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December 15, 2016 at 04:05 AM
Broker-dealers have been busy recruiting advisors before the end of 2016. Raymond James, for instance, said it recently recruited one team from Wells Fargo Advisors and another from Morgan Stanley.
The Wells Fargo team of John Solomon; Phil Greer; Bill Dukelow, CFP; and Hamilton P. Neal, CFP, are now part of Raymond James & Associates (RJA) the firm’s employee channel in Ponte Vedra Beach, Florida.
Previously, the team managed close to $290 million in client assets and had about $1.7 million in annual fees and commissions; it operates as the Solomon, Greer, Dukelow & Neal Wealth Management Group.
“We are delighted to welcome John, Phil, Bill and Hamilton as well as Samantha and Lindsay to the Ponte Vedra office of Raymond James,” said Patrick O’Connor, Coastal Region director for Raymond James & Associates, in a statement.
“With their more than 100 years of combined experience and a commitment to a long-term, client-first approach, they are a great addition to our firm, and we look forward to supporting them as they continue to grow their business,” O’Connor explained.
Raymond James independent channel says a team of three advisors in Chapel Hill, North Carolina, has joined it from Morgan Stanley. The group includes Mark J. Rhoades, CFP, and George Livanos, according to Scott Whitley, regional director for Raymond James Financial Services.
The group has some $250 million in client assets and had yearly production of over $1.5 million, according to Raymond James. It now does business as the Broadview Group. It will work both with an existing RJFS affiliate and the RIA Phoenix Financial, which is led by managing director and branch manager William W. Farley Jr.
“We are very pleased to be aboard at Raymond James,” said Rhoades, in a statement. “We researched our options carefully, but first and foremost was our desire to service our clients in a truly independent fashion. We knew it was a home run when the opportunity to be independent fiduciaries included partnering with a senior, highly regarded advisor like Bill Farley and his deep bench at Phoenix Financial.”
Wells Fargo’s FiNet Gains Advisors
Four advisors have left Merrill Lynch and Morgan Stanley to go independent with Wells Fargo Advisors Financial Network. In total, the four registered reps manage more than $440 million in client assets and have close to 50 years of industry experience.
Tom Fautrel and Paul Carlson of Bethesda, Maryland — formerly with Morgan Stanley — opened Seventy2 Capital with FiNet; they manage more than $243 million in client assets and have a total of 26 years of industry experience.
Michael Russo of Staten Island, New York, recently left Merrill Lynch to open an independent practice with FiNet; Russo has been an advisor for more than 12 years and manages about $125 million in client assets.
Dennis Surmanek, also of Staten Island, exited Merrill to start Surmanek Wealth Management; he has been an advisor for more than a decade and manages about $72 million of assets.
LPL-Related Moves
The Wealth Enhancement Group, an independent wealth management firm, says it has struck a deal to buy CLA Financial Advisors of Northbrook, Illinois; CLA has about $200 million in brokerage and advisory assets.
“Our national growth strategy is predicated on acquiring complementary partner firms in select markets and using our proven organic marketing programs to further fuel growth,” said Jeff Dekko, CEO of the Wealth Enhancement Group, in a statement.
“The progress of this strategy in our Chicago region is promising, and the acquisition of CLA represents a significant milestone in continuing our success story. We look forward to building on the Chicago region’s momentum and expect to surpass $1 billion in client assets in this market in the near future,” Dekko explained.
Wealth Enhancement Advisory Services is the group’s RIA. Some of its investment advisor representatives also are registered reps of and sell securities through LPL Financial.
As part of the agreement, CLA’s employees will become part of the Wealth Enhancement Group.
Through three deals announced this year, the Wealth Enhancement Group is set to add over $1.7 billion in assets. The group and its RIA have over $6.3 billion in client brokerage and advisory assets.
LPL Financial says that Napa Valley Wealth Management, which has about $213 million of client assets, has joined its broker-dealer and hybrid RIA platforms.
The group is led by Kelly Crane; it has offices in St. Helena and Walnut Creek, California, and has been in business since 1992.
