November 7, 2012

Barclays Recruits 18 Advisors; Morgan Stanley Adds 1; LPL Group Brings on Wells Team

The new Barclays advisors come from many wirehouse and other firms with close to $40 million in yearly fees and commissions, about $9.4 billion in assets

Morgan Stanley (MS) said it added one advisor from JPMorgan Chase (JPM) on Tuesday, while Barclays shared a list of its latest 18 new reps on Monday who came from a variety of wirehouse and other firms.

Meanwhile, LPL Financial-affiliated Legacy Wealth Planning recruited a team led by former Wells Fargo (WFC) advisor Mark Elston, which manages about $185 million in assets.

Bryan Schon moved to Morgan Stanley Wealth Management in Bloomfield Hills, Mich., from Chase Investment Services. He now reports to branch manager William R. Eastin. The advisor has produced close to $1.5 million in yearly fees and commissions and has managed about $205 million.

Barclays' Boost

Barclays 18 new advisors, which it recruited over the past few weeks, come from Merrill Lynch (BAC), Morgan Stanley, UBS (UBS), Credit Suisse (CS), JPMorgan Chase and SunTrust (STI). They will now work in eight offices across the country.

The new advisors, who are referred to as investment representatives by Barclays, have a total of nearly $40 million in yearly production and $9.4 billion in assets under management. Thus, the reps have $2.2 million in average yearly production and $522 million in average assets under management.

“We are pleased to welcome these talented advisors to Barclays," said Mitch Cox (left), head of Wealth Management-Americas for Barclays, in a statement. “These hires underscore our commitment to attracting top-performing professionals who seek Barclays' unique, in-depth approach, of guiding clients to customized solutions that extend far beyond their investment portfolio.”

Barclays has some 250 advisors in the United States, and $287 billion in client assets worldwide in its Wealth and Investment Management division.

In New York, Tom Dexter joined Barclays from Bank of America-Merrill Lynch. Brett Fleckman came on board in New York from J.P. Morgan Private Bank.

Mark O’Shea moved to Barclays in New York from Morgan Stanley, where he had been part of the Moldaver 80 Group. Edward Moldaver, a certified portfolio manager, also joined Barclays from Morgan Stanley.

All four advisors now report to Mark Stevenson, managing director and regional manager for New York.

Other Barclays Recruits

In Los Angeles, Jonathan Bates moved to Barclays from J.P. Morgan, where he specialized in municipal bonds. He reports to Brian Sears, managing director and regional manager in Los Angeles.

In San Francisco, Hugh Beecher joined Barclays from Credit Suisse’s Private Banking division. His direct supervisor is Doug Ireland, managing director and regional manager.

Four advisors—Patrick Delahunty, Timothy King, Tim Humphrey, CFA, and Brian Kelly, CFA—left J.P. Morgan Private Bank to join Barclays in Boston. The advisors now report to Marty Courage, managing director and regional manager for Boston.

In Dallas, Noble Nash, Mike Whorton and Chris Boyle moved to Barclays from Credit Suisse’s Private Banking division. The three investment representatives will be supervised by Steve Head, managing director and regional manager for Texas.

Scott Macolino joined Barclays in Atlanta from Sun Trust Investment Services. He now reports to John Houlihan, director and regional manager.

In Miami, Carlos Gallo came to Barclays from UBS, where he served high-net-worth clients in Peru, Mexico and Venezuela; Jeannie Adams-Camblin also moved from UBS to Barclays.

In addition, Irl Solomon moved to Barclays from Morgan Stanley in Miami. The three advisors now report to Marylin Gonzalez, director and regional manager.

In nearby Palm Beach, Fla., Clark Appleby came on board from Morgan Stanley. His new supervisor is John Cregan.

LPL Affiliate Expands

Mark Elston, formerly with Wells Fargo Advisors, and his team are joining Legacy Wealth Planning, a group of independent financial advisors affiliated with LPL Financial (LPLA). The team has managed more than $185 million in assets for about 1,100 clients in the Reno-Sparks area of Nevada.

“As an independent financial advisor, I have created a home where I have the ability to shape my own business culture and to serve my clients without any conflicts of interest,” said Elston, in a press release. “My decision to become independent not only opens a new door for my team, but also expands the opportunities where we can truly be aligned with our number one priority—our clients.”

Elston’s team includes Dave Quinn, Jim Elston and Tiffany Del Santo. The four have more than 100 years of combined experience in the financial services industry, according to a press release.

Legacy Wealth was founded in 2006 by Phillip Mahoney, Mark Levy, Christopher Vargas and Martin McClellan.

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