Stifel bags $2.1B megateam from Oppenheimer: Advisor Moves

June 20, 2025 2:59 PM

Stifel pulls in the big one this week from its regional rival Oppenheimer.

But that wasn't the only big recruiting move. Also among the winners were Raymond James, UBS and LPL. Read about them all below.

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Stifel lands $2.1B team from Oppenheimer

Stifel Financial is shaking up the wealth management business on the West Coast with its recruitment of a team formerly managing more than $2.1 billion for Oppenheimer.

The Summa Group, led by a pair of brothers — Brian K. Werdesheim and Jeffrey L. Werdesheim — along with Robert W. Dalie and Gary A. Chiate, is joining Stifel's offices in the Los Angeles neighborhood of Sherman Oaks, California. The team had previously managed $2.1 billion at Oppenheimer.

The Summa Group has received many industry recognitions over the years. Forbes named it the No. 9 best in-state wealth management team for California this year and No. 57 in its list of America's Top Wealth Management Teams for Private Wealth last year.

In a statement, The Summa Group praised Stifel's dedication to "advisor autonomy" and its "client-first culture," highlighting the firm's planning tools and access to investment and consumer banking services.

Industry recruiter Phil Waxelbaum, founder of Masada Consulting, said the team's departure most likely marks Oppenheimer's biggest loss ever.

"This is a big win for Stifel, and it takes Oppenheimer down a peg in the regional rankings," he said.

Stifel is starting to reheat its recruiting engines after seeing a slowdown in the past year or so. In an earnings call in April, Stifel CEO Ron Kruszewski reported the firm's advisor headcount fell by 1% year over year to 2,340.

The principals at Summa have long had ties to Oppenheimer. Brian Werdesheim began his career in 1993 at CIBC World Markets, which bought Oppenheimer in 1997 and later divested its brokerage business. Jeffrey Werdesheim started at Shearson Lehman in 1988 before moving to CIBC in 1992.

Robert W. Dalie joined CIBC in 2001, and Gary A. Chiate came to CIBC in 1997 after a decade at Merrill.

Oppenheimer manages $49 billion in assets and has 933 brokers. Stifel oversees $486 billion in assets with 2,340 brokers.

Raymond James pulls $950M team from Ameriprise

Raymond James has added a 10-member advisory group formerly at Ameriprise to its channel for independent advisors.

Springs Wealth Group, in Colorado Springs, Colorado, is joining Raymond James Financial Services. The team had formerly managed roughly $950 million at Ameriprise.

It's led by the managing partners Bob Book, Andrew Inman, Tim Mason, Chris Van Stavern and Chris Young. They are joined by advisors Kristen Christensen, Travis Crowell, Bryan Ladrow, Camden Steele and Jerrad Bridgmon, along with 13 support staff members.

The group also has offices in Texas. Its clients include business owners, families and retirees or near retirees.

UBS recruits $700M advisor from Morgan Stanley

Amid an increase in advisor departures this year, UBS Wealth Management has pulled a prominent private wealth advisor from Morgan Stanley.

William E. Frisco, along with his associate Marya Mendez, has joined UBS in Houston. He previously managed $700 million at Morgan Stanley. They will operate out of UBS's Houston River Oaks office, reporting to Kristen Sprenger, who became director for the market for UBS in March.

This move marks a return of sorts for Frisco, who began his career in 1982 at Rotan Mosle, which was purchased by PaineWebber the following year. PaineWebber was bought by UBS in 2000. Frisco eventually joined Morgan Stanley in 2009.

Frisco's recruitment follows closely on the heels of another significant hire for UBS from Morgan Stanley. Mellany Bagtas, who managed $85 million at Morgan Stanley, joined UBS, along with her support staff member Kaitlin Weaver, in New York. They work out of UBS's Park Avenue office in Midtown Manhattan and report to Demie Kommatas, associate market executive.

Bagtas started her career in 2007 at Chase Investments, followed by a period at Merrill Lynch before joining Morgan Stanley in 2017.

UBS executives have said that compensation changes they announced in November might lead to increased attrition. UBS' advisor headcount was at 5,884 at the end of the first quarter, down 3% year over year.

Raymond James recruits $500M father-son duo from Morgan Stanley

Raymond James is extending its presence in Utah with a pair of advisors recruited to its independent channel from Morgan Stanley.

Jim Phillips and his son Aaron Phillips have joined Raymond James Financial Services under the name Cottonwood Capital Management, which is based in Salt Lake City, Utah. They had previously managed roughly $500 million at Morgan Stanley.

Their team includes registered client service associates Jordan Fletcher, who is also chief marketing officer; and chief operations officer Nicole Klekas. They specialize in working with business owners, corporate executives, nonprofit organizations, corporations and institutions.

Jim Phillips, the founder of Cottonwood Capital, has more than 30 years of advisory experience and has been with Morgan Stanley and its predecessor firms since 2003. Aaron Phillips joined his father at Morgan Stanley in 2015.

Advisors with $425 in AUM join LPL from RBC

A trio of advisors are building out LPL Financial's presence in San Diego after joining from RBC.

Matthew Sweeney, John Folsom and Tanner Carter have started EverMark Investment Partners through LPL Strategic Wealth, the firm's channel for independent advisors who want greater business support. The trio previously managed roughly $425 million at RBC.

Folsom and Sweeney are both in San Diego and have been working together since 1996. Folsom started his career at Merrill in 1979 and joined RBC in 2005. Sweeney started at Merrill in 1996 and also moved to RBC in 2005. Carter started at RBC in 2019.

Beyond access to LPL's advanced wealth management platform, LPL Strategic Wealth advisors receive technological support and assistance with starting their practices. After moving over to LPL, they receive help from a team including a business strategist, marketing partner, chief financial officer and administrative assistant. EverMark Investment Partners is the 50th team to join Strategic Wealth, which was started to cater for the needs of established advisors leaving from wirehouses and other firms to independent practices.

Former LPL president joins The Wealth Consulting Group as president

The Wealth Consulting Group, a large hybrid registered investment advisor operating out of Las Vegas, has pulled its new president from LPL Financial.

Andy Kalbaugh, a recognized industry leader and former president of LPL Financial, will work alongside the founder and CEO of Wealth Consulting Group, Jimmy Lee. Wealth Consulting Group has seen significant growth since starting its RIA in October 2014. It has gone from having 30 advisors and roughly $800 million in assets under advisement to 123 advisors in 43 branch offices, with $8.8 billion in client assets by May 31.

"We are thrilled and deeply grateful to welcome Andy to the WCG family," Lee said in a statement. "As we embark on this new phase of expansion, I knew we needed someone with Andy's experience, leadership, and shared values to help us grow intentionally."

Before joining WCG, Kalbaugh most recently served as managing partner at Cassique Strategies, an advisory firm specializing in planning and coaching for wealth management firms. Before that, he was the managing director and divisional president at LPL Financial, overseeing retention and growth for the firm's independent financial advisors.