Dynasty Financial Partners says YorkBridge Wealth Partners, which has some $750 million in client assets, has joined its partnership.
YorkBridge, an RIA formed by managing partners Carrie Gallaway and Andrew Stern who recently left Lebenthal Wealth Advisors, is based in New York. The group includes other former Lebenthal employees: Jeffrey Lane, partner; William Joseph, senior managing director; Barbara Doran, director and senior portfolio manager; and Leigh Moglia, senior vice president.
Meanwhile, Intellectus Partners, also part of Dynasty Financial Partners, marked its first anniversary in business by expanding its investment team. Ben Emons, whose career includes positions at PIMCO, Nuveen, IndyMac and ABN Amro, has joined as chief economist, head of credit and portfolio manager, and Brian Zeck, who comes from Leader Capital, has joined as VP of new products and services.
Emons will be based in the firm’s Los Angeles office, which is set to open soon, while Zeck will be based in San Francisco. Both will report to CEO David LaPlaca.
Separately, a group of advisors has launched the national RIA We Are One Seven; it is based in Cleveland and has an additional office in Park City, Utah.
Of the seven principal wealth advisors, four used to work with Morgan Stanley — Todd Resnick, Michael Mawby, Stuart Gertman and Bruce Greenwald, who collectively managed about $600 million in assets for about 500 clients — and three were with MGO Investment Advisors — Ronald Gross, Richard Gross and Paul Orchosky. Ronald Gross is CEO of the new firm, and also continues in that role at MGO; Todd Resnick is president of One Seven.
“We found we shared a vision of creating an advisory business that was deeply engaged and connected with our clients’ lives,” explained Resnick, president of the firm, in a statement. “We wanted to interact with our clients on a deeper level than simply making a phone call when the market goes up or down, or when they have a question about a dividend or mutual fund.”
“I’d been approached through the years by a number of other advisors about partnering or forming a strategic alliance, but Todd [Resnick] was the first one I met who also shared my entrepreneurial passion,” Gross said in a statement. “We know that going independent is complicated and time-consuming, but our goal at One Seven is to make that whole process easier for other advisors who want to join our network.”
According to the Financial Industry Regulatory Authority’s BrokerCheck database, several advisors of We Are One Seven are affiliated with the broker-dealer Purshe Kaplan Sterling Investments.
In other news, Betterment hired Amy Shapero as chief financial officer. Previously, she was CFO of Sailthru, a marketing communications company. Betterment also says it has become the first robo-advisor to hit $5 billion in assets under management.
Meanwhile, HighTower says boutique multifamily group Acacia Wealth Advisors of Los Angeles has joined the firm.
Co-founders Meloni Hallock and Alev Lewis will continue to lead the team as managing directors and partners of Acacia Wealth Advisors at HighTower. Acacia oversees more than $500 million in client assets.
“The fiduciary standard — the practice of putting our clients’ best interests first — is the foundation of our identity at Acacia Wealth Advisors,” Hallock said in a statement. “HighTower aligns with our core values, and its sophisticated platform enables us to deliver comprehensive wealth management services as a trusted partner to our clients.”
In addition, HighTower acquired J.M. Egan Wealth Advisors, an RIA with offices in Sea Girt and Madison, New Jersey, as well as New York. The team manages some $300 million under the leadership of John Egan, managing director. The team will now be known as The Egan Group at HighTower, and will move its New York office into HighTower’s headquarters. The Madison and Sea Girt offices will continue to operate in their current locations.
Raymond James (RJF) says it recently recruited independent advisors in Oregon and Michigan.
Advisors Jeffrey Grandy, Sophia Bliablias-Grandy, Douglas Souvenir and Keoni Hudson-Rasmussen joined Kruse Woods Financial Partners, an existing independent firm in Lake Oswego, Oregon, that offers securities through Raymond James Financial Services. The team joined Kruse Woods from Foresters Financial Services, where they previously managed about $240 million in client assets and had annual fees and commissions of almost $1.8 million.
“We all wanted to be more independent, without the restrictions on investment and product offerings that being a captive employee imposed,” Grandy said in a statement. “Raymond James has such a wide choice of investment options and really superior technology — we have just been delighted with the depth and breadth of the firm’s platform, its product offerings and the support it gives to its advisors.”
In Michigan, Northville-based independent advisory firm Great Lakes Wealth affiliated with Raymond James’ independent-advisor channel from UBS Financial Services. The team, led by managing partners Dewey Steffen, chief executive officer, and Michael Hartman, chief operating officer, managed approximately $150 million in client assets.
“We are confident that with the resources and support of Raymond James we will be able to continue to deliver superior client service in all areas,” said Steffen in a statement.
UBS Asset Management is looking to build sustainability asset management (or SAM) across asset classes with the hiring of Michael Baldinger in the newly created role of head of sustainable and impact investing. Baldinger joins UBS from international investment firm Robesco SAM, where he served as CEO for the past five years.
He will be based in New York and report to Dawn Fitzpatrick, head of equities and multi-asset investments, and O’Connor.
In other news, the financial advisor team of Sean Richardson and Max Lile have started the financial planning and investment management firm AllStreet Capital in Los Angeles. Richardson and Lile, formerly with Morgan Stanley, have selected Fidelity Investments to serve as custodian of their clients’ assets.
— Read the July 7 Recruiting Roundup on ThinkAdvisor.