Five advisors and a three-advisor team joined UBS (UBS) recently with totally assets of nearly $2.2 billion. In addition, Raymond James (RJF), Ameriprise Financial (AMP), Morgan Stanley (MS) and U.S. Trust (BAC) announced their latest recruits.
UBS says it just recruited five advisors with some $1.1 billion in client assets from Credit Suisse — which struck an exclusive recruiting deal with Wells Fargo Advisors in October — and three reps from Wells Fargo with $1.1 billion in AUM. (In mid-November, UBS added four teams in Texas from Credit Suisse with $3.6 billion in client assets.)
The new UBS reps in Boston are Jonathan Galli, Alex Martinelli, Simon Clarke and Mitch Riesenberger. While at Credit Suisse, Galli managed $440 million in client assets; Martinelli, $153 million; Clarke, $345 million and Riesenberger, $158 million. They now report to Jim Ducey, complex director, and Troy Erickson, associate complex director.
In Chicago, Betsy Nelson came on board from Credit Suisse with about $360 million. She reports to Michael Gatewood, market head of the Chicago private wealth management operations.
And in Cincinnati, the Rinehart Sussli Financial Group joined UBS from Wells Fargo. The group includes Ken Rinehart, Michael Sussli and Kevin Ruther and reports to Troy DeBord, managing director and complex director of Cincinnati/Kenwood; the advisors now work out of the Kenwood office.
Raymond James Grabs Merrill Group
Jeffrey “Glenn” Tennyson and Thomas “Kirt” Phillips have left Merrill Lynch (BAC) to join Raymond James & Associates, the firm’s employee broker-dealer. The two reps are doing business in Albany, Georgia, as Tennyson Phillips Wealth Management of Raymond James. They manage $136 million in client assets, with nearly $1 million in annual production.
“We conducted a thorough due diligence process to select our new home,” said Tennyson, in a statement. “We wanted a firm that was not owned by a large bank or pushed its bank products onto its advisors to sell to clients — something that had become a daily distraction. We liked the idea that if our clients needed banking services, Raymond James could provide them.
“The firm is well respected and offers all the tools and resources we could possibly need,” he added. “We wanted to get back to what drew us both to the profession in the first place: creating personal relationships with clients.”
Ameriprise Adds Cetera Team