Slideshow 25 of the biggest recent advisor moves: $7.5B swaps hands

Published
  • May 22 2018, 4:00am EDT
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Advisors who oversaw approximately $7.5 billion in client assets made major careers moves in April and May, continuing a long trend of job churn within the industry.

The trend of advisors jumping from wirehouses to regional broker dealers and independent firms has continued, despite some fears of punishment as wirehouses have exited the Broker Protocol.

UBS, which left the protocol in November, lost a team with $113M in AUM to Ameriprise and a team with $300M in AUM to Stifel. Stifel has been aggressively recruiting and also picked up advisors with previous experience from other regional firms and wirehouses like Credit Suisse, Merrill Lynch and Wells Fargo.

Wells Fargo, which is still part of the Broker Protocol, has also grappled with advisor exits amid ongoing scandals at the bank. In April, the wirehouse lost advisors to Steward Partners, Raymond James, Janney, Stifel and RBC.

Read on for more details about the advisors who made career moves this month. For a look at our previous roundup, click here.

Wells Fargo loses $1.2B advisor to J.P. Morgan

Jack Hafner, an advisor who was listed in Barron's last year as managing $1.2 billion in client assets, has also left Wells Fargo.

He moved to J.P. Morgan Securities, the bank's elite brokerage unit catering to wealthy clients, a spokeswoman for the bank confirmed.

Read more here.

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A $925M team jumps from Wells Fargo to RBC

A team managing $925 million in client assets jumped from Wells Fargo to RBC.

“After careful consideration, we decided to join RBC Wealth Management because of its reputation for integrity, corporate responsibility and overall fiscal stewardship,” advisors Joseph Bivona, his son Thomas Bivona and Robert Impelluso said in a statement.

Read more here.

$800M Merrill Lynch broker jumps to J.P. Morgan Securities

An advisor who managed $800 million in client assets left Merrill Lynch to join J.P. Morgan Securities, a spokeswoman said.

Michael Taggart joined the high-end wealth management firm in New York as a financial advisor and managing director, according to the company. He reports to regional director Mike Lee.

Over the past year, J.P. Morgan Securities has pulled in a number of elite brokers and teams managing large books of business.

Read more here.

Raymond James grabs a $783M team from Wells Fargo

Raymond James poached four advisors managing $783 million in client assets from Wells Fargo Advisors, moving yet another chunk of assets out of the beleaguered wirehouse.

Gary Rosen and Daniel Kramer operate as Constantine Wealth Management and previously managed $621 million in client assets, mostly dealing with high-net-worth clients including business owners and healthcare professionals, according to Raymond James. Grigori “Greg” Lvov and Robert Kikin operate as the Lvov-Kikin Financial Consulting Group and previously managed $162 million in client assets, says the firm.

Read more here.

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Baird snaps up 2 Wells Fargo advisors with more than $550M

When it comes to talent, Wells Fargo’s ongoing losses continue to be turned into gains for fast-growing regional firms.

Baird has poached two advisors with more than $550 million in client assets from Wells Fargo, according to the firm. Irv Mindes oversaw $360 million in assets while at the wirehouse and will become managing director, Baird announced. Bill Fedor oversaw $206 million in assets and joins as senior vice president.

The new hires are the latest additions to the firm’s wealth management segment. In early 2018, Baird acquired Strategas, a boutique firm that specializes in macroeconomic research. Baird also hired John Taft a 35-year industry veteran as vice chairman.

Read more here.

Raymond James expands in Midwest, recruits Wells Fargo advisors with $405M

Raymond James is continuing to expand and recently recruited two financial advisors to open its newest location in Racine, Wisconsin.

Jeff Porasik and Suzanne Yde have joined Raymond James & Associates, the firm’s traditional employee broker-dealer, in the new Racine office. The team is joining from Wells Fargo, where they previously managed more than $405 million in client assets and had approximately $1.6 million in production.

Read more here.

Merrill Lynch loses $380M team to D.A. Davidson

Merrill Lynch has lost a team of advisors managing approximately $380 million in client assets to D.A. Davidson.

The McCarty, Brown & Eden Financial Advisor Group will be a part of D.A. Davidson’s newly opened Colorado Springs, Colorado, office, serving individual investors, families and businesses. D.A. Davidson has had a presence in the Denver area since 2004, when it opened an office serving institutional clients with fixed income and equity capital markets services.

Members of the new group include Brandon Brown, a 20-year industry veteran and senior vice president and branch manager at the firm; Ky (Sterling) McCarty, who has 30-years of industry experience and also serves as a senior vice president; John Eden, who has 20 years of experience in the field and will serve as vice president; and associate financial advisors Sandra D’Angelo and Mike Zolcinski. The advisors will be joined by three client associates Jennifer Chavez, Shanna Pooler and Rachelle Jones.

Read more here.

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$370M team bolts Wells Fargo for Steward Partners

A team managing $370 million quit Wells Fargo to join independent firm Steward Partners.

The Sedoric Group joined Steward Partners, which is affiliated with Raymond James, in Portsmouth, New Hampshire. The team includes financial advisors Tom Sedoric and Casey Snyder, wealth management associate Erika Luczynski, and senior registered client administrative manager Brittany Long.

Read more here.

Merrill, Oppenheimer breakaways bring advisors with $350M to LPL

Three advisors managing more than $350 million in combined client assets joined LPL Financial, as the firm’s recruiting efforts move past retaining a crop of 2,000 advisors from a major acquisition.

Tom Anderton and Ryan Howard bolted Oppenheimer for 626 Financial, a Kalamazoo, Michigan-area practice founded in 2009 by Anderton’s uncle and cousin. Ric Kellogg left Merrill Lynch for IHT Wealth Management, a Chicago-based hybrid RIA launched in 2014 by a fellow Merrill alum.

Read more here.

UBS loses $300M team to Stifel as wirehouse exodus accelerates

Stifel lured away a team managing $300 million in client assets from UBS, a spokesman said.

The newest hires, advisors Ken Miller and husband-and-wife duo Tony and Bianca Urdes, joined the regional brokerage firm in Portland, Oregon. The team’s clients include early stage investors and ultrahigh-net-worth individuals.

Read more here.

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Stifel lands new Ohio managing director to spur expansion

To spur its expansion efforts in a competitive and changing recruiting environment, Stifel hired an executive with past experience at Credit Suisse and Merrill Lynch.

Jim Chahine will serve as a managing director in Youngstown, Ohio, overseeing growth in that state, Stifel said.

His addition comes as Stifel has ramped up its efforts to recruit more advisors. That recruiting push has been complicated by the departures of UBS, Morgan Stanley and Citigroup from the Broker Protocol, an industrywide accord that permits advisors switching firms to take basic client contact information with them.

Read more here.

Wells Fargo loses teams in Rochester and Spokane

Wells Fargo lost two more advisory teams, including a $1.7 million producer.

John Banks will join Raymond James & Associates, the firm’s employee broker-dealer, in Rochester, New York.

In a second move, RBC Wealth Management snapped up a three-person team that includes Doug Dumais, Kirt Fredericks and Kathy Hale. They managed $175 million in assets and joined RBC in Spokane, Washington.

Read more here.

Stifel lands $298M Janney advisor

An advisor overseeing $298 million in client assets left Janney Montgomery Scott to join Stifel.

Peter Scudner will operate from Stifel's new office in Lancaster, Pennsylvania, which is in the southeastern part of the state.

Scudner, an industry veteran of 33 years, said in a statement that he made the move in part because of the regional brokerage's investment platform, "and the ability to access those capabilities seamlessly to help our clients pursue their goals."

Read more here.

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Ameriprise adds $294M team

Ameriprise snapped up a team from MML Investors Services that managed $294 million in client assets, the firm said.

The group is the latest to join the IBD, which has been aggressively trying to court new talent. The six-member team, Three Buckets Wealth Management, joins Ameriprise’s independent channel in Latham, New York.

Read more here.

Wells Fargo loses another advisor as $225M planner joins RBC

As wirehouses witness a chorus line of financial advisors heading out the door, Wells Fargo has lost a $225 million planner to RBC Wealth Management.

Tim Garigan, a Tucson, Arizona-based advisor with more than 40 years of industry experience, has joined RBC as a managing director, an RBC spokesman said. Garigan spent 10 years with Wells Fargo according to FINRA BrokerCheck records, and prior to that, he spent almost 30 years with Merrill Lynch.

Read more here.

Stifel nabs $200M father-son team from Wells Fargo

Stifel has picked up a Wells Fargo team that previously managed $200 million in client assets, a spokesman said.

New hires Randy Anderson and his son Dane joined Stifel's new office in Modesto, California. The firm has 38 other offices in the state, according to Stifel.

Dane Anderson said they made the move for the firm's corporate culture. "Stifel is an entrepreneurial environment where advisors can run their business the way they think is best for them and their clients," he said in a statement.

Read more here.

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Advisor with $157M in client assets leaves Wells Fargo for Janney

Janney Montgomery Scott is still on a recruiting tear.

The Philadelphia-based firm recently lured Matthew Loitz from Wells Fargo, to their ranks. Loitz will join Janney in its Glastonbury, Connecticut branch. He previously managed $157 million in client assets.

“Matt joins a growing number of recent hires that were drawn to Janney for its stability, responsiveness to client needs, and unparalleled home office support,” says George Keith, complex manager at Janney.

Read more here.

Wells Fargo loses manager who oversaw 8 offices to Steward Partners

Steward Partners has hired a new divisional president to oversee growth efforts in New York and New Jersey.

Christopher Davis, a 30-year industry veteran and former Wells Fargo market manager, joined Steward as a divisional president, according to the independent firm, which is affiliated with Raymond James.

“Steward is growing in the Northeast faster than ever and having someone like Chris at the helm will help ensure our future success in the region,” Steward Partners’ CEO Jim Gold said in a statement.

Read more here.

Team with $150M in AUM joins Ameriprise

Gemmer Wealth Management, which previously had approximately $150 million in assets under management, has joined the Ameriprise franchise channel from AXA Advisors LLC in Indianapolis, Indiana.

The team is led by Charles Gemmer and includes advisors Adam Gemmer, Brent Gramman, Ronnan Marra and client service coordinator Christina Goodwin.

"We did our due diligence and talked to many broker-dealers about our goals and client needs,” Charles Gemmer says. “We felt Ameriprise was the best move because they supported how we operate as a team, not just as individual advisors. They allow us the flexibility to add advisors and staff as needed to support our team's growth."

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Stifel lures veteran branch manager from Wells Fargo

Stifel has snapped up a veteran complex manager from Wells Fargo in a push to build out its presence in the Northeast, the firm says.

Tom Thives joined the firm’s broker-dealer subsidiary, Stifel, Nicolaus & Co., as the New Jersey complex manager based in Florham Park. A 34-year industry veteran, Thives will head up the firm’s offices in Princeton and Ramsey, New Jersey, and come on board as a co-manager of the Florham Park office.

A veteran of five previous firms, according to FINRA’s BrokerCheck records, Thives was awarded the Top Branch Manager honor from On Wall Street twice in 2016 and 2014. While at Wells, he grew the firm’s Florham Park ranks from 29 advisors to 65, Stifel says.

Read more here.

Advisor with $113M in AUM leaves UBS

Despite UBS’ recent departure from the Broker Protocol, advisors are still moving from the wirehouse.

Regina Ruth Onkst of Gainesville, Florida has joined the Ameriprise franchise channel from UBS. Advisor Jim Onkst and business manager Stacey Stivers will make the move as well. Regina Ruth Onkst previously managed approximately $113 million in client assets.

Raymond James entices away Morgan Stanley branch manager

Raymond James has poached yet more talent from Morgan Stanley by recruiting branch manager Chris Fils to lead the broker-dealer’s Suncoast Complex in Florida.

“The greater Sarasota market is one of the fastest growing markets in Florida, and we’re excited to have Chris’ energy and leadership as we expand our presence in this important growth market,” Patrick O’Connor, Raymond James’ Florida regional director, said in a statement

Fils, 31, was drawn to Raymond James for its community involvement, unique culture, and opportunity for growth and autonomy, he says.

Read more here.

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Team with $95M in AUM leaves Merrill Lynch for independent firm

Advisors Scott Sanders and Jesse Coffee have left Merrill Lynch to form the Sanders Coffee Group. The team will be joining TRUE Private Wealth Advisors, now one of the largest independent financial advisory firms in Oregon.

The Eugene-based group previously managed $95 million in client assets. With the addition of the team, TRUE Private Wealth Advisors has surpassed the $1 Billion AUM marker.

“We now have the independence to run our own firm and advise our clients with their best interests in mind. We now also have the back-office support and access to tools that typically are only available to very large firms,” Sanders said in a statement.

Bates Group board of directors welcomes a new member

Bill Johnstone, the former chairman of D.A. Davidson, has joined the board of directors of the Bates Group.

Johnstone was D.A. Davidson’s CEO for 11 years, and was previously the company president. Under his leadership, Davidson tripled in size and expanded across the country.

“I am honored to be joining Bates Group’s board of directors,” Johnstone said in a statement. “In Bates, I see a firm committed to supporting the financial services industry with high-quality consulting and service. I look forward to sharing my experiences and providing guidance to help them achieve their vision of growth and success. ”

Morgan Stanley parts ways with complex manager

A top complex manager is out at Morgan Stanley.

The wirehouse parted ways with Richard Frick, who had overseen operations in Philadelphia.

A spokeswoman confirmed Frick was no longer with the company, but declined to comment further. Frick could not be reached for comment.

It was not immediately clear who is overseeing the Philadelphia complex.

Read more here.