Staff, Financial Advisor Magazine – Financial advisor Patrick Yates, along with associates Carole Yates and Donna Calkin have joined the Louisville, Ky., branch of Raymond James & Associates. The team operates as Yates Financial Partners and manages more than $120 million in client assets and has annual production of $1.1 million. Previously affiliated with UBS Financial Services, Patrick Yates also worked at Morgan Stanley, Pruco Securities and The Ohio Company.
By Mason Braswell, InvestmentNews – Morgan Stanley Wealth Management has kicked off the recruiting year with the high profile hire of a trio of elite Bank of America Merrill Lynch advisers in Chicago. Veteran Merrill advisers Linda J. Stephans, Kristina Van Liew and Erik Oiler, who led a team of nine as part of Merrill Lynch’s Private Banking and Investment Group, a specialized unit for around 150 teams working with ultra-wealthy clients, jumped to Morgan Stanley on Friday, according to registration records with the Securities and Exchange Commission.
Reuters-ON THE MOVE – On Monday, Lebenthal Asset Management announced it acquired Aurora Investment Counsel, an Atlanta-based equity manager run by independent adviser David Yucius which oversees $250 million in client assets for foundations, endowments and corporations.ore…
Financial Advisor Magazine – Raymond James Private Client Group has recruited veteran financial advisor Barry Stern in Westlake Village, Calif. Stern comes to Raymond James from UBS Financial Services, where he managed more than $107 million in client assets and had annual fees and commissions of about $1.1 million. Joining him is Kathleen Loretto, serving as client relationship manager. They operate as Ocean West Wealth Strategies Inc.
By Diana Britton, WealthManagement.com – New York-based Cantor Fitzgerald Wealth Partners has acquired Capital Planning Advisory Group, a Yardley, Pa.-based RIA and the sixth team to join Cantor’s wealth management business since the launch of that division last September. The team manages about $120 million in assets, according to Meridian-IQ. The acquisition brings Cantor Fitzgerald’s wealth management division to just over $3 billion in assets.
By Matthias Rieker, The Wall Street Journal – 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.
By Corrie Driebusch, The Wall Street Journal – Four teams of brokers managing more than $765 million combined in client assets joined the wealth management arm of Morgan Stanley (MS) on Friday from Bank of America Corp. (BAC), J.P. Morgan Chase & Co. (JPM) and Wells Fargo & Co. (WFC).
By Brooke Southall, RIABiz – Fusion Family Wealth LLC has a why-didn’t-I-think-of-that strategy for building its business that had one potential weak underpinning, now seemingly corrected. The New York City- and Long Island-based RIA that broke away from UBS on Friday expects to have about $900 million of assets under management when the dust settles after re-materializing as a legally fiduciary advisor.
By Paul Golden, FundFire – Wirehouse advisor mobility will increase significantly in 2014 as retention packages expire and the independent route becomes more attractive, according to a FundFire reader poll and expert interviews.
Raymond James recently recruited Gene Marx, senior vice president, investments, and Catherine Hunter, CERTIFIED FINANCIAL PLANNER™ and financial advisor, in Charlotte, N.C., according to Ed Ferguson, Charlotte branch manager at Raymond James & Associates (RJA) – the traditional employee broker/dealer of Raymond James Financial, Inc. (NYSE-RJF). The team operates as Marx Wealth Management of Raymond James.
