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December 12, 2013 at 08:41 AM
As firms and advisors digest news about planned changes to their payout and bonus programs, a few reps are making the choice to move before those shifts go into effect.
Wells Fargo (WFC) said Tuesday that it added teams from two other wirehouses and one other national broker-dealer.
It recruited three UBS advisors (doing business as TPM Wealth Management Group) in Jackson, Miss., with $1.6 million in yearly fees & commissions and $255 million in client assets. The reps — Andrew Townes, Don Parsons and Charlie Mitchell — will now be supervised by complex manager Ari Litvin and branch manager George Sousoulas.
Prior to joining Wells, TPM Wealth Management Group was recognized as one of the top assets under management and producing teams for UBS in the Southeast. Its members have more than 100 years of combined industry experience.
Moving to Wells from Morgan Stanley are Dave Engel and Tom Penrose. The team, which has yearly fees and commissions of $1.6 million and client assets of some $250 million, is now reporting to branch manager David Lojpersberger and market manager Steve Nash in Philadelphia.
Penrose focuses on the team’s portfolio management, while Engel, a CFP, works on planning, insurance and annuities.
An ex-Janney Montgomery Scott team made up of a stepfather and stepdaughter is now doing business with Wells Fargo in Marlton, N.J.
The Feast Financial Group, which includes advisors John Feast and Mary Marett, have a total of 25 years of experience in the industry, assets of $106 million and annual production of $1.3 million.
UBS (UBS) says it recently recruited a team from Bank of America-Merrill Lynch (BAC) in the greater Dallas area and a female advisor from Merrill in San Diego.
Jay Arbetter and Jason Taraszki are based in Addison, Texas, where they manage a total of $275 million in assets and have over $2 million in combined production. They report to Managing Director Chris Gerrish.
Arbetter started his career at Merrill in 1985, while Taraszki began there in 2000. The team specializes in private portfolio asset management and family financial consulting.
Courtney Liddy, a top women advisor in Southern California, joined UBS’ San Diego office on Thursday. She has been in the business for nearly 20 years, about $327 million in client assets and now reports to branch manager Scott Hollaender.
