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January 21, 2014 at 08:43 PM
Focus Financial said Monday that one of its partner firms had recruited a team from Morgan Stanley with about $250 million in client assets.
Christopher Englebert and Daniel Reitz joined Milford, Conn.-based Beirne Wealth Consulting but will work out of an office in Allentown, Pa. Beirne now has about $2 billion in client assets, double the amount it had before it worked with a Focus-led program that helps wirehouse teams make successful transitions into independent firms.
“We are proud to have Chris, Dan and their team join the firm,” said John Beirne, founding partner of Beirne. “Through the ongoing support and counsel of Focus, we have been able to expand our presence on the Eastern seaboard and look forward to continue adding national talent in the years ahead.”
Last week, Focus Financial Partners said its partner firm Atlas Private Wealth Management of Williamstown, Mass., added two advisors in Albany, N.Y., who formerly worked for their own business, Albany Financial Partners. By adding the two reps, Michael Hickey, CFP, and Donald Carman, CPA, Atlas now has about $1 billion in client assets under management.
“Mike and Don share our deep commitment to clients,” said Atlas President & CEO Greg Britton, in a statement. “Their experience will allow us to expand our offering and serve more individuals, families and small businesses across the country. We remain committed to growing our business and look forward to attracting great clients and advisors to Atlas.”
Focus Financial Partners, a partnership of independent, fiduciary wealth management firms, has roughly $70 billion in total client assets and 27 partners.
“The symbiotic relationship between Mike, Don and Atlas highlights the power of the strategic partnerships that Focus facilitates,” said Rajini Kodialam, a managing director of Focus, in a statement. “
This Focus news comes on the heels of last week’s announcement that Raymond James (RJF) recently recruited a team of four advisors from Morgan Stanley (MS) to its independent advisor channel, while independent wealth management firms also attracted wirehouse advisors, as well as independent reps.
S. Benjamin Weiner, CFP; Michael Hlavek, CFP; Duke Marsh; and Daniel Iosue moved to Raymond James. The team operates as the Winter Park Wealth Group, an independent firm, in Winter Park, Fla.
“We are delighted to welcome yet another accomplished team of advisors to Raymond James,” said Jodi Perry, Southeast regional manager of Raymond James Financial Services (RJFS), the firm’s independent broker-dealer, in a press release.
“Ben and his partners have demonstrated a history of providing excellent client service, consistent with the culture and values at Raymond James,” Perry noted. “Their decision to affiliate with us reflects their appreciation for our firm’s client-first focus, financial strength and extensive support and resources.”
At Morgan Stanley, the team managed more than $550 million in client assets and had annual fees and commissions of more than $2.3 million.
“I grew up in this business alongside my father, for whom I have the greatest respect,” said Weiner, in a statement. “He always reminded me, and now I remind myself and my partners, that we must earn our clients’ trust and confidence every day. We wanted to join a firm where that would be easy …”
Weiner became an advisor in 1986 at Shearson Lehman/American Express, while Hlavek began his career as an advisor on Weiner’s team at Smith Barney in 2001.
