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Recruiting Roundup: Wells Fargo Nabs $1B UBS Group

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Wells Fargo (WFC) attracted a billion-dollar advisor group from UBS (UBS), while Raymond James (RJF) welcomed advisors who managed nearly $500 million. Meanwhile, LPL Financial (LPLA) and Merit Financial Advisors welcomed the newly launched advisory firm of Consilium Associates.

The Blosser-Reeder Group left UBS Private Wealth Management recently to join Wells Fargo Advisors in Los Angeles. Rick Blosser, Ryan Reeder and their team joined the Westwood branch after managing more than $1.1 billion in client assets at UBS.

“Our choice to join Wells Fargo Advisors was decided after much consideration and serious examination of the prevailing trends in the wealth management industry,” said Reeder in a statement. “Wells Fargo Advisors, hands down, had the most client-centric wealth management best practices we had seen in the industry.”

In Chicago, Raymond James’ employee channel attracted a team of two advisors: Matthew Gall moved from Wells Fargo Advisors, while Jim McDermott made the switch from Oppenheimer & Co.

Together, the two advisors have about $110 million in assets and some $1.5 million in yearly fees & commissions.

“We wanted to find a firm with a small-company culture, but big-company resources,” said McDermott, senior vice president of investments in a statement. “Something we felt here at Raymond James was unique. The firm offers the platform we were looking for, the cutting-edge advisor technology we need to run our practice efficiently, and access to great money managers.”

McDermott began his 20-year career at Salomon Brothers before becoming a financial advisor with Prudential Securities, Smith Barney, Wells Fargo Advisors and Oppenheimer. Gall has been in the industry for 19 years; he previously worked at Smith Barney, A.G. Edwards and Wells Fargo Advisors.

“Jim and Matthew are great additions to our firm,” said John Kuklenski, Northern division director for Raymond James & Associates, in a statement. “We are pleased they discovered the high level of service and support provided here at Raymond James, and we are proud to offer the type of technology and resources they need as they continue to grow their business.”

Raymond James Financial Services, the independent broker-dealer of Raymond James, gained an advisor/branch manager in Saddle River, New Jersey, and a trio of advisors in Cypress, Texas; together the additions manage nearly $400 million.

In New Jersey, Douglas James, managing director of the independent advisory firm Saddle River Financial Group, joined from the independent firm American Portfolios Financial Services, where he managed more than $215 million in client assets and had revenues of more than $1.05 million.

And in the Houston area, the father-and-sons team of Ed Lancaster, Mike Lancaster and Dave Lancaster, operating as Lancaster Wealth Management, joined from LPL Financial, where they managed more than $166 million in client assets and had approximately $1.5 million in annual production.

Other News

Consilium Associates, a newly founded financial advisory firm, with advisors Kirk Wilkerson and Andy Lubben, has joined the independent advisor network on LPL Financial’s hybrid RIA platform after becoming part of Merit Financial Advisors.

Wilkerson and Lubben, both formerly with Ronald Blue & Co., manage client assets of $185 million. Consilium is based in Alpharetta, Georgia.

Snowden Lane Partners has welcomed the team of the LDR International Group from Merrill Lynch.

Rick Leyva, partner and managing director, and private wealth advisors Clelia Dipp, Imar Rodriguez and Christina Eddy will work from the firm’s San Diego office, and manage about $200 million in client assets.

Wealth management and investment banking firm Noyes has added the Mancusi Group to its wealth management lineup. Lou Mancusi and Lauren Holwell join from Oppenheimer & Co.

— Read the Dec. 2 Recruiting Roundup at ThinkAdvisor.


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