Nicholas Schorsch’s RCS Capital Corp. is shaking up its management, announcing that Valerie Brown, the longtime head of Cetera Financial Group and its predecessor ING broker-dealers, has stepped down and is being replaced by Larry Roth, whom Mr. Schorsch plucked from Advisor Group last year to lead his wholesaling broker-dealer, Realty Capital Securities.
Morgan Stanley has lost a veteran advisor who managed more than $360 million in client assets to Raymond James & Associates.Stephen Besse moved to Raymond James’ Walnut Creek, Calif., office this month to work for the employee broker-dealer side of the business. At Morgan, the CFP generated $1.35 million in annual revenue.
via Raymond James Picks Up $1.35 Million Advisor | On Wall Street.
Stifel, Nicolaus & Company picked up two wirehouse teams that managed more than $1 billion in combined AUM, boosting the St. Louis-based firm’s presence in the Carolinas to 18 offices from 15.
In North Carolina, six former Wells Fargo advisors that managed $586 million in assets have opened Stifel’s Greensboro office. And with the addition of Bulldog Investment Consulting, a former UBS team that managed $542 million in assets, Stifel now has offices in Charleston and Columbia, S.C.
“Not only are we adding a high-quality group of financial advisors, we’re expanding our footprint to include two important markets in the state of South Carolina in Charleston and Columbia,” James Zemlyak, chief operating officer of Stifel, said in a statement.
via Stifel Recruits 2 Teams With Over $1B in Combined AUM | On Wall Street.
Meet Tim Kneen and Clayton Hartman just once and you would know that they were never meant to be wirehouse advisors.This billion dollar Colorado based duo, generating almost $8 million in annual revenue, with combined industry experience of not quite six decades left UBS in mid-January to form their own wealth management firm. It was the shot heard around the industry. Such a high profile move will always attract attention, but when a team like Tim and Clayton’s goes independent, it is particularly compelling.
via $1 Billion Advisor Team Ditches Wirehouse For The Independent Life – Forbes.
A Morgan Stanley advisor team that managed $600 million in assets has left the wirehouse to join forces with HighTower.Gryphon Financial Partners, formerly the Guth Group at Morgan Stanley, will join the advisor-owned financial services company’s nationwide network.The new HighTower team is based in Columbus, Ohio and consists of advisors Joel Guth and Cathy Cory, along with team members Angelo Manzo, CFA, Judy Roseberry, CRPC, Maria Kardassilaris, Jean Sturges and Kathy Payne.
via Morgan Stanley Team With $600M AUM Joins HighTower | On Wall Street.
Just a couple of months ago, RCS Capital Holdings chief Nicholas Schorsch was saying that senior management would stay in place at the five different independent broker-dealers that he’s recently acquired.But it looks like he’s already making changes.RCS announced one shuffle this week, bringing in Kevin Keefe — executive vice president of Advisor Group, and head of its corporate RIA — as president of First Allied, running broker-dealer operations. Keefe replaces Adam Antoniades, who will remain at the firm as CEO of First Allied Holdings, the IBD’s parent company.
via First Allied Taps Kevin Keefe to Replace Adam Antoniades | Financial Planning.
Two former wirehouse advisors that managed more than $80 million in client assets have left Wells Fargo to join Raymond James & Associates, the firm’s traditional employee/broker dealer.The advisors David Neunuebel and Lisa Barrantes had annual fees and commissions of approximately $950,000 while at Wells Fargo. Together with client associate Lynne Ming, they will open Raymond James’ newest office in Santa Barbara, Calif.
via Raymond James Reels in Team With $80M AUM From Wells Fargo | On Wall Street.
A former wirehouse advisor team with $350 million in assets has left Wells Fargo to join RBC Wealth Management-U.S.The Krinsky, Eidson and Doege team join RBC’s office Leawood, Kan., a suburb of Kansas City. The team has $1.8 million in production and will report to branch director Mark Borcherding, according to the company.
via RBC Recruits Veteran Advisors With $350 Million AUM | On Wall Street.