April 6, 2022
By Jake Martin
Breakaway teams from Merrill Lynch, UBS Wealth Management USA and Morgan Stanley have flown their wirehouse coups in the past week for Dynasty Financial Partners and LPL Financial, according to announcements and registration records.
In Philadelphia, a four-person team led by 20-year industry veteran Jerry Davidse and five-year broker Brook Hart, on April 1 launched a registered investment advisory firm dubbed Presilium Private Wealth, according to registration records.
The duo, who are dropping their brokerage licenses as a result of the move, managed $350 million in assets at their former firm, according to a Wednesday announcement from Dynasty, which is providing the RIA operational and back-office support. The two advisors, joined in the move by staffers Jackie Ellison and Kelley Casper, had produced $3.5 million in annual revenue at Merrill, according to a Dynasty spokeswoman.