RBC Wealth Management said it recruited a $500 million team from Commonwealth Financial in St. Cloud, Minnesota.

The Schluchter Investment Group includes advisors Wayne Schluchter and Jeffrey Voit, as well as team members Cindy Lanoue-Sauer, Alexander Coulter, Kim Thyen Nies, Terri Hermanson and Janet McConkey, who have worked together for more than two decades.

“After evaluating several high-quality options, our team decided to join RBC Wealth Management because of its client-first culture,” according to Schluchter. “In addition, because of the many investments the firm is making in the U.S., we believe it is the best destination to continue to grow our business.”

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LPL Financial says Multop Financial has joined its broker-dealer and corporate registered investment advisor platforms. Multop, which was previously affiliated with the Cetera Financial Group, had some $300 million of client brokerage and advisory assets as of August.

The firm is based in Bellingham, Washington, and was founded in 1976 by Air Force veteran Phillip Multop. Today, it includes three advisors, three certified public accountants and a six-member support staff.

“In today’s environment, partnering with a steadfast and proven leader such as LPL enables us to support our clients over the long term,” according to Multop. “In addition, our firm’s philosophy directly echoes that of LPL. We are 100 percent committed to our clients’ growth, passionate about their success and are exceedingly proud to be their partner.”

“It’s a pleasure to welcome Multop Financial to LPL,” said Craig Kamis, LPL executive vice president of business development, in a statement. “We are proud to have the opportunity to support their business.”

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Stifel Financial says the following advisors, who have a combined asset level of $382 million, are now part of its broker-dealer:

  • Eric Conover of Quincy, Illinois, who moved from Wells Fargo Advisors, where he had $183 million in client assets.
  • Craig Whitten of Phoenix, who previously worked for UBS and had $71 million in assets.
  • John “Barry” Jenkins of Memphis, Tennessee, who earlier was with Wells Fargo Advisors and had  $65 million in assets.
  • The father-son team of John A. and John P. Banks of Center Point, Pennsylvania, also with Wells Fargo Advisors before the move, where they had $63 million in assets.

“Over the past three weeks, high-quality, entrepreneurial financial advisors have joined Stifel from all four traditional wires, three of our main ‘new national’ or regional competitors, as well as independent FAs,” said John Pierce, Stifel’s head of recruitment, in a statement.  “The diversity of our hires across firms, geography and gender show that post-DOL, Stifel is a firm that allows the advisor to choose what is best for their clients.”

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Ameriprise Financial says Jeffrey Eagle of West Palm Beach, Florida, is now part of its employee channel, after departing from Mora WM Securities. Eagle’s team has about $99 million in assets.

“I chose Ameriprise because of its history and strength in the area of financial planning,” Eagle said in a statement. “For my tech-savvy clients, the tools here are exciting. And for all my clients, the client support is paramount.”

Stephen Orenchuk of Saddle Brook, New Jersey, left Wells Fargo and became part of Ameriprise’s employee channel. He worked in the past with some $92 million in assets.

“At Ameriprise we can run our business and work with our clients in a way that helps them achieve their goals,” according to Orenchuk.

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Kestra Financial says Personal Benefit Financial is now using its independent advisor platform.

Based outside Denver in Lakewood, Colorado, the team works with $118 million in assets and has a 45-year history. Founded by L. Ronald Blair, CFP, the firm is now owned by Sharla Rountree, CFP.

Personal Benefit Financial earlier was affiliated with Royal Alliance, which ranked Rountree on its list of the top 50 leaders nationwide for seven consecutive years.

“We wanted to align with a firm that provides high-touch service, streamlined operations and a partnership approach to compliance,” according to Rountree. “That search led us to Kestra Financial, which offers all the qualities we sought. Their support of women advisors and home office leaders was also crucial to our decision.”

This team is the 27th firm to join Kestra’s platform in 2018.

“Kestra Financial is passionate about partnering with progressive wealth management firms like Personal Benefit Financial to take their business to the next level,” said Daniel Schwamb, senior vice president of business development at Kestra Financial, in a statement.

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In other news, mergers and acquisitions specialty firm DeVoe & Co. of San Francisco has added two directors, Corinne Jacobson and Aryeh Malitzky, in Washington, D.C.

Jacobson made the move from Edelman Financial Services, while Malitzky was most recently with InCap Group, an investment bank focused on RIAs.

DeVoe has doubled in size over the past 14 months, according to David DeVoe, managing director. “Adding these experts will enable the team to get a reasonable amount of sleep and perhaps even take a day off here and there.”

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Meanwhile, Clark Capital Management Group, an independent asset manager with about $13 billion, appointed industry veteran Larry Roth to its board.

Roth, the former CEO of Cetera Financial Group and AIG Advisor Group, is now the head of RLR Strategic Partners, a consultancy affiliated with Berkshire Capital. He also is an attorney and CPA.

“It’s an honor to be invited to join the board of Clark Capital, an independent asset manager that I’ve long admired for the focus and discipline reflected in the strategies the firm develops and aligns with investors and the financial professionals who serve them,” Roth explained in a statement.

“With the significant shakeout of third-party asset managers across the independent wealth management space over the last few years, there are unique opportunities for growth that are now available to high caliber providers of investment strategies and solutions such as Clark Capital.”