Stifel and RBC recruited five advisors who collectively managed approximately $470 million in client assets, according to spokespeople for the companies.
The moves show
Many of these hires — including two of Stifel’s new recruits — have come at the expense of wirehouses.
“They appreciate the fact that we have liability-side capabilities, but we do not push or cross-sell banking solutions,” John Pierce, Stifel’s head of recruitment, said in a statement.
Mark Melillo, the largest of Stifel’s new advisors with $81 million in client assets, joined the firm from Wells Fargo Advisors. He is based in Yardley, Pennsylvania. Melillo had been with Wells Fargo for 19 of his 35 years in the business, according to BrokerCheck.
Kelly Mathieson is the chief business development officer at Digital Asset and a member of its executive management team. Prior to Digital Asset, she spent three decades at J.P. Morgan and Goldman Sachs in senior roles across Corporate & Investment Banking, Asset Management, and Securities Services.
"It defies belief that Epstein's tax advice was worth the vast sums of money Black paid him," said Sen. Ron Wyden. A law firm commissioned by Apollo, however, said the advice saved Black as much as $2 billion.
While donating stock is a clear win for clients to avoid capital gains taxes, gifts of property require a qualified appraisal to get a deduction.
In Memphis, Tennessee, Stifel hired former Hilliard Lyons advisor Allan Bowden. He was responsible for $75 million in client assets, according to Stifel. Bowden, who has 44 years of industry experience, had been registered with Hilliard Lyons since 1991.
Bowden left the Louisville-based firm ahead of its
Stifel also hired Grayson Hopper from Merrill Lynch, where the Austin, Texas-based advisor had overseen $74 million in client assets, according to his new employer. Hopper had been with Merrill or Bank of America since 2003, according to BrokerCheck.
RBC’s new hires, Arch Hoffman and Luna Xu, also joined from Merrill Lynch. The San Francisco-based team previously managed $238 million in assets, according to RBC. Hoffman has a decade of industry experience. Xu has four years.
Spokespersons for Merrill Lynch and Hilliard Lyons could not be reached for immediate comment. A spokeswoman for Wells Fargo Advisors declined to comment.
