Mindy Diamond Quoted – by Mason Braswell, AdvisorHub – A team of Goldman Sachs brokers in Seattle with $10 million in production have joined Morgan Stanley’s private wealth group, a sign of wirehouses’ willingness to selectively hire mega-producers even as they tighten their operational belts. David Midgley, who was responsible for about 90% of his three-advisor team’s revenue in the past 12 months, arrived at the wirehouse two weeks ago. He had been with Goldman since 2005, according to his BrokerCheck history.
Moves in the News
While not all moves we have helped facilitate are mentioned in the media, here are some moves by financial advisors that did receive recognition.
By Ian Wenik, Citywire – Sanctuary Wealth has added a former UBS broker in San Francisco to its platform. Courtney Jones left the wirehouse on Friday to found Credo Wealth Management, according to her Securities and Exchange Commission (SEC) registration details. AdvisorHub first reported Jones’ breakaway.
By Alex Padalka, Financial Advisor IQ – As Merrill Lynch reports that its advisor ranks dipped slightly in the second quarter 1% from the previous year, the wirehouse lost a team of brokers to Raymond James, according to Raymond James.
By Ian Wenik, Citywire – Rockefeller Capital Management has added a five-advisor team from Merrill Lynch. Dallas-based advisors Neil Rubenstein, James Sandfort, Anna Gorman, Ryan Barcena and Michael Buss have all joined the Viking Global Investors-backed firm, according to their Financial Industry Regulatory Authority (Finra) BrokerCheck profiles. The five advisors operated under the RSA Group brand name while at Merrill.
By Andrew Welsch, OnWallStreet – A team that managed $175 million at UBS quit to open an independent practice with Kestra Private Wealth Services, according to the company. The team was driven in part by a desire to keep pace with changes in wealth management, according to team member Brendan McCarthy, who pointed to what he said were improvements in technology as well as greater accessibility to products and services for clients.
By Ian Wenik, Citywire – Sanctuary Wealth is on a recruitment roll after adding two more Merrill Lynch breakaway advisor teams to its independent RIA network that run a combined $530 million in client assets. The latest recruits are Sanctuary’s third and fourth teams to join its network this month. Indianapolis, Ind.-based Sanctuary now has a combined $10 billion in assets under management on its platform.
By Garrett Keyes, Financial Advisor IQ – The financial advice team of Enclave Wealth Advisors, responsible for $275 million in client assets, has left Merrill Lynch for independence through Sanctuary Wealth’s network of financial advisories, according to a Sanctuary press release.
By Michelle Abrego, Citywire – Independent network Sanctuary Wealth has added a Merrill Lynch breakaway team with $275 million in client assets.
By Lavanya Nair, Financial Advisor IQ – RBC Wealth Management hired an advisor from Merrill Lynch who oversaw $250 million in client assets, according to the company.Joining the Florham Park office in New Jersey, veteran advisor David Hollenberg has 24 years of experience in the financial services industry. He spent the entirety of his career at Merrill Lynch, according to FINRA BrokerCheck records.
By Mason Braswell, AdvisorHub – A New Jersey broker who had spent his 24-year career with Merrill Lynch shifted last week to RBC Wealth Management, expressing irritation with the firm’s Bank of America parentage.