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Recruiting Roundup: Where Are the Credit Suisse Reps Going?

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Wells Fargo Advisors (WFC) won the exclusive right to openly woo some 300 Credit Suisse advisors in the U.S. last month. This week, though, it became quite clear how much competition there is for these registered reps.

UBS (UBS) added four teams in the Lone Star State from Credit Suisse, for instance, which should bring more than $3.6 billion in client assets to the firm.

The new team of David Smith and Patrick Moore left Credit Suisse for UBS Wealth Management Americas in Dallas, reporting to Tommy Stacy. Each advisor manages assets of about $231 million and has yearly fees & commissions of $2.3 million.

In Houston, three new teams came on board, also from Credit Suisse. The first of these groups includes Mike Hood and Mike Green, each managing assets of $434 million, with production of $1.7 million.

The second new team is comprised of Langston Turner (assets of $777 million and production of $5.2 million), Frank Hogan (assets of $443 million and production of $2.9 million) and Daryl Allen (assets of $216 million and production of $1.4 million).

The third new UBS group includes Will Huthnance and Christopher Black, each with $444 million in assets and $5.8 million in production. All the new teams in Houston report to Raymond DiNunzio, managing director, UBS Private Wealth Management.

(Last week, UBS said it recruited a Credit Suisse advisor in Chicago with about $200 million in client assets, while Merrill Lynch added one in New York with $600 million.) 

Morgan Stanley News

Six advisors, managing nearly $2 billion in assets, have joined Morgan Stanley (MS) — including two from Credit Suisse.

James Fitzgerald left Barclays for the wirehouse firm in New York, where he now reports to Ben Firestein, complex manager, with assets of $960 million and production of more than $1 million.

William Gambrill and Joseph Najar, with a combined total of $610 million in assets and production of $6.42 million, moved to Morgan Stanley from Credit Suisse; they report to Dave Turetsky, branch manager, also in New York.

In addition, Marcio da Rocha, previously with Scotiabank, now reports to Nelson Gaertner, Park Avenue complex manager for Morgan Stanley in New York; da Rocha manages $103 million of client assets and has annual fees & commissions of $1.1 million.

Patrick Smith recently departed Wells Fargo for Morgan Stanley Private Wealth Management in Minneapolis, where he reports to Mark Gherity. Smith has yearly production of $1.4 million and assets of $140 million.

In California, Morgan Stanley’s Laguna Niguel office welcomed Robert Collier, who earlier worked for Wells Fargo. Collier manages about $140 million and has $1.8 million in production.

Other Recruits

Scott Rosser, Denise Kenny, Derek Mahoney and Kevin Chiu all joined Bank of America-owned (BAC) U.S. Trust: Rosser as a private client advisor in Los Angeles from HSBC Private Bank. Kenny came on board as a private client advisor in Chicago from Merrill Lynch; Mahoney is a private client manager in New York and used to be with J.P. Morgan Private Bank; and Chiu is also based in New York as a private client manager, after leaving Citi Private Bank.

Other BD News

Raymond James welcomed the independent firm of Ferguson-Davis Wealth Management Group to Raymond James Financial Services.

The group has over $250 million in client assets. It includes Keith Ferguson, managing principal, Brian Davis, partner, and financial advisors Brian Remson and Allen Ferguson.

The reps are based in Waco, Texas, and used to be affiliated with the Wells Fargo Advisor Financial Network (or FiNet).

Robert W. Baird & Co. welcomed new financial advisors Kim Giannone in Grand Junction, Colorado, with assets of $105 million and annual production of $1 million, and Brian Nethery in Mequon, Wisconsin, with assets of $140 million and production of $850,000.

The Falcon Group left Morgan Stanley to join RBC Wealth Management in Denver with assets of $132 million and production of $1.3 million. Advisors Ron Zimmerman, Gary Peterson and Philip Dispense have a combined total of 75 years of experience.

Jeff Heberling, director of the Denver Tech branch of RBC, said of the addition, “We are thrilled to welcome the Falcon Group to RBC Wealth Management. They bring a vast amount of experience and industry knowledge to the firm, as well as a great reputation of putting the needs of their clients first.”

Independent Moves

Paul Squarcia and Erik Wallin have left Merrill Lynch to go independent. The two launched One Charles Private Wealth through Focus Financial Partners’ Focus Independence program. The new $500 million RIA is based in Hingham, Massachusetts.

“One Charles Private Wealth was created to provide our clients with more solutions around investments, banking, insurance and socially-responsible investing,” said Paul Squarcia, founding principal of One Charles, in a press release. “Our partnership with Focus will allow us to continue to serve their best interests as we make the exciting transition to independence. Further, the access to capital, resources and best practices available through the Focus network will allow us to take our business to the next level through both M&A and organic growth strategies.”

“We are excited to support this elite team of advisors in the transition of their business and clients to the independent wealth management model,” said Chris Dupuy, president of Focus Independence, in a statement. “Their entrepreneurial DNA and drive to grow and improve their firm make Paul and Erik a natural fit for Focus.”

In other news, Redstone Advisors joined Pensionmark Financial Group’s advisor support program, becoming the group’s first affiliate firm in Utah.

Read the Nov. 11 Recruiting Roundup at ThinkAdvisor.

 

 

 

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