Raymond James Investment Advisors Division (RJF) has welcomed WealthSource Partners, which has 21 advisors.
The San Luis Obispo, California-based group, which includes advisors elsewhere in the state as well as in Colorado and Florida, was created in January through the merger of two independent firms, Avant-Garde Advisors and Vellum Financial, both founded separately in 2009.
The firm’s executive team includes CEO Bryan Sullivan, COO Eric Patton, Chief Development Officer Jon Dubravac, Chief Strategy Officer Kelly Smith, Chief Compliance Officer & General Counsel David Ito and Chief Investment Officer Mark Malek.
WealthSource expects to transfer about $300 million of its $568 million in client assets to Raymond James.
“Part of the attraction of Raymond James is its experience and history as a full-service broker-dealer,” said Sullivan, in a statement. “Each of the firm’s divisions is recruiting advisors from the wirehouses, so they know those advisors’ expectations, they understand the mindset and, more importantly, they deliver a full spectrum of products and services these advisors are used to, combined with industry-leading technology, resources and support.”
In other recruiting news, Cetera Financial Group and Cetera Financial Solutions have announced that Seneca Savings and its wholly owned wealth-management subsidiary Financial Quest have joined Cetera Financial Solutions.
Seneca Savings is a community bank headquartered in Baldwinsville, New York, with additional locations in North Syracuse and Liverpool, and more than $148 million in savings assets. Its wealth management program currently has two advisors.
“We are pleased to welcome Seneca Savings to our circle of bank and credit union clients,” said Catherine Bonneau, CEO of Cetera Financial Institutions, said in a statement. “By joining with Cetera Financial Institutions, Seneca can now offer its clients a far more extensive mix of investment solutions than it previously could make available, as well as an enhanced range of quality investment-related services.”
Bank of America Merrill Lynch (BAC), meanwhile, says Habib Yousefzadeh is now working in the firm’s Oklahoma City office. Yousefzadeh, who has been in the financial services industry since 1989, had $110 million in assets under management as of last year and produced more than $1.1 million in annual fees and commissions.
“Merrill Lynch is pleased to have this experienced advisor join our firm,” Michael Rodriguez, Oklahoma complex market executive, said in a statement. “Habib tirelessly works with his clients to help them achieve their goals. We are excited to have Habib’s dedicated work ethic and professionalism at our firm.”
According to Yousefzadeh’s FINRA BrokerCheck records, he moved to Merrill Lynch from Morgan Stanley (MS), where he had worked since 2009. Prior to Morgan Stanley, he had been with Merrill Lynch for seven years.
New York-based Teidemann Wealth Management, with $9 billion in client assets, and San Francisco-based Presidio Capital Advisors, a subsidiary of the Presidio Group with about $4 billion in client assets, are joining forces to create a national investment and wealth advisory firm. The combined firm will operate under the Tiedemann Wealth Management brand with some $13 billion in assets under advisement and offices in New York; San Francisco; Dallas; Palm Beach; Wilmington, Delaware; and Washington, D.C.
Michael Tiedemann, CEO of TWM, and Craig Smith, president of TWM, will maintain their roles as CEO and president of the combined firm.
“We are proud to join forces with a firm that shares our values of accountability, transparency and focus on results, along with the same dedication and passion to a high-touch, clients-first approach,” explained Brodie Cobb, founder and CEO of the Presidio Group, in a statement. “This partnership enables us to provide our clients with deeper and expanded investment, estate planning and trust resources and services.”
Pensionmark has welcomed Maryland-based Asset Strategy Consultants. Founded in 1991, ASC is a privately held independent investment management consulting firm with over $7.5 billion in assets under management focused on providing consulting solutions to fiduciaries of endowments, foundations, retirement plans and insurance companies.
Ted Herget, Al Morrison and John Meehan (Baltimore) are principals; regional directors are Kent Fitzpatrick (Boston), Clark Frese (Harrisburg), Ed Boyer (Pittsburgh) and Sara Morgan (Raleigh/Durham).
Also, James Neissa and Lee LeBrun are joining Rothschild & Co. Group, the former as head of Rothschild & Co North America and the latter as head of mergers and acquisitions in North America. Neissa joins after more than 20 years as an M&A professional at UBS Investment Bank (UBS) and Donaldson, Lufkin & Jenrette. LeBrun was also previously at UBS, where he served as co-head of M&A—Americas.
Broker-dealer Agecroft Partners welcomed Doug Rothschild as president, reporting to Don Steinbrugge, founder and CEO of the firm. With more than 20 years of experience in the financial industry, Rothschild’s background includes serving for six years on the executive committee of a major hedge fund and serving for more than four years as president of a large alternative investment firm.
Read the Aug. 3 Recruiting Roundup at ThinkAdvisor.