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Financial Advisor and RIA Moves Reported in the First Half of October

By: Manfred Kanther, Manager of Strategic Initiatives

During the first half of October LPL, Rockefeller and Cetera maintained their net asset leads for the years. That said, RIAs were the most active channel so far this month. Within the wires, the recent push from UBS came to an end at the end of September only to see Merrill begin their recruiting push with the back-end goals again being relaxed and generous up-front signing bonuses.

Wirehouse Channels

UBS reported a few moves which were initiated before the end of the month in the Northern California market involving the following advisors, whose combined AUM totaled $1.4B AUM:

Jordan D. Gersch joined UBS left Morgan Stanley in San Francisco.

Doug O. Brady, joined UBS left Schwab in Los Gatos, CA.

New team " Matthews Oliver Group" has joined UBS who includes Michael Matthews and Amy N. Oliver in Menlo Park, CA. They were previously with Morgan Stanley.

The Narragansett Bay Group in Providence, RI joined UBS which includes team members Joseph P. Tamburini, Nancy Pasquariello and Nathan J. Hickney. The Team manages $1B AUM and is coming from Morgan Stanley.

Daniel Viera has joined UBS in New York, NY and will focus on UHNW relationship in LatAm. He comes from Delta Bank and Trust after 15 years.

The Stirnby Group led by Dirk A. Stribrny and Joseph R. Croll who manage $1B AUM in Conshocken, PA have joined UBS. The Team ranks on the best in State list and were previously with Morgan Stanley.

Ronald Grasso Jr. based in Peabody, MA has joined UBS with $139M AUM. Grasso is coming from Morgan Stanley.

Hirsh Zyskind has joined Morgan Stanley and departed Merrill Lynch in Toms River, NJ. He manages $350M AUM and is ranked on the Forbes’ list of next generation Advisors.

Independent Channels

Raymond James

Al and Erin Weber who are a father daughter team under a new team name “The Weber Group” based in Cranberry, PA and managed $210M AUM have joined Raymond James. They were previously with Baird.

Another family team, Beach Wealth Planning Partner which includes Sanjay Beach, Kalpana Beach and Makis Beach have joined Raymond James. They managed $160M AUM and have departed Merrill Lynch.

LPL

Chip Marcus has joined LPL in Boca Raton, FL. Managing $230M in AUM, Marcus is joining from Merrill Lynch.

The Albany Group based in Decatur, AL has joined LPL. The team managing $375M AUM includes Beau Jones, Chris Story, Taylor Roberts and Joseph Montgomery. They were previously with Raymond James.

Michael Brodnik has joined First Republic in Washington, DC with $230M in AUM. Brodnik is going out on his own after departing the MBA group at Merrill Lynch. In 2022 there has been a trend of Merrill team’s transitioning to Rockefeller.

RBC

One of the larger moves this month was the Promus Wealth Group joining RBC in Indianapolis, IN which is led by David W. Bartz, Daniel P. Chillemi and Brendon C. Harbron in addition to 11 support team members. The Team manages $1.7B AUM and are active in their local community and religious organizations. They are departing from UBS.

The Eckelman, Bergamo, Yablonsky, Lamm team joined RBC in Albuquerque, NM bringing $550M AUM with them. The members include advisors Carl EckelmanJoseph BergamoBrad Yablonsky and Jack Lamm and are joining from UBS.

F.I.T. Wealth Management Group has joined RBC in Fargo, ND. The team includes Chris Meier, Chad Stark, Byron Trochman, Brett Winkelman, Sonja Anderson and Chris Kollitz who manage $600M AUM. They were previously with Wells Fargo.

In an uncommon move, Cetera took a stake in dually registered CCR Wealth Management based in Boston, MA who manages $2.5B AUM.

Catlett/Godin Wealth Management based in Wilmington, NC and manages $320M AUM has joined Stifel. Team members include Sam Catlett, Todd Godin, and Adrieanna Piantedosi. They were previously with UBS. Stifel also reported that 36 new FA’s have joined the firm during Q3.

Cate Grinney and Kailee Davis have joined Ameriprise in Friabault, MN. They manage $331M AUM and have officially formed this team after departing Edward Jones.

Chad Villagomez has joined Ameriprise in the lakeside town of Wyzata, MN who manages $241M AUM. He departed Wells Fargo.

Also joining Ameriprise is John DeMarco in Orland Park, IL who manages $134M AUM, departing Wells Fargo.

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RIA activity

The Mooney Stanley Group based in Pepper Pike, OH who manage $527M AUM joined Rockefeller. The team consists of John Mooney, Zac Stanley, Linda McGann and Gretchen Harris and have consistently ranked on the best in State list over the last few years. The team was previously with UBS.

VK Wealth Management has joined Rockefeller in New York, NY managing $900M AUM. The team includes main advisor Laszlo (Paul) Vasady-Kovacs, Jay L. Goldstein, Christian L. Martinez, Dana M. Shaker and Sean P. Hanigan. The team ranks on the best in State list and is coming from Merrill Lynch.

A recruiting name typically not seen in the RIA space is a recent move to Goldman Sachs custodial by Beverly Hills Private Wealth who manage $1B AUM in Beverly Hills, CA. The team is led by Scott Shagrin, Ira Ravitz and Lisa Weiner and will continue to be team owned. Goldman is assisting in the transition costs as they depart Merrill Lynch.

Cervantes Group & Associates who is renaming to Valorous Advisors based in Plano, TX who focuses on retirement plan consulting has joined Sanctuary Wealth. The team is comprised of Larry Jackson, Christopher Cervantes, and Tracey Gledhill and has departed Merrill Lynch.

World Trend Financial with $730M AUM has been purchased by Savant Wealth management in Cedar Rapids/ Iowa City, IA. Along with this transaction, Terry Lockridge & Dunn which specializes in business services and has the same founder as Savant, was also purchased as part of the transaction.

TAAG Wealth Management in Cincinnati, OH has been purchased by p/e backed Mercer Advisors. The managed $370M AUM and is led by Jeannette Jones and David E. Workman.

Quintes Financial Services in Watsonville, CA with $1B in plan AUM has been purchased by HUB International. Quintes specializes in retirement and insurance benefit services and fits the trend of previous acquisitions that HUB has made this year.

Lakeview Wealth Management led by Judy VanArsdale and Lisa VanArsdale based in Deer Park, IL has been purchased by SageView Advisory Group. The team manages $415M in AUM and the purchase will further push SageView out if its California base.

Patriot Pension Advisors based in Foxborough, MA was purchased by CAPTRUST. Patriot manages $900M AUM and specializes in retirement plan assets. For CAPTRUST, they have now purchased 59 firms since they began acquiring firms.

While not a merger or buyout, PE monies continue to go into the RIA space. Valeas Capital Partners is infusing $200M into Sequoia Financial Group an RIA that collectively manages $10B AUM. Kudu is also an investor in Sequoia.

For more insights on Financial Advisors and RIAs, request a free trial of Dakota Marketplace

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