January 18, 2018 By Sean Allocca Focus Financial inked another big-figure deal after a blockbuster 2017 that netted more than two dozen RIAs, according to the firm. The Cornerstone Wealth Group, formerly with LPL Financial, advises on $1.3 billion in client assets and manages $800 million, according to CEO and managing partner Craig Rubrecht. The firm serves mass-affluent and high-net-worth clients with 15 financial advisors on staff and eight offices in North and South Carolina and San Francisco. Read more…

July 12, 2016 By Andrew Welsch A UBS team that managed about $150 million has gone independent with Raymond James, according to the firm. The newly independent firm, named Great Lakes Wealth, became affiliated with Raymond James Investment Advisors Division, which provides custodial and support services to RIAs. Great Lakes Wealth is led by managing partners Dewey Steffen and Michael P. Hartman, who serve as CEO and COO respectively. Also moving with the team is Carmela Eastin, director of operations. They are based in Northville, Mich., a suburb of Detroit. Read more…

July 12, 2016 By Andrew Welsch A UBS team that managed about $150 million has gone independent with Raymond James, according to the firm. The newly independent firm, named Great Lakes Wealth, became affiliated with Raymond James Investment Advisors Division, which provides custodial and support services to RIAs. Great Lakes Wealth is led by managing partners Dewey Steffen and Michael P. Hartman, who serve as CEO and COO respectively. Also moving with the team is Carmela Eastin, director of operations. They are based in Northville, Mich., a suburb of Detroit. Read more…

April 18, 2016 By Nicholas Yeap UBS advisors, who oversaw $125 million in client assets, have left the wirehouse to launch a practice with HighTower, says the firm’s spokewoman. Chris Ure and Al Martinez joined HighTower as managing directors in Boca Raton, Fla. The team is High Tower’s third this year and second in Florida, according to the firm. “We selected HighTower for their commitment to growth, dedication to clients, and for the opportunity to leverage their unmatched expertise and resources on behalf of our business and our clients,” Ure said in a statement. Read more…

October 8, 2015 As reported on ThinkAdvisor Advisory firm D.B. Root & Co. went the independent route, leaving behind Commonwealth Financial Network and joining Dynasty Financial Partners. Charles Stout, senior advisor; David Hoffmann, vice president; Steve Kohler, senior financial advisor; Michael Aroesty, financial advisor; Lynn Hoffay, CPA; and nine support staff members also joined from Commonwealth. D.B. Root is based in Pittsburgh and has client assets of more than $650 million. Read more…    

September 8, 2015 Mindy Diamond Quoted By Michael Wursthorn A team of Merrill Lynch financial advisers who manage more than $1 billion resigned on Tuesday to form an independent advisory firm to offer more specialized services to clients, such as paying bills and providing advice on custom-designed investments. Brokerage recruiter Mindy Diamond said the ability for advisers to offer family services is a big reason for teams to go independent. “A lot of advisers are looking for more ways to differentiate themselves,” said Ms. Diamond, president of Morristown, N.J.-based Diamond Consultants Inc. “In order to do so, they need to […]

May 18, 2015 By Andrew Shilling An independent financial advisory firm with more than $108 million in client assets has joined Commonwealth Financial Network, the firm said. James F. King, Jr., and his team at the Manalapan, N.J.-based King Financial Network made the move to the privately held independent broker/dealer, Commonwealth Financial said.  Read more…    

May 8, 2015 By Michael Shagrin Dennis Barba joins Wells Fargo Advisors Financial Network (FiNet) from UBS with $175 million in client assets. His independent practice will have offices in both Beachwood, Ohio and New York City. Before joining FiNet this month, he spent the previous six years with the UBS. Prior to that, he spent five years at Raymond James, according to Financial Industry Regulatory Authority (FINRA) records. Earlier in his career, he had stints at Prudential, A.G. Edwards and Smith Barney. Read more…

June 16, 2014 RAYMOND JAMES WELCOMES $1.1 MILLION ADVISOR FROM UBS IN WESTLAKE VILLAGE, CALIFORNIA ST. PETERSBURG, Fla. – Continuing Raymond James Private Client Group’s westward expansion, the firm welcomed veteran financial advisor Barry Stern, CIMA®, to Raymond James Financial Services (RJFS), the firm’s independent broker/dealer, in Westlake Village, California, according to Bill Counsman, regional director for the RJFS Western region. “It’s a pleasure to welcome Barry to Raymond James and our network of independent advisors,” said Counsman. “For some advisors, going independent is the best choice, and welcoming an advisor such as Barry is a testament to the broad platform […]

May 21, 2014 By Matthias Rieker More Brokers Break Away to Form Independent Firms Trend Is Reshaping Industry, Eroding Dominance of Wall Street. On a Friday in early May, financial adviser Herman Rij put on his Merrill Lynch tie—pink, with light blue bulls—and went to work at the brokerage’s third-floor office in Bethlehem, Pa. He met with a client who had flown in from Arizona. Then he went in to see his boss—and resigned. Merrill Lynch had no advance notice, but there was nothing sudden about the move. Over the past half year, Mr. Rij and his team at Merrill—daughter […]

November 13, 2013 by Brooke Southall Dynasty Financial leads a second $1 billion-range team — now Fidelity RIA — out of Wall Street in as many weeks Fusion Family Wealth LLC presumed the economics of buying top research wasn’t there — but was shown otherwise Brooke’s Note: Dynasty Financial was quiet, very quiet, for months on end. But now it has started to rack up wins, big, exotic ones, with a vengeance. More impressive is that in each case, the newly minted RIA principals named Dynasty as a key missing piece in emerging from the wirehouse womb. This Blau departure […]

April 2, 2013 by Brooke Southall  Merrill Lynch team breaks away from Bank of America (yes, ironically) to get better access to bankers James Maher is forming Archford Capital Strategies as a wealth manager that needs capital galore to unlock his clients’ billions in assets from illiquidity The Maher Group had about as good a long-term business plan as you could ask for — — on paper. The former Merrill Lynch team had eight individuals, some with legal or accounting degrees or CFA credentials. Better yet, it had established a niche over the past decade of serving business owners with […]

February 6, 2014 – $1 Billion Advisor Team Ditches Wirehouse For The Independent Life Mindy Diamond, Contributor Meet Tim Kneen and Clayton Hartman just once and you would know that they were never meant to be wirehouse advisors. This billion dollar Colorado based duo, generating almost $8 million in annual revenue, with combined industry experience of not quite six decades left UBS in mid-January to form their own wealth management firm. It was the shot heard around the industry. Such a high profile move will always attract attention, but when a team like Tim and Clayton’s goes independent, it is […]

December 17, 2013 RAYMOND JAMES WELCOMES A NEW RIA FIRM IN CARY, N.C. AFFILIATES WITH RAYMOND JAMES INVESTMENT ADVISOR DIVISION (IAD) ST. PETERSBURG, Fla. – Bill Van Law, president of Raymond James Investment Advisors Division (IAD) announced the formation and affiliation of Emerald Asset Management, an independent investment advisory firm based in North Carolina. The firm, which maintains offices in Cary and Rocky Mount, N.C. comprises founding managing partners, Robert A. Leggett, CFA®, CFP®, J.D., James B. Tharin, CFA®, and Clint W. Sorenson, CFA®, CMT®, as well as director of operations Grier Rubeling and operations manager Lisa Ingram. “Welcoming Robert, James, Clint […]