Advisors on the Move: Merrill Nabs $3B Group
May 20, 2015 4:39 PM
Advisors on the Move: Merrill Nabs $3B Group
Merrill Lynch recently picked up a group from Morgan Stanley which had been managing almost $3 billion in client assets before making the move. However, Merrill also lost two advisors to Steward Partners, an independent firm affiliated with Raymond James Financial Services, and four to regional broker-dealer D.A. Davidson.
To see these and other recent moves and hires, click through our slideshow.
To see these and other recent moves and hires, click through our slideshow.
Merrill Grabs $3B Team From Morgan
Merrill Lynch lured away an advisor team generating $4 million in annual revenue from Morgan Stanley, a spokeswoman said.
The team led by advisor John Mirsepahi joined Merrill's Rockefeller Center office in New York last week. Mirsepahi was reuniting with the firm, after previously working for Merrill from 1999 to 2005 before leaving to join Smith Barney.
According to the latest Barron's top advisor rankings, Mirsepahi and his team managed $2.9 billion in client assets. He said he made the move because of the banking and lending capabilities available at Merrill through Bank of America, he said in a statement.
The team will report to Michael Simonds, complex director.
To read more, click here
The team led by advisor John Mirsepahi joined Merrill's Rockefeller Center office in New York last week. Mirsepahi was reuniting with the firm, after previously working for Merrill from 1999 to 2005 before leaving to join Smith Barney.
According to the latest Barron's top advisor rankings, Mirsepahi and his team managed $2.9 billion in client assets. He said he made the move because of the banking and lending capabilities available at Merrill through Bank of America, he said in a statement.
The team will report to Michael Simonds, complex director.
To read more, click here
$1.3B Advisor Joins Morgan Stanley
Morgan Stanley said it recruited advisors who collectively managed more than $1.6 billion in assets from rivals UBS and HSBC.
In the largest of three moves, Morgan picked up a UBS team that had $1.3 billion in AUM. The group joined Morgan Stanley Private Wealth Management in Los Angeles, where the team reports to complex manager Greg Laetsch.
The team's leader, Greg Fullmer, had been with UBS since 2004, according to FINRA records. Also on the team are Daniel Hawkins, Douglas Dyakon, Joel Russak, Alex London, Emma Goodman and J.B. Kalin.
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In another recent move, an advisor managing $200 million left HSBC to join Morgan. Jimena Hails generated $1.25 million in annual revenues while at HSBC, where she had been since joining the industry in 2003. Hails joined Morgan's Miami office, where she reports to Kevin McCarty, complex manager.
In a third move, Morgan recruited another team from UBS. Advisors Phil Hanna, Jr., and Brent Stern managed $130 million in assets and generated about $1.5 million in annual revenues while at UBS, according to Morgan.
The two advisors joined Morgan's office in Louisville, Ky., where they report to Frank Roccisano, complex manager.
Both advisors joined UBS in 1999, according to FINRA records.
In the largest of three moves, Morgan picked up a UBS team that had $1.3 billion in AUM. The group joined Morgan Stanley Private Wealth Management in Los Angeles, where the team reports to complex manager Greg Laetsch.
The team's leader, Greg Fullmer, had been with UBS since 2004, according to FINRA records. Also on the team are Daniel Hawkins, Douglas Dyakon, Joel Russak, Alex London, Emma Goodman and J.B. Kalin.
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In another recent move, an advisor managing $200 million left HSBC to join Morgan. Jimena Hails generated $1.25 million in annual revenues while at HSBC, where she had been since joining the industry in 2003. Hails joined Morgan's Miami office, where she reports to Kevin McCarty, complex manager.
In a third move, Morgan recruited another team from UBS. Advisors Phil Hanna, Jr., and Brent Stern managed $130 million in assets and generated about $1.5 million in annual revenues while at UBS, according to Morgan.
The two advisors joined Morgan's office in Louisville, Ky., where they report to Frank Roccisano, complex manager.
Both advisors joined UBS in 1999, according to FINRA records.
Janney Grabs $160M Wirehouse Advisor
Janney Montgomery Scott recruited a Morgan Stanley advisor who managed $160 million, a firm spokeswoman said.
Advisor William Blackford joined Janney's office in Spartanburg, S.C.
Blackford managed more than $1 million while at Morgan. He started his career in 1980 with E.F. Hutton, according to BrokerCheck. He later stayed with the firm through mergers with Smith Barney and Morgan Stanley.
Also moving with Blackford is Dena Wofford, registered private client assistant.
To read more, click here
Advisor William Blackford joined Janney's office in Spartanburg, S.C.
Blackford managed more than $1 million while at Morgan. He started his career in 1980 with E.F. Hutton, according to BrokerCheck. He later stayed with the firm through mergers with Smith Barney and Morgan Stanley.
Also moving with Blackford is Dena Wofford, registered private client assistant.
To read more, click here
Morgan Loses $1.3M Team
A Morgan Stanley team producing $1.3 million joined Harbor Investment Advisory, a small Baltimore-based brokerage firm.
The team consists of advisor James W. Curran, III, portfolio manager Fremont J. Knittle, III, and client service associate Craig Martin. They are based in suburban Lutherville, Md., according to the firm's website.
Curran had been an advisor with Morgan since 1985, according to BrokerCheck. Knittle and Martin joined the wirehouse in 2011.
According to a statement from Harbor, Knittle, who is a CFA, had worked as a portfolio manager at Rothschild Capital Management.
To read more,click here
The team consists of advisor James W. Curran, III, portfolio manager Fremont J. Knittle, III, and client service associate Craig Martin. They are based in suburban Lutherville, Md., according to the firm's website.
Curran had been an advisor with Morgan since 1985, according to BrokerCheck. Knittle and Martin joined the wirehouse in 2011.
According to a statement from Harbor, Knittle, who is a CFA, had worked as a portfolio manager at Rothschild Capital Management.
To read more,
$2.7M Team Joins Janney
Janney Montgomery Scott lured away a Morgan Stanley advisor team producing $2.7 million in revenue and managing about $224 million in assets.
Laurence Braunstein and his son, Jordon, will join the firm's Midtown Manhattan branch as an executive vice president of wealth management, according to statements from Janney.
Laurence has 31 years of industry experience, according to FINRA's BrokerCheck. Jordan joined him at Morgan in 2011.
Also making the move is the team's account executive Deborah S. Smith, registered private client assistant Margarita Benejan, and private client assistants Ann Mercado and Timothy R. Braunstein, who is Laurence's nephew.
To read more,click here
Laurence Braunstein and his son, Jordon, will join the firm's Midtown Manhattan branch as an executive vice president of wealth management, according to statements from Janney.
Laurence has 31 years of industry experience, according to FINRA's BrokerCheck. Jordan joined him at Morgan in 2011.
Also making the move is the team's account executive Deborah S. Smith, registered private client assistant Margarita Benejan, and private client assistants Ann Mercado and Timothy R. Braunstein, who is Laurence's nephew.
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Stifel Recruits Wirehouse Team With $147M AUM
A Morgan Stanley advisor team managing $147 million has left the wirehouse to join Stifel.
Stephen Smith was appointed to first vice president of investments at the firm's office in Auburn, Calif. Prior to joining Morgan Stanley in 2008, Smith worked for UBS and Merrill Lynch, according to FINRA's BrokerCheck.
Elizabeth Schrock joined Smith in the move to Stifel as vice president of investments.
To read more,click here
IMAGE: Stephen Smith and Elizabeth Schrock move to Stifel.
Stephen Smith was appointed to first vice president of investments at the firm's office in Auburn, Calif. Prior to joining Morgan Stanley in 2008, Smith worked for UBS and Merrill Lynch, according to FINRA's BrokerCheck.
Elizabeth Schrock joined Smith in the move to Stifel as vice president of investments.
To read more,
IMAGE: Stephen Smith and Elizabeth Schrock move to Stifel.
Wells Fargo Nabs 4 Morgan Advisors
Wells Fargo said it recruited four advisors from Morgan Stanley who collectively managed more than $220 million in client assets.
Advisors Munther Abdallah and Rick Sofiak joined Wells Fargo's office in Orland Park, Ill., a suburb of Chicago. They report to Kevin Ortmeyer, the firm's Chicago Southwest market manager.
While at Morgan both advisors managed more than $100 million in client assets.
Sofiak started in the business with American Express Financial Advisors in 1988, according to BrokerCheck. He later worked for Merrill Lynch until 2006, when both he and Abdallah left Merrill for Morgan.
Advisors Lee Turmail and Jesse Miles also left Morgan, where they oversaw more than $120 million in combined AUM. They joined Wells Fargo in Boca Raton, Fla., where they report to Michael Origlia, senior vice president and branch manager.
Like Sofiak, Turmail started his career at American Express Financial Advisors in 1997. He moved to Merrill in 2006, and then to Morgan in 2009.
Miles had been with Morgan since 2006.
To read more,click here
Advisors Munther Abdallah and Rick Sofiak joined Wells Fargo's office in Orland Park, Ill., a suburb of Chicago. They report to Kevin Ortmeyer, the firm's Chicago Southwest market manager.
While at Morgan both advisors managed more than $100 million in client assets.
Sofiak started in the business with American Express Financial Advisors in 1988, according to BrokerCheck. He later worked for Merrill Lynch until 2006, when both he and Abdallah left Merrill for Morgan.
Advisors Lee Turmail and Jesse Miles also left Morgan, where they oversaw more than $120 million in combined AUM. They joined Wells Fargo in Boca Raton, Fla., where they report to Michael Origlia, senior vice president and branch manager.
Like Sofiak, Turmail started his career at American Express Financial Advisors in 1997. He moved to Merrill in 2006, and then to Morgan in 2009.
Miles had been with Morgan since 2006.
To read more,
Steward Partners Grabs 2 Merrill Advisors
Two Merrill Lynch advisors who oversaw a combined $165 million in AUM moved to Steward Partners, an independent firm affiliated with Raymond James Financial Services, according to a spokesman.
The two advisors generated more than $1.1 million in annual revenue while at the wirehouse, the spokesman said.
One of the two advisors, Steve Bricker, says he spent about eight years at Merrill where he managed more than $100 million in assets. At Steward, he joins fellow ex-Merrill advisor John Pappas. Pappas left the wirehouse late last year and had managed about $60 million in assets. The two are longtime friends. "We're both Miami Dolphins fans so we developed a kinship," Bricker says.
To read more,click here
The two advisors generated more than $1.1 million in annual revenue while at the wirehouse, the spokesman said.
One of the two advisors, Steve Bricker, says he spent about eight years at Merrill where he managed more than $100 million in assets. At Steward, he joins fellow ex-Merrill advisor John Pappas. Pappas left the wirehouse late last year and had managed about $60 million in assets. The two are longtime friends. "We're both Miami Dolphins fans so we developed a kinship," Bricker says.
To read more,
$2.15M Morgan Advisors Go Independent
Two Morgan Stanley advisors who generated $2.15 million in annual revenue left the wirehouse to join Raymond James' independent broker-dealer.
Advisors Jeffrey Collins and Brien Krank, both of in Fargo, N.D., oversaw $350 million in client assets while at the wirehouse.
The two provide comprehensive advice, from estate planning to selling their businesses, to a client base composed mostly of entrepreneurs and owners of large farms and oil businesses, says Krank -- which made Raymond James' offering a better fit. "Every firm says they can support that, but not every firm can once you get out there and kick the tires," he says.
To read more,click here
Advisors Jeffrey Collins and Brien Krank, both of in Fargo, N.D., oversaw $350 million in client assets while at the wirehouse.
The two provide comprehensive advice, from estate planning to selling their businesses, to a client base composed mostly of entrepreneurs and owners of large farms and oil businesses, says Krank -- which made Raymond James' offering a better fit. "Every firm says they can support that, but not every firm can once you get out there and kick the tires," he says.
To read more,
Ameriprise Sweeps Up Advisors With More Than $450M AUM
Advisors who collectively managed more than $450 million in assets have joined Ameriprise, a spokesman said.
Mike Schaefer and his team at Waddell had roughly $153 million in assets before leaving for Ameriprise's independent channel. They joined in in Hays, Kan. Other team members include Michael Berges, Dustin McWhirter, Darien Fritts and Steven Lundeen.
In another move, former Securities America advisor Richard McMahon oversaw some $84 million in assets before moving to Ameriprise's employee channel. McMahon is based in in Hartford, Conn.
Two Wells Fargo advisors joined Ameriprise's employee channel. Brian Duelfer, who managed slightly more than $97 million in assets, is based in Center Valley, Pa. James Motteler, who managed about $71 million in assets at the wirehouse, joined Ameriprise in Campbell, Calif.
LPL also lost an advisor to Ameriprise. Ralph Freibart, who was managing about $61 million in client assets, joined Ameriprise's employee channel in New Orleans, according to the firm. Freibart will report to branch manager Thomas Linn.
To read more,click here
Mike Schaefer and his team at Waddell had roughly $153 million in assets before leaving for Ameriprise's independent channel. They joined in in Hays, Kan. Other team members include Michael Berges, Dustin McWhirter, Darien Fritts and Steven Lundeen.
In another move, former Securities America advisor Richard McMahon oversaw some $84 million in assets before moving to Ameriprise's employee channel. McMahon is based in in Hartford, Conn.
Two Wells Fargo advisors joined Ameriprise's employee channel. Brian Duelfer, who managed slightly more than $97 million in assets, is based in Center Valley, Pa. James Motteler, who managed about $71 million in assets at the wirehouse, joined Ameriprise in Campbell, Calif.
LPL also lost an advisor to Ameriprise. Ralph Freibart, who was managing about $61 million in client assets, joined Ameriprise's employee channel in New Orleans, according to the firm. Freibart will report to branch manager Thomas Linn.
To read more,
Advisors With $350M in Combined AUM Join D.A. Davidson
D.A. Davidson acquired four advisors from Merrill Lynch for two of its offices in the Pacific Northwest. The advisors managed $350 million in combined assets and collectively generated about $1.4 million in annual revenue while at Merrill, Davidson said.
Kraig Kerr, CFP, a $986,000 Merrill producer, will divide his time between Davidson's Salem and Portland, Ore.
With an annual production of $397,000, former Merrill advisor Michael Larlee, CFP, has left for Davidson's Portland, Ore., office as a branch vice president, according to a firm spokesman.
To read more,click here
Kraig Kerr, CFP, a $986,000 Merrill producer, will divide his time between Davidson's Salem and Portland, Ore.
With an annual production of $397,000, former Merrill advisor Michael Larlee, CFP, has left for Davidson's Portland, Ore., office as a branch vice president, according to a firm spokesman.
To read more,
Raymond James Recruits $1.1M Wirehouse Team
A team generating about $1.1 million in annual revenue left Morgan Stanley to join Raymond James & Associates, the firm said.
Advisors Shannon Bennett and Vicki Gray managed $140 million in client assets while at Morgan. The two advisors opened a new Raymond James office in San Rafael, Calif., a city about 20 miles north of San Francisco.
The duo operates as Gray Bennett Group of Raymond James and reports to Nathan Clakley, the firm's Northern California complex manager.
To read more,click here
Advisors Shannon Bennett and Vicki Gray managed $140 million in client assets while at Morgan. The two advisors opened a new Raymond James office in San Rafael, Calif., a city about 20 miles north of San Francisco.
The duo operates as Gray Bennett Group of Raymond James and reports to Nathan Clakley, the firm's Northern California complex manager.
To read more,
Raymond James Lures Away Wirehouse Managers
Raymond James recruited three wirehouse complex managers who oversaw advisors with more than $17 billion in client assets, the firm said.
The managers, formerly with UBS and Wells Fargo, will recruit advisors for three new offices that they are opening for Raymond James' employee channel.
Judson Potter left UBS to join Raymond James as the firm's Connecticut complex manager. While at UBS, Potter oversaw more than 40 advisors with about $4.5 billion in AUM, according to a statement from Raymond James.
In Paramus, N.J., Christopher Leavy joins Raymond James from Wells Fargo Advisors. He now serves as Northern New Jersey complex manager for Raymond James. The firm said that while Leavy was at Wells Fargo, he oversaw 65 advisors with about $5 billion in AUM.
A third recruit, Gary Sievewright, also joins Raymond James from Wells Fargo. While at the wirehouse, he oversaw 95 advisors with more than $8 billion in client assets, according to Raymond James. In his new position, Sievewright serves as Wisconsin complex manager from a temporary office in Brookfield, a suburb of Milwaukee.
To read more,click here
The managers, formerly with UBS and Wells Fargo, will recruit advisors for three new offices that they are opening for Raymond James' employee channel.
Judson Potter left UBS to join Raymond James as the firm's Connecticut complex manager. While at UBS, Potter oversaw more than 40 advisors with about $4.5 billion in AUM, according to a statement from Raymond James.
In Paramus, N.J., Christopher Leavy joins Raymond James from Wells Fargo Advisors. He now serves as Northern New Jersey complex manager for Raymond James. The firm said that while Leavy was at Wells Fargo, he oversaw 65 advisors with about $5 billion in AUM.
A third recruit, Gary Sievewright, also joins Raymond James from Wells Fargo. While at the wirehouse, he oversaw 95 advisors with more than $8 billion in client assets, according to Raymond James. In his new position, Sievewright serves as Wisconsin complex manager from a temporary office in Brookfield, a suburb of Milwaukee.
To read more,
Janney Names New Branch Manager
Janney Montgomery Scott recruited a branch manager with almost two decades of experience that he gained while working for Merrill Lynch and Lehman Brothers.
Doran Young most recently worked as a business director for Lifetime Financial Growth, a financial services firm with its own brokerage unit. He joins Janney to build its presence in the Midwest, according to the firm. He will work from the firm's Columbus, Ohio, office, as both a vice president and non-producing branch manager.
To read more,click here
IMAGE: Doran Young joins Janney.
Doran Young most recently worked as a business director for Lifetime Financial Growth, a financial services firm with its own brokerage unit. He joins Janney to build its presence in the Midwest, according to the firm. He will work from the firm's Columbus, Ohio, office, as both a vice president and non-producing branch manager.
To read more,
IMAGE: Doran Young joins Janney.
