A former Merrill Lynch team with more than $500 million in client assets has left the wirehouse to open a new office with Snowden Lane Partners.
Magnolia Wealth Advisors, which specializes in managing the assets of individuals and families, includes advisors Bill Markel, Michael Schmatz and Michael Kreuzer, senior client relationship manager VeLisa Williams and client relationship manager Sharifa Mang, according to the firm.
The team’s office in Buffalo, New York represents Snowden’s 12th location nationwide, according to the firm.
“The Magnolia team’s dedication to clients is exemplary and we immediately knew they’d be a great fit for Snowden Lane and our growing team,” Greg Franks, president and COO of Snowden Lane Partners, said in a statement. “Buffalo has so much potential and is a market we’ve been eyeing for some time, and we’re thrilled to be expanding there with our 12th office and a talented team of advisors.”
Markel, senior partner and managing director, started his financial services career with Prudential Bache Securities in 1980, according to FINRA BrokerCheck records. In 1984, Markel moved to Dean Witter Reynolds where he worked for 11 years before joining Merrill in 1995.
Schmatz, Magnolia’s partner and managing director, started his career with Olde Discount Corporation in 1994, records show. He later joined Lew Liebermaum in 1996 before moving to Merrill in 2006.
Kreuzer, partner and managing director, has been with Merrill since he started his career in the industry in 2010, according to BrokerCheck.
“Being able to make this transition so smoothly during the pandemic speaks to how well positioned Snowden Lane is and how impressive their client support and transition services are,” Markel said in a statement. “Buffalo is a wonderful market and we’re excited to expand the firm’s footprint in such a promising and growing city.”
Snowden Lane is currently home to 52 advisors, 90 employees and $6.2 billion in client assets — an increase of more than $1 billion since 2019, according to a firm spokesman.
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Since it was founded in 2011, Snowden Lane has opened offices in Pasadena and San Diego, California; New Haven, Connecticut; Coral Gables, Florida; Chicago; Pittsburgh; Baltimore, Salisbury and Bethesda, Maryland; San Antonio, Texas; and now Buffalo, according to the firm. Snowden Lane is headquartered in New York.
Merrill Lynch has not responded to a request for comment on the move.
This month, Merrill Lynch added a
