LPL and RBC take big teams from US Bank and Kestra

LPL hauls team from US Bank, RBC from Kestra: Advisor moves

November 15, 2024 12:20 PM

It's not just advisors moving from one firm to another that make wealth management an ever-changing industry.

Appointments to executive positions and the opening of new offices also contribute to the dynamism. Scroll down to read about all three.

LPL draws $540M team from US Bank

LPL Financial has pulled in an advisor duo formerly managing $540 million at US Bank.

LPL announced this week that it had recruited Ryan Kirby and Michael Alvarez, who will join the existing San Diego-based practice Seapoint Wealth Advisors. Seapoint is part of LPL Strategic Wealth Services, an affiliation channel for breakaway teams wanting to maintain independence while receiving various types of business support. Seapoint, for instance, can draw on the services of a LPL-provided business strategist, marketing partner, chief financial officer and administrative assistant.

Kirby and Alvarez are now managing directors at Seapoint Wealth Advisors. They will receive support from their sales associate, Leon Aceituno.

Kirby joined US Bank in 2007 after a short period at Ameriprise. Alvarez joined US Bank in 2010.

RBC Wealth hires $330M team from Kestra

RBC Wealth Management has recruited an advisor formerly managing $330 million at Kestra Private Wealth Services.

Julie-Anne Lewis is joining RBC's branch office in Tysons, Virginia. Coming with her are senior client associates Kathleen Garrison and Yvonne Gough.

Lewis has 23 years of industry experience, starting at Legg Mason Wood Walker in 2001. She joined Citi's Smith Barney predecessor in 2006 and moved over with that firm to Morgan Stanley in 2009. She transferred to Kestra Private Wealth Services in 2010.

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UBS pulls $250M advisor from RBC Wealth

UBS has pulled an advisor formerly managing more than $250 million from RBC Wealth Management.

UBS announced this week the hiring of Anibal Drelichman, a former RBC-affiliated advisor in Washington, D.C., with 24 years of industry experience. He's joining UBS's Philadelphia D.C. Wealth Management Market.

Drelichman started his career in wealth management at American Express in 1997 and later moved to PaineWebber, Morgan Stanley, Citi and Oppenheimer.

Morgan Stanley's digital strategy focuses primarily on three areas: analytics, automation and new ways for clients to interact with the firm.

Bloomberg News

Real Estate moves: Morgan Stanley opens wealth center in midtown Manhattan

Morgan Stanley opened its new Midtown Wealth Management Client Center in midtown Manhattan on Nov. 4.

Morgan Stanley said the office is the largest wealth management center in the world, housing 1,200 professionals working in private wealth, international wealth, corporate services, cash management and retirement planning. The building stands at 55 E. 52nd St.

"This location exemplifies our differentiated wealth platform, uniting the many components of our wealth management universe under one roof," said Jed Finn, Morgan Stanley wealth head. "We can serve clients wherever they are in their wealth journey, from those just starting out and seeking a financial plan, all the way through to clients in need of more complex, high-touch services like trust and estate planning."

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Real estate moves: Edward Jones goes bigger in New York

Edward Jones is dipping its toes further into the New York market with a branch office for at least 10 advisors.

St. Louis-based Edward Jones said Thursday that it has been testing a multiuse office in New York and now plans to move to a larger location in midtown Manhattan. The announcement came as Edward Jones also said its advisor headcount had increased to more than 20,000, working out of roughly 16,000 offices.

"This intentional growth in financial advisors creates an incredible opportunity to reach new segments of clients and grow our positive impact and market share across North America," David Chubak, responsible for the U.S. Business Unit and Branch Development at Edward Jones, said in a statement.

Edward Jones has been experimenting with various business models. It has begun to allow advisors to join teams, rather than operate by themselves out of solo branch offices. Roughly 3,000 associates are now taking advantage of arrangements of that sort.

Edward Jones is also allowing certain advisors to provide comprehensive financial plans in return for a flat fee. The plans cost $3,600 a year and are at first being offered to clients with $250,000 or more in their accounts.

Executive moves: UBS Wealth names office head in Arizona

UBS Wealth Management has named Ryan Lurie as its office leader in Arizona, working out of Scottsdale and also overseeing financial advisors and support staff in Phoenix. His primary responsibilities include extending the firm's business activities, recruiting advisors and coaching employees.

Ryan comes to UBS after nearly seven years at Ameriprise in Phoenix. He will report to Justin Frame, who is the UBS market executive for the Pacific desert market.

Executive moves: Pathstone names chief growth officer

Pathstone, a firm offering investment advice and family office services mainly to ultrahigh net clients, has appointed a chief growth officer.

Eddie Brown, most recently of Charles Schwab, will oversee Pathstone's

development in the firm's three subsidiaries: Pathstone Family Office, Willow Street Trust Company and Advisor Partners.

At Schwab, Brown had served as a managing director and member of the Schwab Advisor Services leadership team and the head of Schwab Advisor Family Office and the Premier Wealth Group. Before joining Schwab, he was a senior leader at Fidelity Family Office Services.

Pathstone's website lists the firm as having $112 billion in assets under advisement and administration.