Advisors on the Move: Billion-Dollar Teams Hunt for New Homes
June 8, 2015 7:00 AM
Advisors on the Move: Billion-Dollar Teams Hunt for New Homes
Mega teams have been on the move recently.
Deutsche Asset & Wealth Management hired a three-person J.P. Morgan Private Bank team with $3 billion in assets while Raymond James made the biggest recruiting grab in its history after picking up a $2.4 billion advisor team from Morgan Stanley.
But those weren't the only notable moves in the competition for top talent. For instance, Merrill Lynch lured away two advisors generating $3 million in annual revenues from UBS.
See these and all the latest recruiting moves by clicking through our slideshow.
Deutsche Asset & Wealth Management hired a three-person J.P. Morgan Private Bank team with $3 billion in assets while Raymond James made the biggest recruiting grab in its history after picking up a $2.4 billion advisor team from Morgan Stanley.
But those weren't the only notable moves in the competition for top talent. For instance, Merrill Lynch lured away two advisors generating $3 million in annual revenues from UBS.
See these and all the latest recruiting moves by clicking through our slideshow.
Deutsche Lures $3B J.P. Morgan Team
A mega team has jumped to Deutsche Asset & Wealth Management from J.P Morgan Private Bank.
The three-member team oversaw $3 billion in assets, according to a person with knowledge of the move.
Oti Roberts joined Deutsche as a managing director and senior private banker, while Freddy Menjivar joined as director and senior investment advisor. Scott Shuffield also joined as an associate banker.
Robert and his team will be based in Miami, serving ultrahigh-net-worth clients in the firm's southeast region. The group will report to Chip Packard, co-head of wealth management in the Americas.
To read more,click here
The three-member team oversaw $3 billion in assets, according to a person with knowledge of the move.
Oti Roberts joined Deutsche as a managing director and senior private banker, while Freddy Menjivar joined as director and senior investment advisor. Scott Shuffield also joined as an associate banker.
Robert and his team will be based in Miami, serving ultrahigh-net-worth clients in the firm's southeast region. The group will report to Chip Packard, co-head of wealth management in the Americas.
To read more,
Raymond James Nabs $2.4B Morgan Stanley Team
Raymond James recruited a $2.4 billion team from Morgan Stanley the biggest in the firm's history, a spokeswoman said.
The move is a milestone in Raymond James' recruiting efforts, as the firm has sought to build out its employee channel, particularly in the Northeast and Pacific Coast states. This latest move dwarfs the firm's biggest grab last year, a $900 million team from J.P. Morgan. That four-advisor team opened Raymond James' first office in Manhattan.
The team includes advisors Don d'Adesky, W. Kristopher Lemke, Matthew Cicero, Jose Cabrera Sr., Kevin Gourrier and Ryan Weber. Also moving with the team are service associates Carmen Rivera, Marisa Breton, Joanne Novie, Vernadine Crespo and Cabrera's two children, Kristina and Jose, Jr.
To read more, click here
Image: The Americas Group
The move is a milestone in Raymond James' recruiting efforts, as the firm has sought to build out its employee channel, particularly in the Northeast and Pacific Coast states. This latest move dwarfs the firm's biggest grab last year, a $900 million team from J.P. Morgan. That four-advisor team opened Raymond James' first office in Manhattan.
The team includes advisors Don d'Adesky, W. Kristopher Lemke, Matthew Cicero, Jose Cabrera Sr., Kevin Gourrier and Ryan Weber. Also moving with the team are service associates Carmen Rivera, Marisa Breton, Joanne Novie, Vernadine Crespo and Cabrera's two children, Kristina and Jose, Jr.
To read more, click here
Image: The Americas Group
Janney Lands $900K JHS Capital Producer
Janney Montgomery Scott recruited an advisor generating more than $900,000 in annual revenue from JHS Capital, the firm said.
Advisor Frank Braddock joins Janney just weeks after JHS was purchased by Ameriprise. Braddock, a 16-year veteran in the financial services field, heads a four-member team, which joined Janney's branch office in Colombia, S.C.
Prior to working at JHS, Braddock did stints at Morgan Stanley, Merrill Lynch and Prudential Securities, according to BrokerCheck records. Also moving with Braddock are account executives David Palkovitz and Jerry Stafford as well as Donna Able, senior registered private client assistant.
To read more, click here
Advisor Frank Braddock joins Janney just weeks after JHS was purchased by Ameriprise. Braddock, a 16-year veteran in the financial services field, heads a four-member team, which joined Janney's branch office in Colombia, S.C.
Prior to working at JHS, Braddock did stints at Morgan Stanley, Merrill Lynch and Prudential Securities, according to BrokerCheck records. Also moving with Braddock are account executives David Palkovitz and Jerry Stafford as well as Donna Able, senior registered private client assistant.
To read more, click here
Advisors With Over $500M Join Ameriprise
Ameriprise said that it has recently added six Wells Fargo advisors collectively managing more than $500 million.
Advisors Kevin Wood, Karen Higgins and Henry Shores joined Ameriprise's office in Richmond, Va., where they report to Robert Butterworth. Wood managed more than $150 million while at the wirehouse, according to an Ameriprise spokesman. Higgins oversaw more than $100 million in assets while Shores had more than $65 million in AUM.
In Livonia, Mich., advisors Bill Luke and James Walker joined Ameriprise and now report to branch manager Hugh Blake-Thomas. While at Wells Fargo, Luke managed more than $100 million in assets. Walker had about $55 million in AUM, according to Ameriprise.
To read more,click here
Advisors Kevin Wood, Karen Higgins and Henry Shores joined Ameriprise's office in Richmond, Va., where they report to Robert Butterworth. Wood managed more than $150 million while at the wirehouse, according to an Ameriprise spokesman. Higgins oversaw more than $100 million in assets while Shores had more than $65 million in AUM.
In Livonia, Mich., advisors Bill Luke and James Walker joined Ameriprise and now report to branch manager Hugh Blake-Thomas. While at Wells Fargo, Luke managed more than $100 million in assets. Walker had about $55 million in AUM, according to Ameriprise.
To read more,
D.A. Davidson Expands Planning Team
D.A. Davidson is building out its coaching and mentoring staff to help advisors with financial planning for clients.
The Great Falls, Mont.-based firm hired Steve Condon as co-director of wealth planning and April Zee as associate director of wealth planning, the firm said. Davidson also promoted Daryl Geffken to manage the wealth planning resource group.
Along with Co-Director Hedley Greene, Condon will oversee a team that helps the firm's roughly 400 advisors provide holistic financial planning to their clients.
To read more,click here
Image: D.A. Davidson added Steven Condon as co-director of wealth planning in order to help provide more practice management support to advisors.
The Great Falls, Mont.-based firm hired Steve Condon as co-director of wealth planning and April Zee as associate director of wealth planning, the firm said. Davidson also promoted Daryl Geffken to manage the wealth planning resource group.
Along with Co-Director Hedley Greene, Condon will oversee a team that helps the firm's roughly 400 advisors provide holistic financial planning to their clients.
To read more,
Image: D.A. Davidson added Steven Condon as co-director of wealth planning in order to help provide more practice management support to advisors.
$285M Morgan Stanley Advisor Joins Wells Fargo
A Morgan Stanley advisor who managed more than $285 million in assets left the wirehouse to join Wells Fargo's independent brokerage network, a spokeswoman said.
Last week, Mark Bailey joined the firm in Buffalo, N.Y. It isn't Bailey's first time going independent. He previously worked at LPL from 1996 to 2008, according to FINRA records.
Bailey, who has nearly 30 years of experience in the industry, had been with Morgan Stanley since 2010, according to FINRA records. Prior to Morgan, he worked at UBS for two years.
To read more, click here
Last week, Mark Bailey joined the firm in Buffalo, N.Y. It isn't Bailey's first time going independent. He previously worked at LPL from 1996 to 2008, according to FINRA records.
Bailey, who has nearly 30 years of experience in the industry, had been with Morgan Stanley since 2010, according to FINRA records. Prior to Morgan, he worked at UBS for two years.
To read more, click here
Baird Hires Advisors From UBS and Morgan Stanley
Baird has recruited two wirehouse advisors from UBS and Morgan Stanley.
Former UBS advisor Eric Pronovost took a branch manager and senior vice president position at Baird's office in Portland, Maine, according to statements from the firm.
Robert Gorman left his post at Morgan Stanley for Baird's office in Columbus, Ohio, with $210 million in assets under management and an annual revenue production of nearly $1 million, the firm says.
To read more, click here
Image: Baird branch manager Eric Pronovost (left) and advisor Robert Gorman (right)
Former UBS advisor Eric Pronovost took a branch manager and senior vice president position at Baird's office in Portland, Maine, according to statements from the firm.
Robert Gorman left his post at Morgan Stanley for Baird's office in Columbus, Ohio, with $210 million in assets under management and an annual revenue production of nearly $1 million, the firm says.
To read more, click here
Image: Baird branch manager Eric Pronovost (left) and advisor Robert Gorman (right)
Merrill Grabs $3M UBS Team
Two advisors joined Merrill Lynch from UBS, where they generated more than $3 million in annual revenues, according to a Merrill spokeswoman.
Advisors Matt Yonally and Chris Compogiannis managed more than $300 million in assets while at UBS.
Yonally said they made the move to Merrill because "we believe that their lending capabilities and goals-based wealth management process distinguishes them from other firms."
To read more,click here
Advisors Matt Yonally and Chris Compogiannis managed more than $300 million in assets while at UBS.
Yonally said they made the move to Merrill because "we believe that their lending capabilities and goals-based wealth management process distinguishes them from other firms."
To read more,
New Recruits at U.S. Trust
U.S. Trust announced several new hires at numerous offices across the country.
In the Northeast; Black Point Capital Management advisor Thomas Cattell joins the firm's office in Portland, Maine, the firm says. Kristella Capurso left her position at Merrill Lynch for the firm's Boston, Mass. office and both Jean-Philippe Mourra and Alex Li left Citigroup for the firm's office in New York City.
In the Midwest; Ahmed Siaje left his post in the consumer retail division of Bank of America for the Trust's office in Troy, Mich.
Bill Vlahos also joined the firm in San Francisco after leaving his previous position with Odyssey Value Advisors.
In the Northeast; Black Point Capital Management advisor Thomas Cattell joins the firm's office in Portland, Maine, the firm says. Kristella Capurso left her position at Merrill Lynch for the firm's Boston, Mass. office and both Jean-Philippe Mourra and Alex Li left Citigroup for the firm's office in New York City.
In the Midwest; Ahmed Siaje left his post in the consumer retail division of Bank of America for the Trust's office in Troy, Mich.
Bill Vlahos also joined the firm in San Francisco after leaving his previous position with Odyssey Value Advisors.
