Four Bank of America-Merrill Lynch (BAC) teams switched to the independent-advisor model, Dynasty Financial Partners and HighTower Advisors said early Tuesday.
Chicago-based HighTower said that two Merrill teams that joined its network, owned by its now 75 advisors, came on board in Las Vegas: Anderson & Delutri and the MNA Group. They are the ninth and 10th teams in 2012 to join HighTower, which includes some 35 teams with about $20 billion in assets.
“These are two of the best advisor teams in this region, who both came to the same conclusion that HighTower is the future of the financial services industry, and they would be able to serve their clients as true fiduciaries by joining our partnership,” said Mike Papedis (left), executive vice president of business development at HighTower, in a press release. “Teams such as these are the linchpin of our continued growth as HighTower expands into new markets.”
The principals of Anderson & Delutri—Hugh Anderson and Sheila Delutri—each spent more than 30 years at Merrill Lynch. They manage combined assets of $450 million.
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“We hold our commitment to serve as the chief financial officer of every family we work with in the absolute highest regard,” said Anderson, in a statement. “HighTower has not only restored the fiduciary relationship between advisors and clients, but they have leveraged the competitive power of Wall Street to ensure that it benefits our clients.”
The principals of MNA Group—Mike PeQueen, CFA, CFP; Ned Evans, CRPC; and Adam Thurgood, CFA—have a combined 60 years of experience in the financial services industry. They joined Merrill Lynch in 2002 after working for Prudential Securities and manage about $340 million in assets for clients with $2 million and more in investable assets.
“After experiencing the strength and talent of HighTower’s people and the dynamic culture where advisors are truly partners in the success of the firm and its clients, it became abundantly clear that HighTower provided the independence and enterprise support that would not be possible on our own,” said PeQueen in a statement.