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LPL Adds Teams From Morgan Stanley, Lincoln; Merrill Grabs Ex-UBS Duo

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LPL Financial (LPLA) said this week that it recruited a team of two advisors from Morgan Stanley (MS) with about $350 million in client assets and a team formerly with Lincoln Advisors with roughly $250 million in assets.

On Thursday, the independent broker-dealer announced that John W. (“Johnny”) Lang and Michael D. Taylor joined BankPlus of Ridgeland, Mississippi, which is supported by LPL. The team spent the past 27 years together and plans to form WealthPlus, a new unit of BankPlus for high-net-worth clients.

“We are thrilled to gain the talents of these two highly experienced financial advisors and their trusted team,” said C. David Cleland, president of BankPlus’ wealth-management group, in a statement. “We have known Mike and Johnny for many years as respected financial advisors within our local Ridgeland community. By joining BankPlus they expand our wealth management group’s capabilities.”

Lang and Taylor began work in financial services in 1988 at J.C. Bradford, moved to UBS Paine Webber in 2000 and A.G. Edwards in 2002; they later worked for Morgan Stanley, starting in 2007, according to FINRA records. 

“Joining BankPlus brings several advantages to our practice and our clients,” said Lang, in a press release. “The supportive structure of BankPlus will help us to realize operational efficiencies in managing our business, which enables us to focus our attention on our clients.”

On Tuesday, LPL said a team of financial planners led by Brian Hinson moved to Bridgeworth, a wealth management firm that uses the independent broker-dealer’s hybrid RIA platform. The group includes advisors Bob Johnson and Jonathan Hornsby.

With the new additions, Birmingham, Alabama-based Bridgeworth includes 23 advisors. (Hinson started in the business 18 years ago at Lincoln.)

“Since joining LPL’s hybrid platform three years ago, Bridgeworth has grown, and we are thrilled to see them expand their footprint further with a Huntsville team,” said Steve Pirigyi, executive vice president of business development of LPL Financial, in a statement. “We look forward to supporting them with tools and resources to enable them to help their clients pursue their financial goals.”

Bank of America Recruits

Bank of America-Merrill Lynch (BAC) said Thursday that advisors Matt Yonally and Chris Compogiannis have moved their Santa Barbara, California-based practice to the firm. The group has about $300 million in assets and has yearly fees and commissions of roughly $3 million. It now reports to market executive Linda Patel.

“Merrill Lynch is pleased to have this experienced team of innovative advisors who are committed to their clients,” Patel said in a statement. “They joined us for our vast capabilities and our comprehensive and consultative approach to wealth management.”

Yonally has 28 years in the business and worked for Paine Webber, Citigroup and UBS prior to joining Merrill; he moved to UBS in 2008; Compogiannis has 44 years of industry experience and has been with Thomson McKinnon Securities, Prudential Bache, Citigroup and UBS, which he joined in 1998, the advisors’ FINRA reords state.

“With the investment insights of Merrill Lynch and banking convenience of Bank of America, we have access to powerful resources that support our efforts in helping clients,” Yonally said in a statement.

“After meeting with several firms and conducting months of due diligence, we chose the combination of Bank of America and Merrill Lynch because we believe that their lending capabilities and goals-based wealth management process distinguishes them from other firms,” the advisor said. 

— Check out Raymond James Lands Its Biggest Recruit Ever, From Morgan Stanley on ThinkAdvisor.