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Recruiting Roundup: Royal Alliance Adds 2 Teams; Merrill Names Market Execs

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Royal Alliance Associates, one of the Advisor Group broker-dealers, says it recently recruited two teams: Chestnut Street Group and Monteverde Group.

The Chestnut Street Group, now an office of supervisory jurisdiction (OSJ) branch, has offices in Tulsa and Oklahoma City, Oklahoma; Dallas and Houston, Texas; Fort Smith, Arkansas; and Wichita, Kansas.

With 40 advisors and five regional directors, located in its offices in Oklahoma and Texas, the group manages more than $485 million in total client assets and previously operated as an independent broker-dealer (First Independent Financial Services).

The Monteverde Group, headquartered in Pittsburgh, manages more than $300 million in client assets. Founded by James Monteverde, president and CEO, it also has 10 advisors and eight full-time staff members located in Pittsburgh; Bonita Springs, Florida; and Wheeling, West Virginia.

It plans to expand to Colorado to help it maintain its 10%-plus annual growth rate. The firm also aims to expand its retirement plan services offerings with the support of Royal Alliance’s infrastructure and technology platforms.

Merrill Names New England Execs

Merrill Lynch has named two market executives in the New England division. Chris Bettencourt was appointed market executive for the Boston Financial Market, after serving as market executive for Hartford since 2010.

After joining Merrill Lynch in 2004, Bettencourt had served as the associate director for the southern New England/upstate New York region and the complex director in Wisconsin.

Shamus O’Rourke succeeds Bettencourt as Hartford, Connecticut, market executive; he had been market executive for northern New England since 2014. He began his career with Merrill Lynch in 1998 and has held a number of positions, including sales manager for the New England division and regional sales manager for the heartland region.

Growth for Focus Financial

Focus Financial Partners says two of its partner firms recently expanded their operations. Buckingham Asset Management in St. Louis, Missouri, completed a merger transaction with Solutions for Wealth Management (SWM), an RIA based in Bourbonnais, Illinois. This deal expands Buckingham’s footprint in the Midwest. Mark Smith, founder of SWM, will join Buckingham as a wealth advisor.

FFO, based in New York, has closed a deal with Daniel Sillman, founder of Compass Management Group, a business and lifestyle management firm for professional athletes based in Michigan.

Sillman’s addition enhances FFO’s position in the sports and professional athletes segment; he will work as an advisor for FFO and continue his role as director of new business development at RSE Ventures, a sports, media and entertainment investment company co-founded by Miami Dolphins owner Stephen Ross and Matt Higgins.

U.S. Trust, Triad News

Bank of America-owned U.S. Trust has brought in a group of new private client advisors in several states. In California, Shane Hiller joined the San Francisco office from Citibank. In Connecticut, Sean Lenahan joined the Westport office from Commonfund.

Bryan Simms joined the Atlanta office from Ronin Advisory Partners. In Chicago, Vincent D’Amico joined from Sperry Van Ness; Patrick Dominick joined from Wells Fargo; and Douglas Ralston joined from Wealth Management/Family, where he was the founder and managing director.

Jason Lynch joined in Seattle from Morgan Stanley. And in Texas, Adam Innerst joined the Houston office as a wealth strategies advisor from Northern Trust.

Independent broker-dealer Triad Advisors says it recently promoted Nathan Stibbs to the position of executive vice president and chief strategy officer. In this newly created position, he will be responsible for ongoing development and execution of strategic initiatives, including advisor recruiting, branch office expansion, and advisor mergers and acquisitions. He will also oversee the firm’s registered investment advisor and fee-based platforms.

Philadelphia-based turnkey asset management program (TAMP) provider Efficient Advisors hired Nicole Newlin as president of the firm. Newlin was most recently a partner at Pathfinder Strategic Solutions. In her new role, she will have broad responsibility across various functional areas of the firm.

— Read the April 20 Recruiting Roundup on ThinkAdvisor.


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