Wealth Firms Adding Indie, Wirehouse Reps

Advisors are switching channels and broker-dealers at a quick pace in midsummer

Lebenthal, Ameriprise and others welcome new advisors. Lebenthal, Ameriprise and others welcome new advisors.

Both boutique and major wealth management firms say they've suuccessfully recruited both independent and empolyee advisors over the past few weeks.

Lebenthal Wealth Advisors of New York said early Monday that it added a team of advisors to its operations. 

The Goldstein-Patterson Group managed more than $600 million in client assets at BNY Mellon, specializing in clients within the sports and entertainment industries. GPG founders Brendan A. Goldstein and William F. Patterson, formerly private bankers, have joined Lebenthal as managing directors.

“Brendan and William exemplify the kind of dynamic and astute advisors whose values and vision perfectly align with those of Lebenthal,” said Lebenthal Wealth Chairman and CEO Frank Campanale, in a press release. “They recognize that our strong corporate culture and boutique approach will enable them to provide unconflicted investment advice and superior client service.”

 “We are joining Lebenthal Wealth Advisors to be part of an organization that effectively understands the evolution of the wealth management industry,” explained Patterson, in a statement. “Lebenthal’s business model is compelling to any financial advisor seeking to become more strategically focused on client-centric values.”

Goldstein said, “We are excited to bring our experience to such a dynamic platform and to help grow a next-generation wealth management firm.”

Ameriprise Financial (AMP) said Monday that it has recruited four advisors with a total of about $364 million in client assets to its franchise-advisor operations:

  • Len Clarizio and Tony Sciuto joined from American Portfolios Financial Services. Their practice is located in Woodland Park, N.J., and they have about $114 million in assets.
  • Louis Cilberti also moved to Ameriprise from American Portfolios Financial Services. His practice is located in Melville, N.Y., and he manages about $150 million in assets.
  • Scott Codacovi came on board from Park Avenue Securities in Manasquan, N.J., and has about $100 million in AUM.

Dynasty Financial Partners of New York said a group of four newly independent advisors has formed Arbor Trust Wealth Advisors and will be working with its wealth management platform. 

Financial advisors Charles Waterhouse, James Winslow, Carol Sewell and Gary Haapala all join Arbor Trust Wealth Advisors from United Bank & Trust. The four advisors collectively manage more than $350 million in client assets.

"Arbor Trust Wealth Advisors was created to provide sophisticated investment and estate planning advice to our highly educated community,” said Haapala, in a statement. “As an independent financial and investment planning firm, we want to provide our clients — professors and administrators, physicians, entrepreneurs and others — with complete objectivity and transparency.”

The group will access Dynasty's investment and technology platform, including the RIA middle office Core Services platform. Charles Schwab will provide primary clearing and custody services for the team.

"Charlie, Jim, Carol and Gary are extraordinary investment advisors with a deep commitment to their unique Southeast Michigan community," said Shirl Penney, President and CEO of Dynasty Financial Partners, in a press release. "Dynasty has increased its commitment to the Midwest and devoted resources to support leading teams such as Arbor Trust who are seeking independence.”

Wirehouse Departures

Raymond James (RJF) said Thursday that advisors Matthew Rogers and Mark Christopher Norton moved to the firm’s employee channel from UBS (UBS) in Portland. The team, known as Rogers Norton Wealth Management Group of Raymond James, has managed more than $200 million in client assets and had annual fees and commissions of about $1.9 million.

“We are excited to welcome Matt and Chris to Raymond James,” said Bill Roney, director of the Great Lakes division of Raymond James & Associates (RJA), in a press release. “With more than 30 years of combined experience and commitment to a long-term, client-first approach, they are a great addition to our firm, and we look forward to supporting them as they grow their business.”

Rogers started his career in 1991 with Fidelity Brokerage Services before becoming a financial advisor at Prudential Securities in New York. In 1996, he joined UBS Financial Services, where he worked as a senior vice president and senior portfolio manager in Portland.

Norton began his 12-year financial services career as a quality analyst for J&W Seligman in 2002. He joined UBS Financial Services in 2006, where he worked as a branch analyst, vice president and portfolio manager in Portland.

“For Chris and me, joining Raymond James was all about the firm’s client-focused mentality, as well as the technology and resources available to us,” said Rogers, in a statement. “The combination of strong senior leadership, grounded company values and advanced technological infrastructures will help us provide personalized service to our clients, while establishing ourselves as leaders in the market.”

Wells Fargo Advisors (WFC) announced Wednesday that two advisor teams were recently recruited from Morgan Stanley.

Financial advisors Steven T. Lundgren, CFP, and Phillip Hurner, CFP, have joined Wells Fargo in Walnut Creek, California, after nine years at Morgan Stanley. They have been managing a combined $214 million in client assets.

Lawrence “Larry” Rudolph and Stanley Levine came on board Wells Fargo Advisors in Short Hills, N.J. Previously, they managed a total of $253 million in client assets.

Stratos Wealth Partners, an independent, partner-owned and operated RIA with 180 independent advisors in 24 states, said Thursday that Kerina Graham had joined its team from Merrill Lynch (BAC). Stratos trades securities through LPL Financial (LPLA).

Graham has over 22 years of experience in the financial services industry; she was a vice president at Merrill Lynch for the past eight years and worked for several years as an account manager in merchant services at Bank of America.

“I am very excited to be joining the highly respected team of advisors at Stratos Wealth Partners,” the advisor said, in a statement. “I look forward to being able to leverage the firm’s resources to better serve the needs of my clients.”

Graham will work directly with Managing Director Bobbie Meola, as well as wealth advisors and partners Kelli Riley, CFP, and Tonette Echols, CFP, in the Stratos office in Scottsdale, Ariz.

“We couldn’t be happier to welcome Kerina home to Stratos,” Meola said in a press release. “Her comprehensive planning approach and keen understanding of her clients’ unique challenges are extremely valuable to our team, and we are confident that Stratos is the support system she is looking for to grow her practice and better serve her clients.” 

Other Recent Recruits

Pacilio Wealth Management of Westport, Conn., said last Tuesday that Michael Lee moved to the boutique firm from Morgan Stanley. Lee has been in the business for over 10 years.

“Mike is an important addition to our team, as I believe that during the next decade the industry will witness an unprecedented transition of assets from wirehouses to high-quality, independent wealth-management firms,” said Pacilio President Thomas Pacilio, in a press release.

 “Our strong background and experience in the wirehouse [arena] combined with our knowledge of the independent space are strong catalysts for both talented advisors and clients seeking true wealth management.”

For his part, Lee explained in a statement, “Months of research and thorough due diligence made it obvious to me that going independent was by far the best solution for both me and my clients. Despite several enticing offers from some of the world’s largest banks, Tom’s strong expertise as both former wirehouse branch manager and independent advisor, along with his high-caliber team made simply too much sense for my clients and myself to even seriously consider any other option.”

Christina Lindsey Orta, CFP, joined West Lake Village, Calif.-based Lindsey and Lindsey Wealth Management as an advisor as of last Tuesday. Prior to joining the firm, Orta served as vice president of sales for Walton International Group, a real estate investment and development firm.

"Christina has a tremendous background in the alternative wholesale space," said John Lindsey, her father. "She is an expert at presentations and seminars and can help educate our clients on the investment solutions that best fit their needs. In addition, with Christina having earned her FINRA Series 24 license, she brings a whole host of new skills and opportunities to Lindsey and Lindsey."

John Lindsey broke away from Edward Jones to go independent in 2012 and “did so with the idea that Christina would join the family business. However, they both wanted to be sure that she earned her position within the company it was not to be ‘a given,’ ” according to a press release.

The group’s advisory services are offered through Cooper McManus, an RIA, while securities are sold via Securities America.

In late July, Baird said it added two industry veterans to its private wealth management group in Houston and promoted another.

Craig Youngjoined from UBS in Houston  and will oversee Baird’s two local wealth-management offices. Working with Young will be Patricia Sparks, who has been promoted to office administrative manager for the Houston market.

In addition, Gary Foose Jr. joined the operations as a director and advisor with $350 million in assets under management and $1 million in annual production. Foose was previously with Wells Fargo.

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