The Northeast saw the most December advisor transitions with 19 moves totaling at least $12.1B in disclosed client assets, followed by the Southeast with 13 moves ($1.8B). The Midwest was next with 11 moves ($3.6B), while the Southwest ($7.9B) and West ($518M) saw eight.
There were also two moves spanning multiple regions, including a $3B pickup by Rockefeller of a former UBS team with offices in Florida and California.
Rockefeller was the month’s leading recruiter by number of moves, adding eight teams, including the aforementioned bicoastal UBS team and $1B T3 Investment Management Group – a former Stifel-affiliated firm based in Texas. Additionally, Concurrent gave a recruiting update during the month, disclosing that it picked up seven teams in the fourth quarter spread across Ohio, New York, Pennsylvania, Colorado, and California.
Commonwealth Financial – which has seen a stream of defections following its sale to LPL Financial – had one of the bigger moves of the month with the addition of a $3.6B former BNY Mellon team based in Boston, which is led by Chris Martinson and Justin Esposito.
Of note, Raymond James, which has been the most active recruiter in recent months, picked up five teams with $903M in disclosed assets, and it also partnered with Bank Midwest, which selected the firm to support its Spirit Lake, IA-based Midwest Wealth Management investment program – which includes six financial advisors and oversees $692M in client assets.
Outside of advisor moves, December’s standout people news included Adam Birenbaum’s announced promotion to CEO of Focus Financial Partners, Eric Freedman’s appointment as CIO of Northern Trust Wealth Management, and Wealthspire’s hire of Brad Long as CIO.
For a complete overview of December advisor moves and other people news, continue reading Dakota's roundup:
Advisor Moves
Midwest
Northeast
Southeast
Southwest
West
Multiple Regions
Other People Moves
