Raymond James broke LPL's recent run, leading the way in independent advisor recruitment in March with the addition of nine teams bringing $2.8B in managed client assets. Taking a little bit of the shine off of the month's tally for RayJay was the fact that Stifel managed to recruit away a $1.35B Georgia team, which was one of a handful of $1B+ teams moving during the month, with Compound Planning, Seventy2 Capital, Cetera, and NewEdge the shops landing those sizable teams. The biggest of the bunch was Bank of Hawaii's $2.5B AUA Bankoh Investment Services, which inked a networking deal with Cetera.
In terms of other people on the move in March, a former Cambridge Associates partner joined Morgan Stanley to head up its OCIO business, along with a number of wealth head and CIO appointments. Dakota also tracked some notable RIA launches during the month, including several - Storgate, Five Eleven Partners, and LinePoint Partners - specifically aimed at providing family-office-style services to ultra-high-net-worth clients.
Read on for more a full roundup of independent advisor moves and all the other people- and firm-related updates covered by Dakota in March.
Advisor Moves
UBS Lands $400M South Florida Advisor from Morgan Stanley
UBS Private Wealth Management welcomed advisor Zachary Sobel from Morgan Stanley, where he managed $400M in client assets.
LPL Recruits $190M Carmichael Financial Team from Osaic
LPL Financial recruited Carmichael Financial into its broker-dealer, RIA, and custodial platforms from Osaic, where they managed $190M in client assets.
Cetera Welcomes $235M Oregon Team
Clear Financial Partners, with $235M in client assets, joined Cetera Wealth Partners, part of Cetera Financial Group network.
Compound Adds $1.2B Iowa Team Plus NY, Pittsburgh Advisors
Compound Planning expanded its team by seven advisors, notably adding a four-person group composed of Matthew Faubion, Jakub Kubrak, Dimitry Farberov, and Michael Hunter managing $1.2B in client assets across Iowa, New York, and Pennsylvania.
LPL Recruits $250M NJ Team from Wells Fargo
Justin Lotano, formerly of The Lotano Group at Wells Fargo where he oversaw $250M in client assets, has joined LPL Financial's broker-dealer, RIA, and custodial platforms in Colts Neck, NJ.
$210M Tennessee Team Moves to Ameriprise from LPL
Highland Wealth Management, managing $210M in client assets across Columbia, Lewisburg, and Pulaski, Tennessee, has transitioned from LPL to Ameriprise Financial's independent channel.
Report: Integrated Partners Adds $331M Michigan Team
Integrated Partners expanded its network through its recruitment of CoFi Advisors, a $185M advisory team located in Portsmouth, NH.
Cetera's Avantax Recruits $80M Brazzel Wealth Mgmt in Louisiana
Brazzel Wealth Management, based in Alexandria, LA, has joined Avantax, a Cetera network firm of tax-focused financial professionals.
NoVa-based DecisionMap Team Leaves Goldman for Dynasty
DecisionMap Wealth Management, an independent RIA based in Great Falls, VA, joined Dynasty Financial Partners, adding $177M in regulatory assets under management to the firm.
Mesirow Recruits FL Treasure Coast Advisor from Sequoia
Mesirow Wealth Management strengthens presence in Florida’s Treasure Coast by adding Stuart, FL-based advisor Ashley Crotwell from Financial Advisors.
Sheaff Brock Welcomes Back Advisor from JPM Wealth
Michelle Reddick rejoined the Sheaff Brock Advisors from JPMorgan and assumed the role of portfolio solutions vice president.
Report: UBS Adds $330M Massachusetts Team from Merrill Lynch
UBS Wealth Management has recruited a financial advisory team from Merrill Lynch in Peabody, MA, who reportedly oversaw $330M in client assets.
Janney Adds Atlanta Team from Truist
Janney Montgomery Scott expanded its Atlanta presence by recruiting the Duggan Faires Investment Partners team, formerly of Truist.
Report: RayJay Recruits WV Team from Morgan Stanley
Jeffrey Biederman and Andrew Burns, formerly of Morgan Stanley and managing $769M in client assets, have joined Raymond James in Charleston and Huntington, WV.
Seventy2 Capital Recruits $1.2B NJ Team to FiNet
A seven-member team from Wells Fargo Wealth, reportedly managing $1.2B in assets, has joined Seventy2 Capital Wealth Management's new Iselin, NJ office.
Citizens Recruits $900M SoCal Team From Merrill
Kristoffer 'Kris' Reddaway and his Newport Beach, CA-based team, managing approximately $900M in client assets, have transitioned from Merrill Lynch to Citizens Financial Group.
RayJay Recruits $135M Guam Advisor from Merrill
Raymond James expanded its employee advisor channel in Guam, by recruiting Judy Chong, formerly of Merrill Lynch, who managed $135 million in client assets.
LPL Adds Four Advisors, $475M in AUM to Carnegie Private Wealth
LPL Financial expanded its network through Carnegie Private Wealth, adding advisors James Larsen, Lucas Decker, Kevin Lewis, and Seth Miller, who collectively manage $475M in brokerage and retirement assets.
Cetera Welcomes $140M San Diego Advisor from Wells Fargo
Charles Kraft, a San Diego advisor managing $140M in assets at Wells Fargo, has joined Cetera Investors, a part of Cetera Financial Group.
Benjamin F. Edwards Recruits TN Advisor from Edward Jones
Kristoffer “Kris” Yarlett, formerly of Edward Jones, has joined Benjamin F. Edwards' Morristown, TN office, a national wealth management firm headquartered in St. Louis, MO.
UBS Nabs NYC Private Wealth Advisor from JPM Private Bank
Lin Reynolds, a former JPMorgan Private Bank director, has joined UBS in the Manhattan market, where she will report to market director Tom Conigatti.
RayJay Nabs $200M SoCal Team from LPL
Raymond James added Daniela Fricke and Kelly Erickson, formerly of LPL Financial and managing $200M in client assets, to its employee advisor channel in Newport Beach, CA, where they will serve high-net-worth clients.
Report: Integrated Partners Recruits $185M NH Team from Ameriprise
Prout Financial Design, an advisory firm with $331M in assets under administration and located in Traverse City, MI, joined the Integrated Partners network.
Stifel Welcomes $1.35B Team from RayJay
The Greer Financial Group, a seven-member team managing $1.35B in client assets at Raymond James, has reportedly joined Stifel in Macon, GA.
Jenkins Financial Team Leaves NW Mutual for Seaside Wealth
Joshua Jenkins, formerly an advisor with Northwestern Mutual in Mechanicsburg, PA, has joined Seaside Wealth Management and will operate under the name Jenkins Financial.
$140M AL Team Moves to RayJay from Morgan Stanley
A $140M Morgan Stanley team, led by Barbie Beck, joins Raymond James in Tuscaloosa, AL.
Report: Wells Fargo Lands $540M New York Team From Stifel
Wells Fargo added veteran New York-based advisors Adam Shafiroff and Laurence Shafiroff, who reportedly managed $540M in client assets and generated $2.4M in annual revenue at Stifel.
Cetera Scores $2.5B AUA Networking Deal with Bank of Hawaii
Cetera Financial Group has entered into a networking agreement with Bank of Hawaii, enabling Cetera Financial Institutions to provide broker-dealer services to Bankoh Investment Services (BISI), Bank of Hawaii's $2.5B AUA investment services and insurance division.
LPL Lands $275M CO/WY Team from Ameriprise
Larry Hubbard, Craig Conner, and Jade Maasch, who managed $275M in client assets at Ameriprise, have joined LPL Financial's broker-dealer, RIA, and custodial platforms.
RayJay Recruits $390M Florida Advisor from UBS
Raymond James has added financial advisor Russell Cappelen to its employee advisor channel in Vero Beach, FL, who transitioned from UBS where he managed $390M in client assets.
RBC Recruits $300M Las Vegas Team from UBS
Jordan Grangard and his financial advisory team, who managed $300M in client assets at UBS, have joined RBC Wealth Management in Las Vegas.
$170M Indiana LPL Team Joins Osaic’s Affiliated Advisors
Osaic expanded its broker-dealer and RIA network through Affiliate Advisors by welcoming Ever Wealth, an Auburn, ID-based RIA managing $170M in client assets.
$320M Alaska Advisor Team Joins Raymond James
Al Biss, an Anchorage, AK-based advisor who reportedly managed $320M in client assets at Edward Jones, has joined Raymond James' broker-dealer, RIA, and custodial network.
Commonwealth Lures $213M Multi-Generational Team From Morgan Stanley
Peoples & Co. Private Wealth Stewardship, a family-owned firm based in Allentown, PA and previously with Morgan Stanley, joined Commonwealth Financial Network, bringing a reported $213M in client assets.
Ameriprise Adds $100M SoCal Team from Edward Jones
Mila and Roman Kisz, advisors based in Simi Valley, CA, who reportedly managed $100 million in client assets at Edward Jones, have joined Ameriprise Financial's affiliate firm, LegacyOaks Advisors.
$200M Central FL Schwab Advisor Jumps To RayJay
Steven Porter, a financial advisor who reportedly managed $200M in client assets at Charles Schwab, has joined Raymond James' employee advisor channel in Winter Park, FL.
RayJay Recruits $365M LA County Advisor from CUSO
Raymond James has added financial advisor Jason Torrey-Payne to its employee advisor channel in Pasadena, CA, who transitioned from CUSO Financial Services and managed approximately $365M in client assets.
UBS Recruits $180M Seattle Advisor from Morgan Stanley
Amani Y. Harris, who managed $180M in client assets at Morgan Stanley, has joined UBS Wealth Management's Seattle office as a first vice president and portfolio manager.
Janney Expands Chicago Wealth Team with Merrill Recruit
Matt Clark, a Chicago-based advisor who previously worked at Merrill Lynch, has joined Janney Montgomery Scott as a senior vice president in wealth management.
LPL Lures $600M Tennessee Team from UBS
A Franklin, TN-based team, led by Austin Greer and John Dunahoo, managing $600M in client assets at UBS, has joined LPL Financial.
RayJay Recruits $312M Louisiana Advisor from Merrill
Davis Brister, a financial advisor managing $312M in client assets, has left Merrill Lynch to join Raymond James' employee advisor channel in Mandeville, LA.
Rockefeller Lands Wealth Managers from Merrill Lynch, UBS
Rockefeller Capital Management recruited Rhodes White Bazan Wealth Partners from Merrill Lynch and Ladner Franz Wealth Partners from UBS, with a combined $1.2B in client assets, to Rockefeller Global Family Office.
Report: NewEdge Hires $1.4B Team from Merrill Lynch
Kreuger, Fosdyck, McCall, & Associates, a team managing $1.4B, has left Merrill Lynch to join NewEdge Securities in Destin, Florida.
$100M Advisor Joins Uptick Partners, Launches Holistic Planning Branch
Matthew Fitzgerald, formerly with Edward Jones and managing $100M in client assets, has joined Uptick Partners and established Holistic Planning in Sedona, AZ.
MAI Capital Adds Athlete-focused Advisory Team
Jon Hayes and Tim Hightower, formerly of Constellation Sports Council, have joined MAI Capital Management.
More People News
Bleakley Financial Investment Strategist Adds Research Responsibilities
Nischal Pai of Bleakley Financial Group has expanded his role to include director of investment research, in addition to his existing position as senior investment strategist.
Flagstar Bank Names Head of Private Banking, Wealth Management
Flagstar Bank, a unit of Flagstar Financial, has named Mark Pittsey, former global private banking head at HSBC, as its new head of private banking and wealth management.
Fairman Financial Names New Managing Partner
Fairman Financial, a fee-only financial advisory firm in Chesterbrook, PA, has announced that Shawn Kindt, a founding partner, will succeed Roy Fairman as managing partner.
Report: Cambridge Partner Joins Morgan Stanley to Lead OCIO
Sona Menon, a former partner at Cambridge Associates, has been recruited by Morgan Stanley to lead its $184B OCIO business.
Oxford Financial Recruits FO Veteran to Grand Rapids (MI) Office
Tania DeVries, a veteran of the family office sector, has joined Oxford Financial Group's Grand Rapids, MI, office as a managing director.
AssetMark CEO to Take Over for Retiring CEO of Adhesion Wealth Affiliate
Michael Kim, CEO of AssetMark, will now also serve as president and CEO of Adhesion Wealth, an AssetMark-affiliated RIA located in Charlotte, NC. This follows the retirement of Barrett Ayers, who served the company for 20 years.
Wellington Management Names Head of US Wealth
Christina Kopec Rooney has been appointed head of US wealth at Wellington Management, an independent investment firm in Boston.
Parkwoods Wealth Names Chief Investment Officer
Robert French has been named chief investment officer and head of marketing at Parkwoods Wealth Partners.
Clearstead Hires Senior MD of Advisor Recruiting from JPMorgan
Clearstead Advisors appointed Albert Leshinsky, previously head of advisor recruitment at JPMorgan, as its senior managing director, advisor recruitment.
Procyon Boosts Investment Group with Veteran Team
Procyon Partners, a firm within the Dynasty Financial network, has added Massimo Santucchia and Katherine Gallagher, veteran investment professionals, as senior vice presidents and heads of US equities.
New RIAs
Bessemer Trust Alums Launch Dallas MFO for UHNW Clients
Former Bessemer Trust advisors William Stahl, Scott Deke, and Christian Thornburg established Storgate, a fee-only multi-family office headquartered in Dallas.
Dallas Advisor Leaves JPM to Launch Troop Capital with MSH Capital
Evan Troop, formerly a Dallas-based advisor at JP Morgan where he co-led a team managing over $10B in client assets, has left to establish Troop Capital Management in partnership with MSH Capital Advisors.
Private Wealth, Alts Pros Team Up to Launch UHNW Boutique Five Eleven
Drawing on their wealth management expertise, a team of seasoned professionals has launched Five Eleven Partners, a bespoke family office, led by Andrew Crofton in Garden City, NY.
Family Office Vets Launch LinePoint Partners for UHNW Advisors, SFO Execs
Describing it as a 'first-of-its-kind' affiliation platform, executives from ÉO Management, which manages assets for the Coury family and their affiliated foundation, have launched LinePoint Partners, designed for independent financial advisors and single-family-office executives serving ultra-high-net-worth clients.
Former Edward Jones Advisor Establishes San Diego RIA
Lightcap Financial Group, a new firm headquartered in San Diego, was launched by financial advisor Joshua Lightcap, following his SEC registration becoming effective on February 27th.
Ex-Risemint Advisors Launch Denver RIA Rigden Capital
Denver-based Joshua Rigden has established Rigden Capital Strategies, a fee-only fiduciary firm offering wealth management and financial planning services.
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