read more here.
Sontag was previously president of Merrill's global wealth management unit before retiring in 2009. He was a three-decade veteran of the industry, and began his career in 1978 as a Merrill advisor in Colorado Springs, Colo. With his addition, Focus's board now has seven members.
Read more here.
