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July 14, 2016 at 02:20 AM
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.”
