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Recruiting Roundup: Raymond James Nabs $550M Team From UBS

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Raymond James (RJF) has grabbed a team of four advisors from UBS; Bank of America Merrill Lynch (BAC) recruited a duo from Morgan Stanley (MS) and an advisor from Wells Fargo (WFC) in the past week; U.S. Trust added four advisors; and Halbert Hargrove brougt on two reps.

In addition, Gough Financial Group moved to Cetera Advisor Networks (RCAP), and David and Jonathan Steele launched One Wealth Advisors.

Raymond James Nabs $550M Team From UBS

Continuing the firm’s expansion in the northeastern U.S., Raymond James has welcomed a team of four veteran financial advisors and two support staffers to a new branch of Raymond James & Associates (RJA) – the firm’s traditional employee broker-dealer – in Worcester, Massachusetts.

The team, which operates as Elm Wealth Management, comes to Raymond James from UBS, where they managed more than $550 million in client assets and had approximately $3 million in annual production. They serve retirees, health care professionals, business owners and corporate executives.

The team includes senior vice president of investments and managing director Stephen J. Erickson, a certified financial planner and chartered retirement planning counselor; senior VP of investments and managing director Michael Martin; VP of investments Scott Louder; associate VP of investments Christopher Lussier, CFP; and registered practice coordinators Diana Correa and Nancy Jones.

“We are delighted to have attracted such a respected group as Elm Wealth Management. With more than 80 years of combined industry experience, Steve, Mike, Scott and Chris are a well-established team with a proven record of providing exceptional client service,” said Tash Elwyn, president of RJA’s Private Client Group.

Merrill Lynch Adds Morgan Stanley Team, Wells Fargo Advisor

Brad Nettune and Trey Whipple recently brought their multimillion-dollar team to the Merrill Lynch advisory office in Summit, New Jersey, and will report to Jim Hughes, market executive and managing director, according to a statement from Merrill Lynch. Coming with them are Tara Jakubik, investment associate; Jason Siefert, registered client associate; and Anthony Day, client associate.

In addition, Jin Park left Wells Fargo Advisors to join up with Merrill in Henderson, Nevada, where he’ll report to Paul Biafore, resident director, and Michael Casey, market executive. Park has more than $152 million in assets under management.

U.S. Trust Welcomes Four Advisors

U.S. Trust has announced the addition of four private client advisors in different offices around the country.

William Colin Walker has joined in Palm Beach, Florida, from First Republic Bank, where he was a business development/client manager; James Kemp joined in St. Louis, Missouri, after serving at the John Burroughs School as director of advancement; Kevin Butler joined in Florham Park, New Jersey, from KBCM, where he was a managing director; and Scott Litner joined in New York from Nomura Securities International, where he was a managing director, head of New York institutional equity sales.

Gough Financial Group Joins Cetera

Wichita, Kansas-based Gough Financial Group, with approximately $300 million in client assets as of June 30, has joined independent broker-dealer network Cetera Advisor Networks, aligning with Transcendant Advisor Networks, a regional director firm (or “super OSJ”) within Cetera, for its supervisory and practice management support.

Chang, Pham Move to Halbert Hargrove

Long Beach, California-based wealth advisory firm Halbert Hargrove has added Brian Chang and Julia Pham as relationship managers.

Chang was formerly a portfolio manager for GPS Capital Management; earlier, he was at Provident Funding Associates and Wealth Design. Pham, who began her career in financial services in 2007, was an associate relationship manager at First Foundation Advisors. Earlier, she was at Wells Fargo Capital Finance.

One Wealth Advisors Launches

David Steele and Jonathan Steele have struck out on their own with the launch of San Franscisco-based One Wealth Advisors, in partnership with Dynasty Financial Partners.

Before launching their firm, the Steeles’ financial planning practice was at J.P. Morgan Securities. David Steele serves as CEO of the new firm, while Jonathan Steele is chief investment officer. Three other former J.P. Morgan alumni have joined them: Alexander Schmitz, director of financial planning; Kevin Cohen, director of operations; and Samuel Stephens, senior client service associate.

Read the Sept. 9 Recruiting Roundup on ThinkAdvisor.


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