Advisors on the Move: 2 Wirehouse Teams With $400M Each Go Independent
October 7, 2014 4:45 PM
Advisors on the Move
Two wirehouse advisor teams, each managing $400 million in AUM, went independent. But wirehouse and regional broker-dealers did not remain idle: Morgan Stanley recruited advisors managing over $600 million in assets, while Raymond James grabbed a million-dollar producer from Merrill Lynch. See these and all the latest moves and hires by clicking through our latest slideshow.
UBS Team Goes Independent
A UBS advisor team managing $400 million in assets has left the wirehouse for Snowden Lane Partners, an independent firm.
Baltimore-based advisors Philip Lazzari, Mark Stevens, Eric Watson, and Eric Buckner joined Snowden Lane as partners and managing directors. The team operates as Harbor Wealth Management Group.
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Image: Harbor Wealth Management Group
Baltimore-based advisors Philip Lazzari, Mark Stevens, Eric Watson, and Eric Buckner joined Snowden Lane as partners and managing directors. The team operates as Harbor Wealth Management Group.
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Image: Harbor Wealth Management Group
Wirehouse Team Goes Independent
A Wells Fargo Advisors team managing more than $400 million in client assets has left the wirehouse to go independent with the help of Dynasty financial Partners.
The four-member team is launching NovaR Wealth Advisors in Overland Park, Kan., a suburb of Kansas City where they will use Dynasty's platform.
Senior team-member Timothy Rodgers has been in the industry since 1981, according to FINRA records. He joined A.G. Edwards in 1989, staying through the firm's mergers with Wachovia and Wells Fargo. He now serves as CEO of NovaR.
Fellow team member and financial advisor Keith Osborne joined Wachovia in 2009. Also moving to NovaR from Wells Fargo are Brian Fry, client services associate, and office manager Billi Wood.
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Image: Timothy Rodgers
The four-member team is launching NovaR Wealth Advisors in Overland Park, Kan., a suburb of Kansas City where they will use Dynasty's platform.
Senior team-member Timothy Rodgers has been in the industry since 1981, according to FINRA records. He joined A.G. Edwards in 1989, staying through the firm's mergers with Wachovia and Wells Fargo. He now serves as CEO of NovaR.
Fellow team member and financial advisor Keith Osborne joined Wachovia in 2009. Also moving to NovaR from Wells Fargo are Brian Fry, client services associate, and office manager Billi Wood.
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Image: Timothy Rodgers
Wirehouse Team Joins Regional Firm
A Wells Fargo advisor team has left to join Benjamin F. Edwards, opening the regional broker-dealer's forty-ninth office.
The group of four advisors is based in Boynton Beach, Fla., which is about 50 miles north of Miami in Palm Beach County.
Jeffrey L. Hill started in the business in 1993 with A.G. Edwards, staying with the firm through its mergers with Wachovia and Wells Fargo, according to FINRA records. Hill will also serve as a branch manager at Benjamin Edwards.
Debra Targett is a 30-year veteran of the securities industry. Targett worked at firms such as Shearson Lehman and Donald Sheldon before joining A.G. Edwards in 1992, according to the records. Advisor Steve Brill began his advisory career in 1992, and joined A.G. Edwards in 1996. Team member Mary McLaughlin has 34 years of industry experience, and joined A.G. Edwards in 1989.
Jessica Hill, the daughter of Jeffrey Hill, is a newcomer to the profession. Previously, she had worked in mortgage sales, according to a statement from Benjamin Edwards.
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Image: Jeffrey Hill and Steve Brill
The group of four advisors is based in Boynton Beach, Fla., which is about 50 miles north of Miami in Palm Beach County.
Jeffrey L. Hill started in the business in 1993 with A.G. Edwards, staying with the firm through its mergers with Wachovia and Wells Fargo, according to FINRA records. Hill will also serve as a branch manager at Benjamin Edwards.
Debra Targett is a 30-year veteran of the securities industry. Targett worked at firms such as Shearson Lehman and Donald Sheldon before joining A.G. Edwards in 1992, according to the records. Advisor Steve Brill began his advisory career in 1992, and joined A.G. Edwards in 1996. Team member Mary McLaughlin has 34 years of industry experience, and joined A.G. Edwards in 1989.
Jessica Hill, the daughter of Jeffrey Hill, is a newcomer to the profession. Previously, she had worked in mortgage sales, according to a statement from Benjamin Edwards.
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Image: Jeffrey Hill and Steve Brill
Merrill Grabs Million-Dollar Producer
Merrill Lynch recruited an advisor generating more than $1 million in annual revenue from rival wirehouse UBS, according to a statement from Merrill.
Advisor Robert Bennett joined Merrill's Palm Beach, Fla., office on Sept. 23. Bennett managed about $108 million in client assets while at UBS where he had worked since 2005, according to FINRA records. Previously, Bennett worked at Morgan Stanley.
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Advisor Robert Bennett joined Merrill's Palm Beach, Fla., office on Sept. 23. Bennett managed about $108 million in client assets while at UBS where he had worked since 2005, according to FINRA records. Previously, Bennett worked at Morgan Stanley.
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Morgan Stanley Sweeps Up Advisors From Wirehouse Rivals
In a two week period, Morgan Stanley recruited advisors managing more than $650 million in combined assets and generating nearly $7 million in annual revenue, according to a spokesperson for the firm.
In the largest of four moves, Morgan picked up two New York-based advisors from Neuberger Berman on September 15. Advisors Joseph Stein, Jr., and his son, Jeffrey, managed $320 million in assets, and had a combined production of more than $3.5 million while at their previous employer. Father and son report to Ben Firestein, complex manager.
On the same day that Morgan picked up the Stein team, the wirehouse recruited a J.P. Morgan advisor managing $100 million in assets. Advisor Carolyn Sanderson had been at J.P. Morgan since 2006. Sanderson generated $1 million in annual revenue while at the firm. She joins Morgan at its Lawrenceville, N.J., office, where she will report to branch manager Robert Beylickjian.
Morgan landed another advisor, coming from UBS, who was managing $110 million in assets and generating about $1.1 million in annual revenue. On September 16, Richard Wilson joined Morgan's Louisville, Ky., office where he now reports to complex manager Frank Roccisano.
Morgan also recruited a Merrill Lynch advisor on September 19. Richard Potashner managed $130 million in assets and generated about $1.2 million in assets while at Merrill, where he had been since 1988. Potashner now operates from Morgan's Salt Lake City office where he reports to branch manager Paul Shoemaker.
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In the largest of four moves, Morgan picked up two New York-based advisors from Neuberger Berman on September 15. Advisors Joseph Stein, Jr., and his son, Jeffrey, managed $320 million in assets, and had a combined production of more than $3.5 million while at their previous employer. Father and son report to Ben Firestein, complex manager.
On the same day that Morgan picked up the Stein team, the wirehouse recruited a J.P. Morgan advisor managing $100 million in assets. Advisor Carolyn Sanderson had been at J.P. Morgan since 2006. Sanderson generated $1 million in annual revenue while at the firm. She joins Morgan at its Lawrenceville, N.J., office, where she will report to branch manager Robert Beylickjian.
Morgan landed another advisor, coming from UBS, who was managing $110 million in assets and generating about $1.1 million in annual revenue. On September 16, Richard Wilson joined Morgan's Louisville, Ky., office where he now reports to complex manager Frank Roccisano.
Morgan also recruited a Merrill Lynch advisor on September 19. Richard Potashner managed $130 million in assets and generated about $1.2 million in assets while at Merrill, where he had been since 1988. Potashner now operates from Morgan's Salt Lake City office where he reports to branch manager Paul Shoemaker.
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Wirehouse Advisor Joins Raymond James
A UBS advisor who generated over $1 million in revenue has left the wirehouse to join Raymond James & Associates, the firm's traditional employee broker-dealer, according to branch manager Tom Hirsch.
On September 18 advisor Patrick Yates, his wife Carole, a marketing associate, and Donna Calkin, a sales assistant, joined Raymond James' Louisville, Ky. office. Yates, who reports to Hirsch, managed over $120 million in assets while at the wirehouse.
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On September 18 advisor Patrick Yates, his wife Carole, a marketing associate, and Donna Calkin, a sales assistant, joined Raymond James' Louisville, Ky. office. Yates, who reports to Hirsch, managed over $120 million in assets while at the wirehouse.
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Regional Firm Gets New CEO
D.A. Davidson Companies President Jim Kerr will replace long-time CEO Bill Johnstone as chief executive in January 2015, the company announced. Kerr has nearly four-decades of experience in the securities industry. He joined Davidson in 2005, and has served as the firm's president since 2012. Kerr inherits a firm that has 400 advisors and over 1,300 employees, and which manages more than $45 billion in client assets.
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Image: Jim Kerr
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Image: Jim Kerr
RBC Recruits Advisor Duo From Wells Fargo
Two Wells Fargo advisors with $80 million in assets under management were grabbed by RBC Wealth Management.
Nicholas G. Mueller and Darren Amerkanian will join RBC at its Florham Park, N.J., office, according to a release from the firm. Both had $1.2 million in production, the release says.
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Nicholas G. Mueller and Darren Amerkanian will join RBC at its Florham Park, N.J., office, according to a release from the firm. Both had $1.2 million in production, the release says.
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Deutsche Promotes Regional Exec
Deutsche Asset & Wealth Management promoted Robert Kenney to the position of regional executive to oversee the firm's private client services division in Philadelphia. Kenny joined Deutsche in 2008 as a director and client advisor. He will report to Haig Ariyan, co-head of wealth management and head of private client services in the Americas.
Wunderlich Acquires Small Regional Brokerage
Wunderlich Securities has acquired Dominick & Dominick, a New York-based brokerage firm with a long history on Wall Street.
With the acquisition, Memphis, Tenn.-based Wunderlich will have about 250 advisors in 32 offices managing more than $10 billion in client assets. The deal is expected to be completed in early 2015, according to a statement from Wunderlich. Terms were not disclosed.
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With the acquisition, Memphis, Tenn.-based Wunderlich will have about 250 advisors in 32 offices managing more than $10 billion in client assets. The deal is expected to be completed in early 2015, according to a statement from Wunderlich. Terms were not disclosed.
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Wirehouse Advisor Joins Raymond James
UBS has lost an advisor with more than $125 million in client assets to Raymond James & Associates, the employee broker-dealer arm of Raymond James Financial.
Eric de Goldsmith-Rothschild generated more than $800,000 in annual fees and commissions at UBS. De Goldsmith-Rothschild was hired for the role of senior vice president, investments for the Raymond James office in Miami, the firm announced Thursday.
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Eric de Goldsmith-Rothschild generated more than $800,000 in annual fees and commissions at UBS. De Goldsmith-Rothschild was hired for the role of senior vice president, investments for the Raymond James office in Miami, the firm announced Thursday.
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