Mega moves: Biggest advisers to switch firms in 2016
July 11, 2016 2:22 PM
2016's biggest recruiting moves
Advisers switching firms might be an industry norm, but billion-dollar moves don't happen every day.
Nearly half of the 20 biggest moves so far this year had multi-billion dollar books; the biggest new hire managed $2.2 billion in client assets. In total, this year's mega movers managed more than $17 billion in client assets.
Click through our slideshow to see the biggest new hires in 2016.
Read more:Biggest breakaways: Where advisers are moving now
(Image: Bloomberg News)
Nearly half of the 20 biggest moves so far this year had multi-billion dollar books; the biggest new hire managed $2.2 billion in client assets. In total, this year's mega movers managed more than $17 billion in client assets.
Click through our slideshow to see the biggest new hires in 2016.
Read more:
(Image: Bloomberg News)
Bloomberg News
$2.2B adviser leaves Credit Suisse for J.P. Morgan
A Credit Suisse adviser who managed $2.2 billion in client assets left the firm to join J.P. Morgan Securities, a spokeswoman said.
Elaine Meyers, an industry veteran, joined J.P. Morgan in San Francisco, where she reports to Regional Director Robert Spawn, the firm said.
Meyers said she made the move to J.P. Morgan for its boutique wealth management model, which she believes best fits her clients' needs.
"I am especially eager to leverage the alternatives and lending capabilities, which are two areas that I believe many of my clients will greatly benefit from," she said.
To read more, clickhere .
(Image: Bloomberg News)
Elaine Meyers, an industry veteran, joined J.P. Morgan in San Francisco, where she reports to Regional Director Robert Spawn, the firm said.
Meyers said she made the move to J.P. Morgan for its boutique wealth management model, which she believes best fits her clients' needs.
"I am especially eager to leverage the alternatives and lending capabilities, which are two areas that I believe many of my clients will greatly benefit from," she said.
To read more, click
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Credit Suisse loses $1.6B team
A team that managed more than $1.6 billion in client assets left Credit Suisse to join William Blair, a spokesman said.
Advisers Kim Chenevey, Joel Dobbs, Craig Savage, and Andy Thompson joined William Blair's Private Wealth Management Group in Atlanta, where they opened a new office. Also moving with the team are service associates Robert Castaneda and Sarah Lundquist.
To read more, clickhere .
Image: (from left to right) Craig Savage, Sarah Lundquist, Joel Dobbs, Robert Castaneda, Andy Thompson and Kim Chenevey.
Advisers Kim Chenevey, Joel Dobbs, Craig Savage, and Andy Thompson joined William Blair's Private Wealth Management Group in Atlanta, where they opened a new office. Also moving with the team are service associates Robert Castaneda and Sarah Lundquist.
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Image: (from left to right) Craig Savage, Sarah Lundquist, Joel Dobbs, Robert Castaneda, Andy Thompson and Kim Chenevey.
$1.3B team jumps to Raymond James
Raymond James recruited a team overseeing $1.3 billion in client assets from Merrill Lynch, a spokeswoman said.
The team, which is comprised of advisers David S. Loeb Jr., and brothers Edward and Jim Fernberger, generated approximately $7 million in annual revenues, according to Raymond James.
"We selected Raymond James, after extensive due diligence primarily because the firm provides the size, scale and national presence to support the needs of our clients," Jim Fernberger said in a statement.
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The team, which is comprised of advisers David S. Loeb Jr., and brothers Edward and Jim Fernberger, generated approximately $7 million in annual revenues, according to Raymond James.
"We selected Raymond James, after extensive due diligence primarily because the firm provides the size, scale and national presence to support the needs of our clients," Jim Fernberger said in a statement.
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$1.2B Morgan Stanley team jumps to Merrill Lynch
A former Merrill Lynch adviser has rejoined the firm with a new team and roughly $1.2 billion in combined client assets, the firm said.
Merrill rehired Andrew Zimmerman along with team members Edward Nabhan, his son Alexander, Megan Cooney and James McIntyre. The group operates from Merrill's Boston Financial Center office, the firm says.
Zimmerman took on his first job in the industry with Merrill in 1990 and left the firm 18 years later to work for Morgan Stanley. While there, Zimmeran held several posts, including managing director, senior portfolio manager, adviser and family wealth director, according to Merrill. He also recruited his future team members.
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Image: Andrew Zimmerman
Merrill rehired Andrew Zimmerman along with team members Edward Nabhan, his son Alexander, Megan Cooney and James McIntyre. The group operates from Merrill's Boston Financial Center office, the firm says.
Zimmerman took on his first job in the industry with Merrill in 1990 and left the firm 18 years later to work for Morgan Stanley. While there, Zimmeran held several posts, including managing director, senior portfolio manager, adviser and family wealth director, according to Merrill. He also recruited his future team members.
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Image: Andrew Zimmerman
Raymond James grabs $1B team from Stifel
A team that oversaw $1 billion in assets left Stifel to join Raymond James' employee channel, the firm said.
The Goeas Group generated approximately $1.25 million in annual revenue, according to Raymond James. The team is comprised of Larry Goeas, his brother Leo, and sales associates Lehua Pahia and Sally Kihoi. They will operate from Raymond James & Associates' first branch in Honolulu.
Larry Goeas will serve as branch manager of the new office, Raymond James says.
He started his financial services career in 1983 with Lehman Brothers, according to FINRA BrokerCheck records. Goeas has additional work experience at Smith Barney and A.G. Edwards. Goeas had been with Stifel since 2008.
Leo Goeas, a former NFL player, joined his brother at the firm as a financial adviser in 2010.
Read more:For this former NFL player, wealth management was the road home .
He is a graduate of the University of Hawaii, like his brother. In 1990, Goeas was drafted by the San Diego Chargers. During his seven year career in the NFL, he also played for the St. Louis Rams and Baltimore Ravens.
To read more about their move, clickhere .
The Goeas Group generated approximately $1.25 million in annual revenue, according to Raymond James. The team is comprised of Larry Goeas, his brother Leo, and sales associates Lehua Pahia and Sally Kihoi. They will operate from Raymond James & Associates' first branch in Honolulu.
Larry Goeas will serve as branch manager of the new office, Raymond James says.
He started his financial services career in 1983 with Lehman Brothers, according to FINRA BrokerCheck records. Goeas has additional work experience at Smith Barney and A.G. Edwards. Goeas had been with Stifel since 2008.
Leo Goeas, a former NFL player, joined his brother at the firm as a financial adviser in 2010.
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He is a graduate of the University of Hawaii, like his brother. In 1990, Goeas was drafted by the San Diego Chargers. During his seven year career in the NFL, he also played for the St. Louis Rams and Baltimore Ravens.
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U.S. Capital Advisors recruits $1B advisers from Amegy Bank
U.S. Capital Advisors recruited advisers that managed approximately $1 billion in client assets, the firm said.
Joseph Klein, Stephen Hines, and Doug Masterson moved from Amegy Bank. Together, they oversaw about $1 billion in client assets, according to U.S. Capital. The trio joined the firm's new office in Houston.
All three advisers had been registered with Amegy since 2003, according to BrokerCheck records. Masterson said in a statement that they made the move in part for U.S. Capital's platform, and because they felt that the firm's wholly owned broker-dealer and RIA would allow them to better serve their clients.
To read more, clickhere .
(Image: Bloomberg News)
Joseph Klein, Stephen Hines, and Doug Masterson moved from Amegy Bank. Together, they oversaw about $1 billion in client assets, according to U.S. Capital. The trio joined the firm's new office in Houston.
All three advisers had been registered with Amegy since 2003, according to BrokerCheck records. Masterson said in a statement that they made the move in part for U.S. Capital's platform, and because they felt that the firm's wholly owned broker-dealer and RIA would allow them to better serve their clients.
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(Image: Bloomberg News)
$1B UBS adviser moves to Merrill Lynch
A UBS adviser who managed $1 billion in client assets has joined Merrill Lynch, the firm said.
Melinda Johnston joins Merrill Lynch in Fort Worth, Texas. She generated $5.6 million in annual revenues while at UBS, a Merrill Lynch spokeswoman says.
Johnston started her career at Prudential Securities in 1985, according to FINRA BrokerCheck records. She moved to UBS in 1995, BrokerCheck shows.
(Image: Bloomberg News)
Melinda Johnston joins Merrill Lynch in Fort Worth, Texas. She generated $5.6 million in annual revenues while at UBS, a Merrill Lynch spokeswoman says.
Johnston started her career at Prudential Securities in 1985, according to FINRA BrokerCheck records. She moved to UBS in 1995, BrokerCheck shows.
(Image: Bloomberg News)
Stifel grabs $825M Credit Suisse advisers
Stifel recruited four Credit Suisse advisers who managed $825 million in client assets, a Stifel spokesman said.
Donald Kinsey, Michele Crittenden, Matthew Pickett and Travis Moss joined Stifel in Dallas. Kinsey started his career at Bear Stearns in 1994, according to FINRA BrokerCheck records.
Crittenden started his career at Lehman Brothers in 1998, while Pickett started his career in 1983 at Rauscher Pierce Refsnes, according to BrokerCheck.
Moss began his career at Banc of America Securities in 1998, BrokerCheck says.
(Image: Bloomberg News)
Donald Kinsey, Michele Crittenden, Matthew Pickett and Travis Moss joined Stifel in Dallas. Kinsey started his career at Bear Stearns in 1994, according to FINRA BrokerCheck records.
Crittenden started his career at Lehman Brothers in 1998, while Pickett started his career in 1983 at Rauscher Pierce Refsnes, according to BrokerCheck.
Moss began his career at Banc of America Securities in 1998, BrokerCheck says.
(Image: Bloomberg News)
Lebenthal loses $750M elite advisers
Two advisers who managed $750 million have left Lebenthal Wealth Advisors to start their own firm with backing from Dynasty Financial Partners, according to a Dynasty spokeswoman.
Carrie Gallaway and Andrew Stern, former wirehouse advisers, are opening YorkBridge Wealth Partners in Bridgehampton, N.Y., and are joined by several former Lebenthal executives, including Jeffrey Lane who served as chairman of the board for Lebenthal Holdings.
To read more, clickhere .
Image: (left to right) Carrie Gallaway and Andrew Stern
Carrie Gallaway and Andrew Stern, former wirehouse advisers, are opening YorkBridge Wealth Partners in Bridgehampton, N.Y., and are joined by several former Lebenthal executives, including Jeffrey Lane who served as chairman of the board for Lebenthal Holdings.
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Image: (left to right) Carrie Gallaway and Andrew Stern
Bloomberg News
Merrill grabs advisers with $675M in AUM
A team of Morgan Stanley advisers that managed $675 million in client assets have joined Merrill Lynch, a firm spokeswoman said.
John Gatto, Kenneth Gatto and Matthew Hughes managed about $675 million in client assets and generated $5.3 million in annual revenues before switching firms, the Merrill spokeswoman said. They operate as the Gatton Hughes Group, based in Jericho, N.Y.
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(Image: Bloomberg News)
John Gatto, Kenneth Gatto and Matthew Hughes managed about $675 million in client assets and generated $5.3 million in annual revenues before switching firms, the Merrill spokeswoman said. They operate as the Gatton Hughes Group, based in Jericho, N.Y.
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Ex-wirehouse adviser with $663M goes indie
A former wirehouse adviser, who manages more than $663 million in client assets, joined Wells Fargo Advisor Financial Network, a spokeswoman said.
Jim Murray previously held positions at U.S. Trust and Merrill Lynch, both units of Bank of America, according to a Wells Fargo spokeswoman.
He opened Guidestar Private Wealth Management in West Lake Village, Calif. Besides being Guidestar's founder and managing principle, Murray also supervises the firm's investment portfolio, a spokeswoman said.
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Image: Jim Murray
Jim Murray previously held positions at U.S. Trust and Merrill Lynch, both units of Bank of America, according to a Wells Fargo spokeswoman.
He opened Guidestar Private Wealth Management in West Lake Village, Calif. Besides being Guidestar's founder and managing principle, Murray also supervises the firm's investment portfolio, a spokeswoman said.
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Image: Jim Murray
$655M team leaves Merril for Stifel
Stifel recruited three veteran advisers who oversaw $655 million in client assets while at Merrill Lynch, a firm spokesman says.
Team members William Lloyd, Andrew Means and Peter Willsea joined Stifel's office in Rochester, N.Y.
Lloyd started his career in 1987 with Dean Witter and left two years later for Merrill Lynch, according to FINRA BrokerCheck records. Means started his career at the wirehouse in 1996, per BrokerCheck. And Willsea began his advisory career at Merrill in 2004.
To read more, clickhere .
Team members William Lloyd, Andrew Means and Peter Willsea joined Stifel's office in Rochester, N.Y.
Lloyd started his career in 1987 with Dean Witter and left two years later for Merrill Lynch, according to FINRA BrokerCheck records. Means started his career at the wirehouse in 1996, per BrokerCheck. And Willsea began his advisory career at Merrill in 2004.
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Morgan Stanley loses $600M advisers to unusual startup
A breakaway Morgan Stanley team aims to focus on their clients' and advisers' "financial, mental and physical" health through a new and unusual partnership with retirement plan consultant, MGO Investment Advisors.
The ex-wirehouse advisers – Todd Resnick, Michael Mawby, Stuart Gertman and Bruce Greenwald – managed $600 million in client assets at Morgan, Resnick says.
They are now affiliated with independent broker-dealer Purshe Kaplan Sterling Investments.
Bearing a name that sounds like slogan or a hashtag, We Are One Seven was founded by the four advisers and three principals at Cleveland-based MGO Investment, Ronald Gross, Richard Gross and Paul Orchosky.
To read more, clickhere .
(Image: Bloomberg News)
The ex-wirehouse advisers – Todd Resnick, Michael Mawby, Stuart Gertman and Bruce Greenwald – managed $600 million in client assets at Morgan, Resnick says.
They are now affiliated with independent broker-dealer Purshe Kaplan Sterling Investments.
Bearing a name that sounds like slogan or a hashtag, We Are One Seven was founded by the four advisers and three principals at Cleveland-based MGO Investment, Ronald Gross, Richard Gross and Paul Orchosky.
To read more, click
(Image: Bloomberg News)
$585M Morgan team joins Stifel
A Morgan Stanley team that managed $585 million in client assets has left the wirehouse to join Stifel, a spokesman said.
Chuck Roberts, David Stone and Toby Mitchell joined the regional broker-dealer's New York office.
Roberts joined the industry in 1992 through Lehman Brothers, FINRA BrokerCheck records show. During his 26-year career, Roberts worked for several firms, including Smith Barney, Oppenheimer and PaineWebber, prior to the firm's sale to UBS, according to FINRA BrokerCheck records.
Both Stern and Mitchell entered the industry in 2000. Stern started his career at J.P. Morgan before moving to Smith Barney in 2003.
Mitchell started his career at Smith Barney, per BrokerCheck.
To read more, clickhere
(Image: Bloomberg News)
Chuck Roberts, David Stone and Toby Mitchell joined the regional broker-dealer's New York office.
Roberts joined the industry in 1992 through Lehman Brothers, FINRA BrokerCheck records show. During his 26-year career, Roberts worked for several firms, including Smith Barney, Oppenheimer and PaineWebber, prior to the firm's sale to UBS, according to FINRA BrokerCheck records.
Both Stern and Mitchell entered the industry in 2000. Stern started his career at J.P. Morgan before moving to Smith Barney in 2003.
Mitchell started his career at Smith Barney, per BrokerCheck.
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(Image: Bloomberg News)
Bloomberg News
Morgan adviser with $570M in AUM goes indie
A Morgan Stanley adviser with more than $570 million in client assets has gone independent with Steward Partners, the firm said.
Eric Beiley joined the Raymond James affiliated-firm started by former wirehouse managers as a founding partner, according to Steward Partners. Beiley managed more than $570 million in client assets while at Morgan and had a total production of $3.65 million, the firm says. His production level makes Beiley one of the largest single producers to join Raymond James’ independent channel, according to Steward Partners.
To read more, clickhere .
(Image: Bloomberg News)
Eric Beiley joined the Raymond James affiliated-firm started by former wirehouse managers as a founding partner, according to Steward Partners. Beiley managed more than $570 million in client assets while at Morgan and had a total production of $3.65 million, the firm says. His production level makes Beiley one of the largest single producers to join Raymond James’ independent channel, according to Steward Partners.
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Merrill hires $555M Morgan team
A Morgan Stanley team that managed $555 million in client assets has left the wirehouse to join Merrill Lynch, a spokeswoman said.
Larry Pohlen, Marc Terris and Michael Kasper operate as the Pohlen, Terris and Kasper Group and are based in Bloomington, Minn., according to Merrill.
To read more clickhere .
(Image: Bloomberg News)
Larry Pohlen, Marc Terris and Michael Kasper operate as the Pohlen, Terris and Kasper Group and are based in Bloomington, Minn., according to Merrill.
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(Image: Bloomberg News)
$540M team leaves Morgan for Stifel
A Morgan Stanley team that oversaw $540 million in client assets has left the wirehouse to join Stifel, according to the firm.
Veteran advisers Larry Watts, Casey Knowles, Robert Thompson and Brian Wilkinson are opening a new office for Stifel in Stockton, Calif.
The team generated $3.5 million in annual revenue, Stifel says.
John Pierce, head of recruiting for Stifel, says the firm is pulling in big producers. For the first quarter of this year, the average new recruit generated more than $1 million in annual revenue, Pierce says.
To read more, click here .
(Image: Bloomberg News)
Veteran advisers Larry Watts, Casey Knowles, Robert Thompson and Brian Wilkinson are opening a new office for Stifel in Stockton, Calif.
The team generated $3.5 million in annual revenue, Stifel says.
John Pierce, head of recruiting for Stifel, says the firm is pulling in big producers. For the first quarter of this year, the average new recruit generated more than $1 million in annual revenue, Pierce says.
To read more, click
(Image: Bloomberg News)
Bloomberg News
$500M Credit Suisse adviser joins Morgan Stanley
Morgan Stanley landed a $3.2 million producer from Credit Suisse, a source with knowledge of the move said.
Francisco Montes had about $500 million in client assets before jumping to the wirehouse, said the source, who did not have permission to discuss the move publicly and asked not to be named. Montes was stationed in Miami while working for Credit Suisse and will remain there under Morgan, the source said.
To read more, clickhere .
(Image: Bloomberg News)
Francisco Montes had about $500 million in client assets before jumping to the wirehouse, said the source, who did not have permission to discuss the move publicly and asked not to be named. Montes was stationed in Miami while working for Credit Suisse and will remain there under Morgan, the source said.
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Bloomberg News
Stifel recruits $500M Wells Fargo team
Stifel recruited a team that managed $500 million in client assets at Wells Fargo, Stifel said.
Herbert Buchbinder, Daniel Stolper and Mary Travis-Swanson are based in Kansas City, Mo.
Buchbinder started his career in 1978 with Kidder, Peabody & Co., a predecessor firm of UBS, according to FINRA BrokerCheck records. Buchbinder stayed through the firm's acquisition by PaineWebber in 1994, but left nearly three years later to join George K. Baum & Co. He moved to Wells Fargo in 2000.
Stolper also started his career at Kidder, Peabody in 1987, per BrokerCheck. He moved to UBS in 1995 before joining Wells Fargo in 2003.
Travis-Swanson entered the industry in 1987 through B.C. Christopher Securities, a now defunct firm, according to BrokerCheck. Travis-Swanson also worked for Fahnestock & Co. and George K. Baum prior to joining Wells Fargo in 2000, per BrokerCheck.
To read more, clickhere .
(Image: Bloomberg News)
Herbert Buchbinder, Daniel Stolper and Mary Travis-Swanson are based in Kansas City, Mo.
Buchbinder started his career in 1978 with Kidder, Peabody & Co., a predecessor firm of UBS, according to FINRA BrokerCheck records. Buchbinder stayed through the firm's acquisition by PaineWebber in 1994, but left nearly three years later to join George K. Baum & Co. He moved to Wells Fargo in 2000.
Stolper also started his career at Kidder, Peabody in 1987, per BrokerCheck. He moved to UBS in 1995 before joining Wells Fargo in 2003.
Travis-Swanson entered the industry in 1987 through B.C. Christopher Securities, a now defunct firm, according to BrokerCheck. Travis-Swanson also worked for Fahnestock & Co. and George K. Baum prior to joining Wells Fargo in 2000, per BrokerCheck.
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$500M Charles Schwab adviser jumps to Stifel
A Charles Schwab adviser who managed $500 million in client assets has joined Stifel, the firm said.
Operating out of Stifel's St. Louis, Mo. office, Scott Link began his career at Edward Jones in 1993, FINRA BrokerCheck records show. Link moved to Charles Schwab in 1995 and spent more than 20 years at the firm before moving to Stifel, according to BrokerCheck.
To read more, clickhere .
(Image: Bloomberg News)
Operating out of Stifel's St. Louis, Mo. office, Scott Link began his career at Edward Jones in 1993, FINRA BrokerCheck records show. Link moved to Charles Schwab in 1995 and spent more than 20 years at the firm before moving to Stifel, according to BrokerCheck.
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(Image: Bloomberg News)
