Advisor moves: RBC swipes two teams from Morgan Stanley

Published November 1, 2024 12:36 PM

1 Min Read

It has been another big week for advisor moves and more.

For starters, RBC Wealth Management went to Morgan Stanley not once but twice to recruit advisory teams. Scroll down to learn more.

RBC pulls advisors from Morgan Stanley

RBC Wealth Management has pulled over a team managing more than $1 billion from Morgan Stanley.

RBC brought on The Quarry Lake Group in the Baltimore suburb of Lutherville, Maryland. The six-person unit had managed $1.05 billion at Morgan Stanley.

The team consists of Avigail Rosemore, managing director, financial advisor and senior portfolio manager; Avi Greenlinger, managing director, financial advisor and senior portfolio manager; Aaron Forker, associate vice president and senior financial associate; Meir "Yitzi" Teichman, associate vice president and financial advisor; Alan Wolfe, associate vice president and senior business associate; and Sharon Wunder, branch service manager.

Rosemore started her career at Merrill in 1997 and moved to Morgan Stanley in 2001. Greenlinger began at Morgan Stanley in 2003.

Forker started at Merrill in 2016 and moved to Morgan Stanley two years later. Teichman joined Morgan Stanley last year.

Separately, RBC drew a pair of advisors that had been managing more than $400 million for Morgan Stanley in Westport, Connecticut. Richard Smalley and Ali Girardi had not worked together as a team at Morgan Stanley but will now form The Smalley Girardi Group at RBC.

Smalley, now a first vice president and financial advisor, has 36 years of industry experience. He started at Citicorp Financial Services in 1998 before joining Lebenthal & Company later the same year. He moved to Morgan Stanley in 1998.

Girardi, now a first vice president, financial advisor and portfolio manager, started in 1998 at Smith Barney, which was partly acquired by Morgan Stanley in 2009.

LPL pulls in team with $200M-plus in AUM

LPL Financial has drawn a four-person team of advisors formerly managing $205 million from Cambridge Investment Research.

Goodwin Petrilli Financial was founded in Fort Collins, Colorado in 1992. It now consists of financial advisors Randy Petrilli, Matt Goodwin, Travis Whitaker and Jeff McWhorter.

Petrilli, who has 19 years of industry experience, and Goodwin, with 12 years, both became affiliated to Cambridge Investment in 2012. Whitaker has 13 years of experience and came to Cambridge in 2017 after five years with Primerica. And McWhorter has 20 years of experience and joined Cambridge in 2021 after time at Wells Fargo, U.S. Bank and other firms.

Exec moves: Citi hires wealth lending head from Goldman

Citi has turned to Goldman Sachs for a new head of lending for its wealth management division.

Citi announced this week that Anne McCosker, formerly global head of private bank lending and origination at Goldman Sachs, will be managing its wealth unit's lending business. McCosker was at Goldman for nine years, overseeing lending to ultrahigh net worth clients, institutions, families and family offices.

Andy Sieg, the head of Citi's wealth division, said in a memo announcing McCosker's hiring that, "Our lending platform is an essential part of our strategy and has long been a critical service that we provide for sophisticated clients with complex and global needs."

"Anne is an innovative and versatile industry leader in the credit, lending and deposits businesses who will advance this effort," he added.

McCosker is scheduled to start her new position in January. Until then, Gaston Echeverria will remain interim head of lending at Citi.

Exec moves: Cresset names new chief growth officer

Cresset, a large independent firm, has turned inward for a new chief growth officer.

Chicago-based Cresset announced this week that it had named Jessica Malkin chief growth officer and executive managing director. Malkin joined Cresset in 2019 as an advisory board member. She became the firm's chief marketing office in 2021 and will continue in that role.

Her new position will have her overseeing the firm's digital marketing, client experience, communications and other initiatives. Before Cresset, Malkin held various leadership roles at startups in the technology, consumer goods and nonprofit industries.

Cresset's RIA, Cresset Asset Management, has more than $55 billion in assets under management.

Exec moves: Wilmington Trust appoints wealth head

The financial services firm Wilmington Trust has named a new head for its wealth division.

Wilmington Trust, based in Wilmington, Delaware, announced this week that Lisa Roberts will be the new top executive for its wealth operations. Wilmington's wealth business, a subsidiary of M&T Bank, specializes in working with high and ultrahigh net worth clients, families, business owners, foundations, endowments and others.

Roberts works out of New York and has been at Wilmington Trust since 2023. She had previously been the head of U.S. markets for Wilmington's wealth division.

MAI Capital acquires firm with nearly $530M in AUM

MAI Capital Management has bought Hyperion Partners, an advisory firm with $528.8 million under management. Hyperion, based in Berwyn, Pennsylvania, specializes in working with businesses and high net worth clients in and around Philadelphia. It was founded in 2018.

It will now take on MAI's brand and receive support for human resources, marketing and other operations. The founders of Hyperion, Jeffrey Leber and Vaughn Schill, will now have the title of regional president at MAI.

MAI Capital was founded in 1973 and has its headquarters in Cleveland. It has offices in 16 U.S. states and more than $28 billion under management.

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