Two former UBS advisors that managed $200 million in assets are moving over to Stifel Nicolaus.Todd Frediani and Larry Stater are leaving UBS to join Stifel’s Santa Rosa, Calif.-based office, according to a statement released by the firm. The move comes only a week after Stifel recruited a former-Morgan Stanley advisor who managed more than $250 million in client assets.Stater has more than 40 years of industry experience, and Frediani 18, according to FINRA. The long-time financial advisors partnered to form Redwood Wealth Management in 2010 during their tenure at UBS.

via Two Advisors with $200M AUM Leave UBS to Sign On With Stifel Financial Group | On Wall Street.

Mr. Roth was the CEO of the AIG Advisor Group for more than seven years before Mr. Schorsch tapped Mr. Roth last summer to be CEO of his wholesaling broker-dealer, Realty Capital Securities, and moved him two weeks ago into his current role.

Mr. Roth knows the Advisor Group’s four broker-dealers, Royal Alliance Associates Inc., FSC Securities Corp., SagePoint Financial Inc., and Woodbury Financial Services, as well as anybody. Prior to joining AIG Advisor Group, he was the head of ING’s broker-dealer network in the nineties and then worked in investment banking in the 2000s.

via Is AIG Advisor Group the next big fish Schorsch wants to land?.

A Merrill Lynch advisor team with $750 million in assets has moved over to the Focus Financial Partners network.Advisors Herman Rij, Jason Cort, Brian Cort and Kori Lannon, working from their newly-formed Quadrant Private Wealth of Bethlehem, Pa., made the switch this month. Rij, the senior-most member of the team, started his career in 1969, according to FINRA records. He joined Merrill in 1971.  Cort joined the wirehouse in 1997, and his brother Brian became a Merrill advisor in 2002. Lannon signed on in 2007.The advisors were the fifth group to join Focus through its transition program, Focus Connections. They follow IFM Capital Advisors, a former UBS team managing $1 billion in assets, which left the wirehouse to join the Focus network in January.

via Focus Financial Lures Away Merrill Lynch Team With $750M AUM | Financial Planning.

U.S. authorities charged Credit Suisse with criminal conspiracy Monday, alleging the Swiss banking giant helped wealthy American clients evade U.S. taxes.A Virginia federal court filing in Alexandria accuses Credit Suisse of conspiring to in part “advise the preparation and presentation of false income tax returns and other documents to the Internal Revenue Service.”

via Credit Suisse accused of criminal conspiracy.

A Merrill Lynch advisor team that generated about $1.6 million in annual revenue is moving to Raymond James, according to a statement from the regional wealth manager.

Advisors Jeffery Tomaszewski and Gary Rigby, who managed more than $280 million in client assets while at Merrill Lynch, will join the Ocala, Fla. office of Raymond James & Associates, the traditional employee broker-dealer of Raymond James Financial.

via Raymond James Recruits $1.6M Advisor Team From Merrill Lynch | On Wall Street.

Business mix evaluation. I simply cannot stress enough how this particular category has changed over the last 12 months. The “deep dive” that is occurring on client mix, product mix, compensable revenue etc has gone to a whole new level. This is really the portion of the process that has turned into a “private equity” like deal. An advisors book of business is scrubbed from head to toe looking for not only current revenue producing assets, but also possible future revenue producing assets. What level of asset based lending could be applied to each account? What is the mortgage lending opportunity? What are the insurance possibilities? Accounts are also evaluated based on there level of commitment to the advisor vs. the firm they are coming from. All of this is rolled up into an equation that becomes part of the deal negotiation.

ROI. The entire process has come down to this age-old business acronym. With firms investing millions of dollars on recruits, they have come to terms with applying relatively hard and fast models to the potential success of each team/advisor. For example, one wirehouse has moved its ROI standard from 12% to 14% over the last 18 months. They’ve also increased their scrutiny of client assets, CRD disclosures, staffing and future compensable revenue. The process has become both paperwork and time intensive. The firms simply shrug and claim “look…we are investing millions of dollars and buying a business. The due diligence and dynamic reviews are necessary to justify the multiples that we are paying to shareholders”. Sound familiar?

via Recruiting has Become a Private Equity Game | Careers content from WealthManagement.com.

23 TAKEAWAYSHere are 23 of their recommendations for how to do it right and command the maximum purchase price.1. You are transferring trust, not just a business. Bengen said he kept this idea foremost in his thoughts during the process.2. If you are an overworked sole practitioner, turn your practice into a business. No buyers want to purchase a job. Among other things, Nelson brought in a junior planner to lighten her load and get her practice humming. “If I’d done these things before, I might have just kept working because they made it more enjoyable to be there,” she said.3. Don’t assume someone in your office can succeed you. “An employee can be a great planner but not necessarily have what it takes to run a practice,” said Nelson, who had wanted to transfer internally but sold to an outside buyer.4. Don’t just hand off the company to a buyer. You risk losing all your clients and reducing the value of the sale, which likely will pay out over a number of years based on retained revenue.5. Give or sell clients who produce low revenues to a different planner. A number of Nelson’s oldest clients’ assets had dwindled to the point where they produced little income. She knew of a former planner she respected who was getting back into the business and could take them. This raised average revenue for Nelson’s remaining clients.

via Financial Advisors: Selling a Solo Practice | Financial Planning.

Morgan Stanley has lost two advisor teams that managed more than $400 million in assets.

Advisors Joe Wong and Rodger Friedman left the wirehouse earlier this month for Steward Partners Global Advisory in Washington. A second team, the Lev Sher Group, was lured away by Wells Fargo Advisors.

Wong, 33, and Friedman, 57, managed more than $170 in assets and generated about $1.5 million in annual revenue for Morgan.

“We wanted to have more an impact on the firm we were with,” said Friedman. “When you’re in an audience in of more than 16,000 advisors, or 50,000 employees, the people who make the biggest difference are in the C suite. I like the idea of having more of a voice and an impact on the direction of the firm.”

via Morgan Stanley Loses Two Advisors Teams With More than $400 Million AUM | On Wall Street.