Recruiting continues to be on a roll in '16.

In a move that may have been prompted by a high-profile banking scandal, a team with Wells Fargo Advisors (WFC) has left the broker-dealer to join RBC Wealth Management in Chicago.

Heide Wealth Management, led by David Heide, CFP, has a total of six advisors, about $500 million in client assets and $4 million in yearly fees & commissions.

“David Heide and the Heide Wealth Management Group are seasoned professionals and bring a breadth of wealth management experience and expertise to the firm,” said Burton Street, director of RBC Wealth’s Chicago complex, in a statement. “RBC Wealth Management is committed to growing the firm’s presence in the Chicago area and will continue to look to bring on advisors who fit the firm’s client-first culture.” 

Heide began his career in financial services at Edward Jones in 1990 and five years later moved to A.G. Edwards in 1995 (which was acquired by Wells Fargo in 2008), according to FINRA BrokerCheck. He serves as the past president of the Moraine Valley Community College Foundation and current president of the Bridge Teen Center board.

(RelatedTainted Wells Fargo Facing Advisor Talent Drain: Recruiters)

RBC Wealth, a unit of RBC Capital Markets, has $284 billion in client assets and about with 1,800 advisors in 200 locations in 40 states.

The broker-dealer, which is based in Minneapolis, also says Bryan Mullin joined the firm as head of its alternative investment platform from Slocum, an advisory firm that specializes in serving institutional investors.

“As many of the products and services within the wealth-management industry have become increasingly commoditized, offering clients differentiated advice and personalized solutions is critical,” said RBC Wealth-USA CEO Michael Armstrong, in a statement. “With Bryan Mullin at the head of our alternatives platform, we will provide our private wealth clients with access to the discipline and sophistication of institutional alternatives investing.”

Mullin comes to RBC from Slocum with analyst Leif Gunderson, who also has focused on alternative investments, including private equity, real assets and hedge fund strategies.

Merrill News

Bank of America-Merrill Lynch (BAC) says it hired Jennifer Jennings and Donny Wohl as private wealth advisors from J.P. Morgan’s Private Bank in Michigan.

“Jennifer Jennings and Donny Wohl each have an outstanding track record of helping families achieve their financial outcomes through excellent client service and a goals based wealth management strategy. Merrill Lynch has always been the standard bearer for the Private Banking and Wealth Management industry, and this is a responsibility we take very seriously,” said Nathan Marsden, market executive for the Bloomfield Hills-Farmington Hills market.

Jennings began her financial services career at Merrill Lynch in 1996 as an advisor in San Jose, California and moved to Charles Schwab from 1999 to 2001, according to FINRA BrokerCheck. In 2010, she joined J.P. Morgan’s Private Bank in Michigan.

Wohl has spent the last 10 years with Chase Investment Services and JP Morgan’s Private Bank, after starting in the business in 2006.

In executive hiring, BofA-Merrill it appointed Karin Kimbrough head of Investment Strategy for Merrill Lynch Wealth Management. Previously, she was head of Macro and Economic Policy for the unit.

In her new role, Kimbrough is responsible for leading CIO investment and portfolio strategy work across MLWM and developing thought leadership around investment trends and the application of macro strategy in portfolios, according to the firm.

Before joining BofA-Merrill in 2014, the economist was a director for the Federal Reserve Bank of New York’s markets group, where she managed foreign exchange trading staff and the quantitative analytics team. Prior to her time at the Fed, she worked for Morgan Stanley (MS) and the World Bank.

She now reports to GWIM Chief Investment Officer Chris Hyzy.

HighTower Developments

HighTower Advisors says IronGate Partners, an RIA with $250 million in assets in Wilmington, N.C., has become the 11th team to join the partnership this year. IronGate includes Chief Investment Officer Steve Coggins, Chief Client Officer David R. Hartness and Chief Operating Officer Chris Jones.

“The addition of IronGate Partners continues our pattern of unprecedented growth throughout 2016,” said Michael Parker, chief development officer, in a statement. “Steve, David, Chris and the IronGate team exemplify the high caliber of independent financial advisor that sets HighTower apart.”

To support its growth, HighTower says it recently added Jeff Draper to its business-development team. Draper, who will focus on the Southeast, comes on board from NFP Advisor Services; previously, he spent eight years working for LPL Financial (LPLA) and has spent 15 years helping advisor teams launch their own independent businesses.