Reuters – J.P. Morgan Chase & Co’s wealth management unit said it hired a team of 6 veteran advisers from UBS, Merrill Lynch and Bernstein Global Wealth Management to expand the firm’s presence in Atlanta, New York and Seattle. The advisers together managed about $1.2 billion in client assets at their previous firms.
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. Or browse an at-a-glance sample of representative deals…
Raymond James recently recruited the veteran team of Thomas Dedrick, CFP® and Pam Franklin, CRPC® to join the Tuscaloosa, Ala. office of Raymond James & Associates (RJA) ─ the traditional employee broker/dealer of Raymond James Financial, Inc. (NYSE-RJF) ─ according to Tash Elwyn, president of RJA’s Private Client Group. They will do business as the Dedrick-Franklin Group
Wendy Leung Quoted – By Andrew Welsh, OnWallStreet – A UBS team of advisors with a billion dollars under management has left the Swiss bank to form IFM Capital Advisors, an independent RIA.
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.
HighTower, the nation’s destination of choice for entrepreneurial advisors seeking greater independence and practice control, announces the transition of LCK Wealth Management to the HighTower partnership. This is the third advisor team HighTower has transitioned in as many weeks.
HighTower, the nation’s destination of choice for entrepreneurial advisors seeking greater independence and practice control, announces the addition of The Andriole Group to the HighTower partnership. This is the second advisor team transition HighTower has completed in the past two weeks.
Merrill Lynch team breaks away from Bank of America (yes, ironically) to get better access to bankers
Mindy Diamond Quoted – By Brooke Southall, RIABiz – The Maher Group – 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 $5 million to $250 million of revenue — many of whom have or will soon be seeking specialized knowledge and connections to liquidate their holdings.
ThinkAdvisor – MK Wealth’s partnership is the 10th for HighTower in the last year. HighTower announced Monday that MK Wealth Management, an advisory team on Long Island, is joining the partnership, representing the 10th time in the past year that a new team has joined the Chicago-based independent advisor-owned financial services firm. Thirty-seven teams have joined the HighTower partnership since its 2007 inception.
HighTower Grabs Sought-After $650mm Merrill Lynch ‘Life Sciences’ team and Shrugs off Recent Deal Slowdown
Mindy Diamond Quoted – By Lisa Shidler, RIABiz – HighTower Advisors LLC is officially back in the deal-making business, grabbing its largest breakaway in six months — a Philadelphia-area team with $650 million in assets. HIghTower announced Tuesday that Gregory C. Sarian and Francis X. Masse II of The Sarian Group joined the firm as partners and managing directors. They left Merrill Lynch on Friday to join the Chicago-based RIA and combined have more than 35 years’ experience in the financial services industry. The assets are now primarily with Schwab Advisor Services for custody and Black Diamond is the chosen performance reporting system provider.
Mindy Diamond Quoted – By Elizabeth MacBride, Forbes – A seven-person advisory team managing $550 million broke away from Merrill Lynch in Portland, Maine, to join HighTower Advisors on Friday. The team, Simmons Wilkes Investment Advisors, extends HighTower’s reach to the largest city Down East. The advisors declined to be interviewed. HighTower says they are too busy setting up shop to take phone calls.
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