In an increasingly busy recruitment atmosphere, three advisors left Merrill Lynch behind to join an independent wealth advisory firm on LPL Financial’s platform, while another firm departed LPL for NFP Advisor Services, Raymond James gained a $2.7 million team in Florida and Wells Fargo welcomed a new team.
Other moves in the industry included mergers, new offices and new hires.
Jeff Kocis, John Kinsella and Richard Rohlfing have joined IHT Wealth Management (IHT), an independent financial advisory firm on LPL’s broker-dealer and hybrid RIA platforms. The three said that, based on prior business, they collectively served more than $200 million of client assets as of Dec. 15. The three will be opening IHT’s newest office in Oakbrook, Illinois, bringing the number of the Chicago-based firm’s offices up to five offices with a total of 17 advisors.
The three moved to IHT because they sought to create a team structure. “In addition, by joining with LPL and IHT, we can provide our clients with objective financial advice that will allow us to find strategies tailored for their needs,” Kocis said in a statement. He added, “This move will allow us to have access to enhanced support and resources that can help us further help our clients now as well as in the future.”
NFP, Raymond James, Wells Fargo Add Teams
Raymond James welcomed Saylor Moreman Heaton Wealth Management of Raymond James to its traditional employee broker-dealer in The Villages, Florida. Financial advisors Steve Saylor, Matt Moreman and Jason Heaton joined from Merrill Lynch, where they previously managed $370 million in client assets and had annual fees and commissions of $2.7 million.
Padilla, Singh & Associates Wealth Management, Inc. left LPL Financial to join the broker-dealer and registered investment advisor platform of NFP Advisor Services. PS&A is headquartered in Los Angeles, and is led by principals Don Padilla and Shkira Singh.
In a joint statement, Padilla and Singh said, “We selected NFP Advisor Services because of its robust technology capabilities that meet and anticipate our clients’ evolving expectations. With a solid track record and high level of service, particularly through its direct management access, we consistently found ourselves arriving at NFP Advisor Services as the leader in our search process.”
Wells Fargo gained the team of the Stevenson Group, which came to the firm in Dublin, Ohio, from Morgan Stanley. Financial advisors Brian Stevenson and Jay Knapp lead the group, which managed $195 million in client assets in its prior home. At Wells Fargo, the group reports to Dublin branch manager Lucas Koffler and Columbus, Ohio, complex manager Jeremy Seck.
Two California Wealth Advisory Firms Merge
Southern California-based EP Wealth Advisors has announced a merger with Ballou Plum Wealth Advisors, founded by Lynn Ballou and Marilyn Plum. The former firm manages approximately $2 billion for clients nationwide, while the latter, in the San Francisco Bay area, advises on more than $300 million in client assets.