By AdvisorHub Staff – Rockefeller Capital Management oiled its recruiting engine ahead of the Labor Day weekend, landing a $900 million-asset team in northern California from Merrill Lynch on Friday and two UBS teams in Houston, Texas and Scottsdale, Arizona.
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Louis Diamond Quoted – By Miriam Rozen, Financial Advisor IQ – Planned hikes in production thresholds and other factors impacting wirehouse advisors’ pay got put on ice in response to the global pandemic earlier this year. But the thaw is on at some firms, raising questions about how compensation plans will look in 2021.
By InvestmentNews – A team of advisers that managed $1.2 billion in client assets at UBS in Overland Park, Kansas, is joining Raymond James & Associates, the broker-dealer’s employee adviser channel.
Mindy Diamond Quoted – By Mason Braswell and Vicky Ge Huang, AdvisorHub – UBS Wealth Management USA continued its campaign to selectively recruit to fill empty seats as it hired three brokers with $2.4 million in production from SunTrust Investment Services, Fidelity Investments and Merrill Lynch. In Franklin, a suburb of Nashville, Tennessee, UBS hired Shaun Rowles, who was producing around $1 million in annual revenue and oversaw $157 million in client assets, according to a person familiar with the move.
Mindy and Louis Diamond Featured – By Jeff Concepcion, The Evolving Advisor Podcast
By Jake Martin, Citywire – Sanctuary Wealth has widened its footprint in the upper Midwest with the addition of Fjell Capital, a two-person team based in Fargo, North Dakota, to its advisor network. Led by Tom Stadum, the team was formerly affiliated with UBS and has about $150m in assets under management.
Mindy Diamond Featured – By Christine Shaw, InvestmentNews – Recruiting and consulting powerhouse Mindy Diamond joins Christine Shaw on this episode of Her Success Matters to discuss how female CEOs can empower the next generation of women advisers to step into leadership roles. To start, Mindy and Christine tackle what it’s like finding the ideal work-life balance as female CEOs with husbands and children, and debunk what “having it all” really means for women in the workplace.
Louis Diamond Quoted – By Ian Wenik, Citywire – Parthenon Capital is pursuing a sale of RIA aggregator Allworth Financial, sources familiar with the situation told Citywire. The private equity firm has hired Raymond James to serve as its investment banker, one source said.
Louis Diamond Quoted – By Diana Britton, WealthManagement.com – LPL Financial announced its first foray into the W-2 affiliation model when it closed on its acquisition of Allen & Co., a Lakeland, Fla.-based broker/dealer and RIA with 30 advisors and $3 billion in assets under management, last year. Since then, the firm has been building out the business channel, and this week the firm officially opened it to the market with the opening of an office space in Boston, where it is currently recruiting.
Louis Diamond Quoted – By Bruce Kelly, InvestmentNews -LPL Financial said last year it was expanding its platform to capture advisers who are employees rather than independent contractors, the firm’s bread and butter. Now, LPL is putting its money where its mouth is and this morning revealed it would pay those advisers top dollar, with an adviser who generates $1 million annually in fees and commissions seeing a potential as much as a 33% pay increase.
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