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Technology > Investment Platforms > Turnkey Asset Management

Wirehouse Teams Move to HighTower, Raymond James

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HighTower said it welcomed RJ Wealth Management — the 42nd team to join its partnership and the eighth to join its New York headquarters — early Thursday. The group, led by Jeffrey S. Vogel and Ruth E. Berger, has about $300 million in assets and was previously part of Bank of America-Merrill Lynch (BAC).

“We take great pleasure in welcoming Jeff, Ruth and the RJ Wealth Management team to the HighTower family,” said HighTower President Michael LaMena, in a press release. “With the support of our sophisticated operating infrastructure and cutting-edge technology platform, RJ Wealth Management is poised for even greater growth in the New York market.”

“HighTower’s innovative business model represents the best of both worlds for RJ Wealth Management and our clients: independence backed by the support of a leading national financial services firm,” said Berger, in a statement. “As partners at HighTower, we gain access to a unique platform that blends sophisticated wealth management advice with innovative technology so we can provide our clients with an unobstructed view of the financial marketplace.”

Raymond James (RJF) said Wednesday that it recruited Ann Fleming, CFP, and Thomas Turnbaugh, to its employee broker-dealer in Bartlett, Ill.

The team, known as the Turnbaugh-Fleming Group of Raymond James, have been together for more than 21 years and run a planning-based practice. They joined Raymond James from Wells Fargo, where they managed almost $140 million in client assets and had annual fees and commissions of more than $1 million.

“Ann and Thomas are a great addition to the firm,” said John Kuklenski, director of the North Central division for Raymond James & Associates, in a press release.

“They are an outstanding, high-quality team with more than 58 combined years of experience and, most importantly, high integrity and a commitment to and focus on their clients,” Kuklenski added. “We couldn’t be more excited to have the entire team join the Raymond James family, and we are proud to have them represent us in the greater Chicago market.”

Fleming began her financial services career in Chicago in 1991 with Prudential Securities, which later became Wachovia and then Wells Fargo.

“It took us about 18 months to complete our due diligence,” said Fleming, in a statement. “While we sought the products and services of a sophisticated investment firm, we did not want it to be bank-owned, so we were delighted to discover that Raymond James owns a bank, not the other way around.”

Turnbaugh, a 35-year veteran of the industry, started his career with Piper Jaffray in Omaha, Neb. In 1980, he relocated to Chicago and joined Merrill Lynch, then, in 1983, moved to Prudential Securities, where he remained throughout its mergers until joining Raymond James.

“We were also very pleased to discover that Bella Allaire was in charge of technology for Raymond James,” he said, in a statement. “We remembered how she delivered best-on-the-street technology solutions at Prudential, and we’ve quickly realized that is now the case at Raymond James.”

Online Recruiting

The Advisor Center, a recruiting website that links advisors and independent broker-dealers, said it helped sevenadvisors with nearly $520 million in combined assets under management move to different firms in January.

Among those transitioning was Libby Cherrington, who joined FSC Securities after two years with Morgan Stanley and nine years with Wells Fargo Advisors. She and her partner, Michael Brotsky, have about $300 million in combined client assets; their office is based in Bluffton, S.C.

“The Advisor Center team was integral to our due diligence process,” Cherrington said in a statement. “They helped us lay out all of our options and presented us with many different choices. Their service was far superior to what we would have found with other recruiters, and they really helped us find what we were looking for in terms of the right fit for our practice.”

Advisor Center’s recruiting platform has facilitated the movement of 27 advisors to 16 different broker-dealers with about $1.2 billion in AUM in just over a year.

Advisor Center also worked with Joe Moyer, who joined National Planning Corp. in Columbus, Ohio, after 12 years with LPL Financial (LPLA), as well as Howard Richards and Jim Goodland. Richards and Goodland moved to NFP Advisor Services Group after 12 years with Cambridge Investment Research; they have about $175 million in combined client assets and work in Plymouth, Minn.


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