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Raymond James Nabs $2.6M Ex-RBC Team

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Raymond James (RJF) said Monday that it recruited a team from RBC to join its employee-advisor office in Los Angeles. Meanwhile, LPL Financial (LPLA) announced that an independent advisor — and ex-Merrill Lynch (BAC) representative — in Alexandria, Louisiana, has just affiliated with its broker-dealer.

Paul Berman and Joshua Rosenzweig, now with Raymond James & Associates, have managed about $200 million in client assets and had about $2.6 million in yearly fees and commissions, according to Raymond James.  

“We are pleased to welcome such an exceptional team to Raymond James,” said complex manager Chris Horner, in a statement. “Paul and Joshua are talented advisors who will be an asset to the firm as we continue to expand our presence and offerings in California and the West.”

Berman began his financial services career at Merrill Lynch in 1980 and later worked at Drexel Burnham Lambert, Bear Stearns & Co., Prudential and Wachovia. Rosenzweig previously worked at Ameriprise Financial Services (AMP) before joining Berman at RBC.

“It’s difficult to move a big book of business – there is a lot that goes into this vision of moving a large number of accounts,” said Berman, in a press release. “But if it’s for the right reasons, it’s worth it. After being in the industry for more than 35 years, it seems that Raymond James really cares about me as an advisor, my employees and my clients, and I’m confident we made the right move.”

In addition, the advisor said, “It’s a full-service brokerage firm that has embraced social media and offers lending through its bank, which we haven’t had access to before.”

LPL Adds a Firm to BD Platform

Also on Monday, LPL Financial said the Wellspring Advisor Group, a new independent financial advisory firm led by John E. Carroll, has joined its broker-dealer platform, aligned with Independent Financial Partners (which uses LPL’s hybrid RIA platform), and aligned with Pensionmark Retirement Group.

Carroll had about $130 million in brokerage and advisory assets.

“We are enthusiastic about affiliating with LPL Financial and bringing to our clients the significant benefits of a truly independent financial advisory practice,” said Carroll, CEO of Wellspring Advisors, in a press release.

“We appreciate LPL’s culture of independence and its open-architecture framework, which enable us to provide our clients with unbiased financial advice,” Carroll explained. “Over the past few years our business has gained tremendous momentum, and we anticipate that our new LPL partnership will greatly accelerate our ability to accommodate further growth in the Gulf Coast region and to support our clients’ needs.” 

Carroll has over 25 years in the business and was with Merrill Lynch from 2003 to 2014. He helped launch Wellspring Resources, a retirement plan outsourcing company, in a joint venture with State Street Bank of Boston in 1996.

“We are delighted to have John Carroll join the Independent Financial Partners family. John is a perfect example of one of the many breakaway advisors who have recognized the benefits and attributes of IFP’s multi-custodial hybrid RIA platform as a destination for their high-net worth advisory practices,” said Louis Hanna, director of recruiting for Independent Financial Partners in a statement.

Baird Hires

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Baird said last week that it added a father-son financial advisor team in its Houston-Memorial City wealth management office.

The former UBS team includes Patrick Cook, who has been an advisor since 1987, and Nathan Cook, who became an advisor in 2006. They manage about $170 million in assets.

In addition, the firm says David Himebaugh recently joined it in Spokane, Washington, from Wells Fargo (WFC).

Baird now includes more than 800 advisors with $100 billion in assets. It has added more than 325 reps and branch managers since early 2010. It acquired McAdams Wright Ragen in Seattle, for instance, in 2014, which brought in 80-plus FAs.

Lebenthal Recruits

Lebenthal Asset Management says Lee Pease and Mark Kennard have joined the company. 

The advisors, formerly with Smith Barney Consulting Group, will “further the development of Lebenthal Asset Management’s institutional asset management capabilities and work on broadening distribution into additional channels,” according to a press release from last week.

Most recently, the two ran Haddonfield Square Partners, an investment advisor firm that focused on consulting to investment managers and fiduciaries. Earlier, they were employed by Smith Barney Consulting Group, now part of Morgan Stanley (MS).

“I’ve known Lee and Mark since I was CEO of Smith Barney Consulting Group, and I am delighted to work with them again,” said Lebenthal Wealth Advisors Chairman & CEO Frank Campanale, in a statement. “They’ve been consistently successful throughout their careers and, as we continue to grow our company, I expect them to make a significant contribution to our success as well.”

HighTower Adds Pick

HighTower says Patricia Pick has joined its VWG Wealth Management team, based in Vienna, Virginia.

Pick, a CFP, has nearly three decades of experience in wealth management, most recently with Morgan Stanley. She is transitioning $225 million in client assets, increasing VWG Wealth Management’s total assets under advisement to roughly $1.2 billion.

“HighTower has redefined the financial services industry with a unique business model that places client interests first,” said Pick, in a press release. “I am thrilled to join VWG and look forward to contributing to the team’s ongoing success as we build on HighTower’s foundation of integrity and transparency.”