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
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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.