Merrill Grabs $300M Morgan Stanley Team

Also, ex-Wachovia advisor joins Pitcairn; Raymond James adds succession tools

Bank of America flag (Photo: AP) Bank of America flag (Photo: AP)

Recruiting news has been a bit slow this spring for some firms, a fact that LPL Financial (LPLA) acknowledged when it released its quarterly earnings on Wednesday.

Bank of America-Merrill Lynch (BAC), though, says it recently added a team from rival Morgan Stanley (MS).

The two advisors, Gerald and Brian Saroken — a father and son team — are based in New York.

Combined, they have about $300 million in assets and $2.6 million in yearly production.

Gerald has been in the business for 15 years; his office is in White Plains. He joined Citibank/Smith Barney in 1999 and moved to Morgan Stanley in 2009, with the MSSB merger, according to FINRA records.

Brian, a CFP, became a Smith Barney advisor in New York City in 2002.

Pitcairn Names Scola Family Wealth Strategy Director

Pitcairn, a family-wealth organization, said earlier this week that Brett Scola, CPA and CFP, is now director of Family Wealth Strategy for its office in Washington, D.C.

“We are confident that Brett’s extensive experience advising families, individuals, and privately-owned businesses will be a great addition as we continue to expand our presence in the Washington, D.C., area,” said commented Pitcairn President and CEO Leslie Voth, in a statement. 

Scola came to Pitcairn from GenSpring Family Offices and was previously with PNC Wealth Management, Wachovia Wealth Management and PricewaterhouseCoopers LLP.

Raymond James IBD Adds Succession Tools for Advisors

On Thursday, Raymond James' (RJF) independent broker-dealer said it signed a deal to give its advisors more resources for succession planning. Its new partners are Live Oak Bank and Key Management Group.

These groups will share preferred financing and valuation services with the independent-advisor practices and with prospective advisors.

“One of the most important issues facing our industry is the lack of documented succession plans for experienced, successful advisors,” said Scott Curtis, president of Raymond James Financial Services, in a statement.

“Not just catastrophic, business continuity plans, but well-developed and thoughtfully executed business succession and retirement plans,” Curtis explained. “They're an essential element of a business continuity plan for advisors and their clients.”

The financing and valuation services provided by Live Oak Bank and Key Management Group will be available to RJFS advisors May 1.

“Live Oak Bank is the only bank that is addressing the need for financing of advisory practices in the wealth management industry,” said Chip Mahan, CEO of Live Oak Bank, in a statement.

“We did a lot of due diligence, we really understand this sector and its particular needs relative to cash flows," he added. "We have customized our process for Raymond James and its affiliated advisory firms, and we have unlimited capital to fund these acquisitions.”

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