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Technology > Investment Platforms > Turnkey Asset Management

Recruiting Roundup: UBS Picks Up Morgan Stanley Reps

By Marlene Y. Satter

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This week’s recruiting news includes advisor additions at UBS, LPL Financial, Ameriprise Financial, Wells Fargo and Summit Trail Advisors.

For UBS, the latest hires could mean a jump of nearly $580 million in client assets and yearly fees and commissions of over $5 million, while for LPL the new affiliates could bring around $650 million of client assets to its operations.

Movement to UBS

UBS (UBS) says it has added two advisors from Morgan Stanley (UBS) and one from Ameriprise (AMP).

Douglas “Kent” Clayburn and Peter Choy left Morgan Stanley, the former for the Walnut Creek, California office, where he will report to Erin Borger, complex director; and the latter for the Phoenix office, which is led by James Van Steenhuyse.

In addition, Lori Cousineau Weaver left Ameriprise to join a UBS satellite office in Renton, Washington, and will be reporting to Brandt Westover, Seattle complex director.

Clayburn, who specializes in ultra-high-net-worth and HNW individuals, is expected to bring about $250 million in assets and trailing-12-month fees and commissions of nearly $1.63 million. Choy, specializing in retirement and business owners, has total AUM of around $118 million and yearly production of almost $1.35 million. Weaver specializes in financial and retirement planning, with AUM of about $210 million and production of $2.1 million.

LPL’s New Firms, Advisor

LPL Financial (LPLA) has added two new firms and welcomed an additional advisor to one of its independent wealth management firms.

John Cordeiro launched Vintage Wealth Advisors in Napa Valley, California. The firm, which includes Angie Denna, wealth advisor and operations manager; Jim Dimarco, wealth advisor; and two client services specialists, has joined LPL’s broker-dealer platform and will provide fee-based advisory services through Financial Advocates Investment Management, an independent RIA on LPL’s hybrid platform. Vintage reported some $220 million of AUM as of June 30.

LPL also announced that the Clemmens, North Carolina-based Marzano Capital Group has joined its platform and will provide fee-based advisory services through Independent Advisor Alliance (IAA), an independent RIA group that serves financial advisors in the Carolinas using LPL’s hybrid platform.

As of April 30, Marzano managed more than $300 million in client assets. Founded in 2005 by Jon Marzano and his father, 35-year industry veteran Arthur Marzano, the firm offers wealth management and retirement planning for mass affluent and HNW clients.

In addition, LPL and Gladstone Wealth Group, an independent wealth management firm that provides fee-based business through Private Portfolio Partners, a hybrid RIA firm supported by LPL, has welcomed advisor Michael Palace.

Palace will open a new Gladstone office in Red Bank, New Jersey, and plans to add a second advisor at this location. The advisor also joined LPL’s broker-dealer platform for his commission-based business. He reported some $130 million of client assets as of April 30.

Ameriprise, Wells Fargo

Ameriprise Financial has announced that three advisors have joined the firm.

Kenton McMahon is now in the employee channel in Dublin, Ohio, from Wells Fargo (WFC), with more than $160 million in assets. Derrick Wells and Brian McDaid joined the independent channel, the former in Mount Vernon, Indiana, from Edward Jones with more than $103 million in assets and the latter in Montvale, New Jersey, from Securities America with nearly $79 million in AUM.

Wells Fargo Advisors says Timothy Pester and Jane Drew have joined the firm’s bank channel, Wealth Brokerage Services.

Pester joined in Colorado Springs, Colorado, from Key Investment Services, where he managed $100 million in client assets. He brings 20 years of industry experience to the firm and reports to Lou Garofano, southern Colorado regional branch manager.

Drew joined in Portland, Oregon, from Bank of America Merrill Lynch, where she managed more than $278 million in client assets. She will be partnering with Chuck Rood and reporting to Tony Brauner, senior regional brokerage manager in Portland. Drew brings more than 35 years of industry experience and joins with her daughter, financial advisor Katherine Drew, and client associate Eric Cordes.

Summit Trail Advisors

Boutique wealth management firm Summit Trail Advisors, which launched at the end of July and is based in San Francisco and Boston, has added a new team of advisors who have managed $500 million in client assets.

The team includes advisor Daniela Pedley of San Francisco and advisor Lauren Cosulich, who will divide her time between Boston and San Francisco. Both advisors join from Barclays Wealth Management.

Other News

WealthPath Investment Advisors has joined Pensionmark Financial Group and becomes the first office in the Arkansas and Oklahoma region for the latter.

The entire WealthPath team will be moving to Pensionmark, including partners Clay Kendall, Jim Mote, Jim Edmiaston, Erik Berry and Brent Harless, with over 90 years of combined industry experience.

Wealth management and investment banking firm Noyes has welcomed Jim Longstreth, a former branch manager at Wells Fargo, as managing director of wealth management.

Longstreth began his financial advisor career at Shearson Lehman Brothers. After that, he served as complex manager, first vice president at Prudential Securities, senior managing director and chief operations officer at Fulcrum Holdings and managing director at MetLife/New England Financial in Indianapolis.

Finally, Lebenthal Asset Management says Barbara Doran has joined as a portfolio manager. Doran has worked for more than 25 years in the financial services industry, with experience in portfolio management, wealth advisory and investment research.

She was a senior portfolio manager and wealth advisor at Morgan Stanley and was the former research investment officer of Neuberger Berman, where she co-managed a technology fund and was interim director of equity research.

Previously, she founded and managed a long/short equity hedge fund and a third-party marketing firm that specialized in asset raising and business consulting for hedge funds and private equity firms. She also worked as a senior institutional equity salesperson and proprietary capital manager for First Boston and Lehman Brothers.

Read the Aug. 13 New Hire Roundup on ThinkAdvisor.

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