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Advisors on the Move: 32 teams switch firms, $8.8B
Aggressive hiring initiatives at regional and independent firms are fueling brisk churn in the job market for financial advisors.

There has been more movement this year than last, says Michael Terrana, CEO of financial planning recruiting company Terrana Group. And through the rest of the year, he expects to see more advisors leave the four major wirehouses, he says.

As they continue to expand and open new branches across the country, regional broker-dealers like Raymond James, Stifel Financial, RBC Wealth Management, Kestra Financial and Janney Montgomery Scott have been successfully luring advisors from the wirehouses, including several multimillion-dollar teams they’ve recruited in the last few weeks.

Among the wirehouses, at least 17 teams have left Wells Fargo alone. Meanwhile, Morgan Stanley, which made the decision to leave the Broker Protocol last fall, has also lost several teams over the last month. The industry accord allows departing advisors to take basic client contact information with them, but now that Morgan Stanley is no longer a member, the firm has been filing lawsuits against its ex-advisors, alleging that they’ve stolen client information on their way to competing firms.

Whereas Morgan Stanley left the Broker Protocol, regional BD Hilliard Lyons decided to join the industry accord in March. Since then, the firm has expanded in North Carolina, Tennessee and Ohio, hiring new advisor teams and adjusting its growth strategy. Hilliard Lyons hopes to grow its headcount to 450 advisors and increase its revenues by 36% in the next three to five years, says Tom Kessinger, president of the firm.

“I think the RIA industry is just beginning its growth phase,” said Jim Denholm, president of IronBridge, an RIA in Texas. He adds: “I think they’re in a much better position to serve high-net-worth clients than the large firms are. And I think that’s going to be the case for the next 20 years.”

baird by the numbers 2018
Baird grabs 8 more advisors and $880M from wirehouses
Baird added three teams managing around $880 million in client assets from Wells Fargo and Morgan Stanley, adding to the ongoing advisor exodus from the industry’s largest firms.

The Mathey Mirabella Group includes managing directors John Mathey and Dan Mirabella, who oversee $305 million in assets and production of $1.5 million. Mirabella will also serve as branch manager for the firm’s Ann Arbor, Michigan, office.

The Olson Bellfi Pham Group includes husband-and-wife duo, managing director Karla Olson-Bellfi and vice president Omer Bellfi, in addition to vice president Thai-Vi Pham. The team manages $475 million and $1.6 million in production and joins Baird’s Ann Arbor office.

Meanwhile, the McCrea Burns Group, which includes director Dobbin McCrea, vice president Cassidy Burns and associate advisor Kevin Rollwagen, joins the firm’s Edina, Minnesota, office. That team manages $98 million with $1.7 million in production.

Read more here.
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Steward Partners nabs more talent from Wells Fargo
Steward Partners’ aggressive recruiting push is paying off as the Raymond James-affiliated firm welcomes its 12th advisory team this year.

Advisors Faith Harrington and Constantine Harris join the firm’s Portsmouth, New Hampshire office from Wells Fargo, where they managed more than $215 million in client assets. It was at least the sixth time Steward has pulled talent from Wells Fargo since February.

Read more here.
Raymond James advisory team T.J. Goelz, Dean Dancer (top), Joe Malave (bottom), Pamela Miller, Steven Grossman, Blake Caldwell.jpg
Raymond James scoops up $480M team from UBS
Raymond James has been on a long-running recruiting campaign, and some if its latest hires include a team that managed more than $480 million in client assets while at UBS.

Advisors Dean Dancer, T.J. Goelz, Steven Grossman and Joe Malave joined Raymond James's employee side in Sarasota, Florida in May, the company said.

Read more here.

Breakaway moves
$186M team leaves Wells Fargo to launch incubator
Kestra Private Wealth Services has added a former Wells Fargo Advisors practice with $186 million in client assets.

Gary Baker, Dan Kraus and Kim Rubenstein of Undivided Wealth Management plan to launch what Baker describes as a “life incubator” for clients of their suburban St. Louis practice under its new independent status, he says. The practice aligned with Kestra Financial’s subsidiary hybrid RIA in early May.

Read more here.
Merril Lynch (1) by Bloomberg
$800M Merrill Lynch team goes indie with Focus Financial
Three advisors managing $800 million at Merrill Lynch left the wirehouse to set up an independent firm with the help of Focus Financial Partners, a spokeswoman said.

“Launching an independent firm has been on our mind for a while,” Iain Whyte, chairman of the newly created Pasadena Private Wealth, said in a statement.

Whyte’s fellow teammates include Simon Holford and Bryan Muth.
Read more here.

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Stifel bags $1B advisors in recruiting sweep
A Stifel recruiting sweep netted advisors managing more than $1 billion, the company said.

Like other regional BDs, Stifel has been on a hiring push, luring talent primarily from larger wirehouse competitors.

Stifel attributed the burst of new hires to cultural changes at the wirehouses and positive shifts in the recruiting landscape, notably greater regulatory clarity following the demise of the Department of Labor's fiduciary rule.

The recruits include father-son duo Dan Gruber and Joe Gruber, who managed $347 million and $42 million while at Wells Fargo and Raymond James, respectively.

Other advisors joining Stifel from Wells Fargo include Michael Heckman in San Rafael, California; Christian Comberg in Charlottesville, Virginia; Asma Mahmood in Modesto, California; and Jeff Hughes in Topeka, Kansas.

Altogether, Stifel's hires from Wells Fargo managed $951 million while at the wirehouse, according to the regional BD. The firm also hired Wells Fargo's Michelle Stebbins to serve as a branch manager in Southfield, Michigan.

Stifel's recruiting sweep also netted Cynthia and Richard Vogel, Savannah, Georgia-based brokers who are wife and husband and oversaw $82 million while with Morgan Stanley. Robert Fenton, previously with Raymond James, joined Stifel in Traverse City, Michigan. He oversaw $42 million in client assets, according to Stifel.

Read more here.
Leo Connors and Leo Connors, Jr.  Janney Montgomery Scott financial advisors
Janney hires 3 advisors, including $133M father-son duo
Janney Montgomery Scott added three new advisors to its ranks, the company said.

The new recruits include Leo Connors and Leo Connors, Jr., a father-son team from Merrill Lynch that managed $133 million in assets, as well as Michael Federico, a 30-year industry veteran from Brown Advisory, an independent wealth management firm.

Read more here.

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RBC attracts former $610M Merrill Lynch duo
Merrill Lynch lost a $610-million team to RBC Wealth Management, as departures from the wirehouse continue to climb in recent weeks.

The Johnson Prince Group is comprised of Daniel Johnson, a senior vice president and financial advisor who has 21 years of industry experience, and John Prince, a senior vice president and financial advisor with 26 years of experience.

The duo joins RBC’s Century City branch in Southern California.

Read more here.
Raymond James headcount
$505M Wells Fargo team jumps to Raymond James
Yet another multimillion-dollar Wells Fargo team has moved on to what it says are greener pastures.

Mark Griffin and Mark Liley, who together managed $505 million in client assets at Wells Fargo, are moving to Raymond James.

The team’s departure adds to an already diminishing headcount on Wells Fargo’s wealth management side, which has lost advisors in five out of the last six quarters amid ongoing banking scandals.

Read more here.
A team of six advisors and two client service associates are spearheading two advisory groups managing $390 million at the Hilliard Lyons branch in Asheville, North Carolina.
Hilliard Lyons hires $390M team after joining the Broker Protocol
Six advisors who oversaw $390 million in client assets decided to break away from Oppenheimer & Co. for Hilliard Lyons.

The advisors include Alan Brookshire, James Chandley, Julie Willard, Kale Olson, John Grear and Linda Saylor.

While Hilliard Lyons is not traditionally known for making big recruiting pushes, the regional firm joined the Broker Protocol in March. Since then, the firm has expanded its ranks in Ohio, and now North Carolina.
In May, two advisors who had managed $230 million in assets at UBS joined Hilliard Lyons, opening the sixth branch in Ohio.

Read more here.
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Ameriprise takes advisors managing $113 million from UBS
UBS lost an advisor managing $113 million in assets to regional broker-dealer Ameriprise Financial.

“I wanted access to a strong suite of financial planning tools, as well as the freedom to select my own staff and run my business in a way that allows me to provide a great customer experience,” advisor Ruth Onkst said in a statement. “My clients are already seeing benefits.”

Onkst is joining the Gainesville, Florida branch of Ameriprise along with advisor Jim Onkst and business manager Stacey Strivers. Ruth Onkst has 33 years of experience in the industry, according to BrokerCheck.

“You want on the one hand to keep getting a relatively decent yield from your investments, but also protect your portfolio against short-term bouts of volatility," said Maximilian Kunkel, chief investment officer for Germany at UBS Wealth Management.
$340M UBS team joins Kestra PWS
A former UBS team overseeing $340 million in client assets has joined independent firm Kestra Private Wealth Services.

The Cranston, Rhode Island-based team, known as Northeast Investment Group, includes financial advisors and founding partners Jeffrey Boudjouk, Anthony Landi and Deborah Shuster, along with client relationship manager Kelly Almonte.

Boudjouk said they made the move to Kestra PWS in order to have greater freedom in how they serve their clients. “We wanted to partner with a firm that gave us all the tools, support and guidance needed to focus on our clients and grow our practice. Kestra PWS really delivered on that front,” Boudjouk said in a statement.

Read more here.


Raymond James by Raymond James
Raymond James adds $230M in ongoing hiring spree
Raymond James shows no signs of slowing down its recruiting efforts, snagging a three-advisor team managing $230 million from Stifel, the company said.

The St. Petersburg, Florida-based firm's new hires, Todd Krentz, Justin Brown and Michelle Evans joined Raymond James's independent channel in April, according to FINRA BrokerCheck records. The Chesterfield, Missouri-based team operates as Krentz Financial group.

Read more here.
Janney Montgomery Scott courtesy of Janney
Janney advisors managing $400M return more than decade after leaving
Janney Montgomery Scott lured an advisor team with more than $400 million in client assets from competing regional broker-dealer Stifel Financial, Janney says.

For three out of the four advisors on the team, it’s not their first time being hired at the firm.

Janney’s new team is made up of Timothy Gormley, Paul Furlong, Kevin Keane and Kathleen Zelenka.

With Keane as the exception, Gormley, Furlong and Zelenka each spent at least four years with Janney more than a decade ago, according to FINRA BrokerCheck.

Read more here.

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Morgan Stanley loses $175M advisor to Stifel as post-protocol departures continue
Morgan Stanley’s departure from the Broker Protocol has failed to stop the slow trickle of advisors leaving the wirehouse to go independent. An advisor managing $175 million in assets is one of the recent departures, heading to Stifel Financial.

Janet Stamato left Morgan Stanley to join Stifel in Hackensack, New Jersey. She has 31 years of experience, including stints at wirehouses Merrill Lynch, UBS and Morgan Stanley, according to FINRA BrokerCheck.

Morgan Stanley left the protocol in November, making it harder for advisors to exit the New York City-based wealth management firm with their respective clients in tow.

Read more here.
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Morgan Stanley loses $500M advisor to J.P. Morgan Securities
J.P. Morgan Securities recruited a Morgan Stanley advisor who oversaw $500 million in client assets, a spokeswoman confirmed.

Ex-Morgan Stanley advisor David Reiser joined J.P. Morgan Securities in New York, where he reports to Mike Lee, regional director.

It's one of the latest wirehouse hires for the boutique wealth management unit, which caters to ultrawealthy clients.

Read more here.
Change in financial advisor headcount from prior quarter at Wells Fargo. Broker exodus.
Wells Fargo loses six more advisors
Six more Wells Fargo advisors announced departures, all of them deciding to go independent at firms that have been luring away their financial planners throughout recent months.

Advisors Mark Demo and Raymond Patraw, who previously managed $230 million in assets at Wells Fargo, moved to Stifel, according to the firm.

Broker David McClure went to RBC earlier this month. He managed $110 million while at the wirehouse, according to RBC.

Raymond James announced that father-son team Clay and Nate Brandt, who the firm says managed $173 million in assets at Wells Fargo, joined a new branch in Burlington, Wisconsin.

Meanwhile, Eileen Keegan is joining Janney Montgomery Scott in Glatsonbury, Connecticut. The firm says she managed $77 million in assets at Wells Fargo prior to her arrival.

Read more here.
JPMorgan 2 by bloomberg
Merrill Lynch loses 3 advisors to J.P. Morgan Securities
J.P. Morgan Securities pulled three advisors managing $443 million in assets from Merrill Lynch, a spokeswoman said.

The hires include Jonathan McPharlin, Daniel Halperin and Charles A. Cooper, Jr. They each have less than 10 years of experience in the industry, all of which they spent at Merrill Lynch.

It's one of the latest big Merrill Lynch teams to join J.P. Morgan's elite brokerage unit. A Merrill broker overseeing $800 million in client assets joined the boutique firm in mid-May.

Read more here.

John Morey
John Morey leaves GMO, becomes Fiduciary Trust’s new vice president
The investment management firm Fiduciary Trust Company has picked up John Morey from GMO for its new position of vice president, head of client service and business development.

“He will … assist our growth with families seeking investment and estate advice from a firm aligned with their best interests,” Austin Shapard, CEO of Fiduciary Trust, said in a statement.

Morey served as the head of client relations in North America for 15 years at GMO. Prior to that, he was a senior manager at Putnam and a managing director at BankBoston.

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First Republic grabs six hires from Wells Fargo and Jeffries
First Republic Investment Management added five new advisors to their firm.
Jeremy Wenner, Vincent Lovoy, Adam MacDonald and Todd Halbrook will be joining branches in California. Adam Beard will be in Boston.

Lovoy, MacDonald and Halbrook join the firm from Wells Fargo, and Wenner and Beard come to First Republic from Jefferies.

Mike Cregan Icon Wealth - June 26 2018
Icon Wealth Partners hires managing director-head of fixed income strategies
Icon Wealth Partners has hired Mike Cregan as its managing director and head of fixed income strategies.

Cregan has 17 years of experience in the industry, including 10 years managing assets at Chase Securities of Texas, according to BrokerCheck.

“Mike brings extensive investment expertise in developing customized fixed income portfolios for high net worth investors,” said Mark McAdams, one of the firm’s founding partners.
Hilliard Lyons headquarter
Hilliard Lyons aims for growth, hiring regional director
As it aims to ramp up growth, Hilliard Lyons is streamlining its management model to include regional directors who will assist branch managers.

The Louisville, Kentucky-based firm recently hired George von Zedlitz as a regional director overseeing the firm’s Northern Ohio and Western Pennsylvania branches. He will be based in Cleveland.

“This represents a significant commitment to expanding in central, northern and eastern Ohio,” Tom Kessinger, Hilliard Lyons president said in a statement.

Read more here.

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RBC hires two new female branch managers
RBC Wealth Management has hired two new managers to oversee the firm’s operations at its Houston Galleria branch and the Denver Tech branch.

Recruiting Amy Whittington in Houston and Angelica Nelson in Denver is part of RBC’s plan to bring more women into the firm in a variety of roles, including in leadership positions.

“RBC Wealth Management is committed to attracting more women to the firm. Amy and Angelica are proven leaders who are committed to growing their branches and increasing advisor productivity,” Kristen Kimmell, RBC’s chief of staff said in a statement. “Adding more women to leadership positions is good for the industry, good for our business but most of all, good for our clients.”

Read more here.

Wells Fargo Advisors Leave for Raymond James John McDermott, Wendy Petrovits, Thomas Monroe
Raymond James nabs advisors managing over $1B from Wells Fargo
Raymond James & Associates recently snagged six new recruits from Wells Fargo Advisors.

The new recruits include Thomas Monroe and John McDermott, who oversaw $336 million in assets at Wells Fargo; Craig Cooley, Lee Miller and Michael Wegener, who managed $500 million; and Tim Godin, who oversaw $260 million in client assets, Raymond James says.

Read more here.

Potter Financial Group North Carolina - June 2018
Commonwealth recruits three advisors from Kestra
Three advisors who managed more than $130 million in assets at Kestra Financial, moved to Commonwealth Financial Network, the firm says.

Charlie Potter, Chip Roe and Price French operate as Potter Financial Group in Durham, North Carolina.

“This was not an easy decision for us — we had been with our prior affiliate for 20 years,” Chip Roe said in a statement. He said they decided on Commonwealth because of the business model and structure and low advisor-to-staff ratio.

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LPL grabs $100M team from Nationwide
LPL Financial recently recruited an advisor managing $100 million in client brokerage and advisory assets, pushing the No. 1 independent broker-dealer’s headcount even further beyond that of any of the wirehouses.

Christopher Manci and his staff of five associates brought their Tunkhannock, Pennsylvania-based practice to LPL from Nationwide Securities in the second quarter. The team had spent 16 years with their prior BD.

LPL’s headcount surpassed that of any individual wirehouse at more than 16,000 advisors in the first quarter following its acquisition of the assets of National Planning Holdings.

D.A. Davidson headquarter building exterior
D.A. Davidson hires new advisor from Merrill Lynch
An advisor managing $120 million in assets left Merrill Lynch for D.A. Davidson, according to the firm. Aron Thompson will be joining the firm’s Seattle branch.

“Aron is the right addition to our team as we continue strengthening our presence in Seattle and offering more clients the personalized service for which our advisors are known,” said Michael Purpura, president of D.A. Davidson Wealth Management in a statement.

Thompson was at Merrill Lynch for 10 years prior to his hire, according to FINRA BrokerCheck.

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Kestra lures away $300M Wells Fargo team
Kestra Private Wealth Services scooped up a $300 million team from Wells Fargo Advisors.

The team, known as Liberty Wealth Solutions in Paramus, New Jersey, is led by managing director Steve Battel, as well as senior vice presidents Rob Yevchak, Bruce Battel and Nancy Hurst.

“We’ve worked for years to develop and deepen our client relationships, even serving up to three generations of families and believe moving toward independence will allow those relationships to grow,” Battel said in a statement.

Read more here.
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Three advisors leave Merrill Lynch
An advisor ranked as one of Forbes’ top 100 advisors in Texas left Merrill Lynch to go independent, said BB&T Scott & Stringfellow.

Don Bescher managed $386 million in assets at Merrill Lynch, according to Forbes. He was an advisor at the wirehouse for 21 years before he decided to move to regional BD BB&T Scott & Stringfellow.

Bescher is joining two advisors, Larry Milton and Philip Garcia, who left Merrill Lynch in May for BB&T Scott & Stringfellow. They are responsible for opening the firm’s first office in Fort Worth, Texas, says the firm.
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RBC hires $600M team from Wells Fargo
RBC snapped up a Wells Fargo team managing $600 million in client assets, a spokeswoman said.

The team, dubbed the Weissman & Dion Wealth Management Group, joined RBC in West Palm Beach, Florida, but will move into a new office due to open in Boca Raton later this year.

The new hires include veteran advisors Gary Weissman and Eric Dion as well as Andrea Dellisanti, a registered client associate, and Peggy Eagles, a senior registered client associate.

Read more here.
Raymond James hq
Raymond James division recruits advisors from J.P. Morgan
A division of Raymond James, Alex. Brown, took two advisors from J.P. Morgan Securities, says the firm.

Jon DuPrau will serve as managing director at Alex. Brown. He comes from six years at J.P. Morgan and seven years at Wells Fargo Advisors, according to FINRA BrokerCheck. Caspar Turdor, who will be serving as vice president of investments, has less than one year of experience at J.P. Morgan, says FINRA BrokerCheck. Both men will be located in Los Angeles.

“Their years of experience in successfully managing their client relationships and their unique approach to client portfolios is a perfect fit to the boutique wealth management business we are building at Alex. Brown,” said Gary Cohen, regional executive and branch manager in Los Angeles.
chalice capital partners - AOTM slideshow June 2018
Atlanta Consulting chooses Chalice Capital as Broker-Dealer
Atlanta Consulting Group selected Chalice Capital Partners, the independent broker-dealer branch of the Chalice Financial Network, as its broker-dealer.

“Chalice’s ability to provide institutional quality support and services via full service brokerage and capital markets in addition to their willingness and empathy in supporting the wants and needs of independent RIAs designated that they are a great fit for our firm and clients,” said Roderick Hennek, managing director and founder of Atlanta Consulting, in a statement.

Atlanta Consulting manages over $12 billion in assets, according to the firm.