By Ross Snel, Barron’s – A financial advice team that managed $1.2 billion at UBS has taken the leap to independence with the assistance of Dynasty Financial Partners. So reports WealthManagement.com, which writes that the new firm will be called Cyndeo Wealth Partners. The name comes from the Greek word syndeo, which means “connect.”
By Suzanne Wooley, Advisor Perspectives – Matt Kilgroe and his team have left UBS Group AG, where they managed $1.2 billion in client assets, to start Cyndeo Wealth Partners in his hometown of St. Petersburg, Florida. Kilgroe, 54, spent 21 years at Merrill Lynch before moving to UBS in St. Pete, where he worked for eight years. While Cyndeo has a number of old land-owning Florida families as clients, its seven advisers also work with corporate executives, business owners and professional athletes in about 40 U.S states, he said.
By Suzanne Woolley, Bloomberg – Matt Kilgroe and his team have left UBS Group AG, where they managed $1.2 billion in client assets, to start Cyndeo Wealth Partners in his hometown of St. Petersburg, Florida. Kilgroe, 54, spent 21 years at Merrill Lynch before moving to UBS in St. Pete, where he worked for eight years. While Cyndeo has a number of old land-owning Florida families as clients, its seven advisers also work with corporate executives, business owners and professional athletes in about 40 U.S states, he said.
By Asia Martin, WealthManagement.com – Matt Kilgroe, an advisor to sports and entertainment professionals in St. Petersburg, Fla., has left UBS to start his own registered investment advisory, partnering with Dynasty Financial Partners to do so. He and his 13-member team, which manage $1.2 billion in client assets across approximately 400 households, will now be known as Cyndeo Wealth Partners.
By Mason Braswell, AdvisorHub – Two lifetime Merrill Lynch brokers in Alexandria, Virginia, who said they had been generating around $7.5 million in annual revenue have affiliated with Raymond James Financial as independent contractors.
Louis Diamond Quoted – By Mrinalini Krishna, Financial Advisor IQ – As advisors walk away from wirehouses, independent broker-dealers have been welcoming them in. IBDs such as LPL Financial, Raymond James and Ameriprise Financial, in particular, have been successful in attracting wirehouse breakaways, says Louis Diamond, executive vice president and senior consultant at Diamond Consultants.
Louis Diamond Quoted – By Jason Bisnoff, Fund Intelligence – Steward Partners has announced a new line of business, launching a self-employed affiliate model that offers advisers the ability to start or maintain their own business with access to Steward’s infrastructure. The service expansion is a positive development in the independent adviser ecosystem, according to Diamond Consultants executive vice president Louis Diamond.
Mindy Diamond Quoted – By Jason Bisnoff, Fund Intelligence – First Republic has added a four-person team from UBS to join the firm’s bank branch office in Paramus, New Jersey. Kieran Lynch, Jack Inserra, Craig Kaufman and Joel Kaufman join First Republic Investment Management after serving as Saddle River Wealth Management at UBS for more than 12 years. The team was producing $3.6m in fees and commissions and managed around $550m at UBS, according to Advisor Hub.
Mindy Diamond Quoted – Financial Advisor IQ – Many of the qualities that make women excellent financial advisors are also keeping them from making the move toward independence, Mindy Diamond writes in InvestmentNews. At the same time, many female advisors who have taken the plunge share certain characteristics, she writes.
Mindy Diamond Quoted – By Bruce Kelly, InvestmentNews – In 2008, when a group of advisers in charge of $7 billion left Merrill Lynch to set up their own RIA, Luminous Capital Holdings, the financial advice industry was aghast. It was an audacious move, particularly for a team of all-star financial advisers.
