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Practice Management > Building Your Business

RBC Nabs $1.4B Wells Fargo Team: Recruiting Roundup

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RBC Wealth Management has recruited a $1.4 billion team from Wells Fargo Advisors in Bloomfield Hills, Michigan.

The Bosart Wealth Management Group advisors includes Eugene (Trip) Bosart, Robert Bosart, Brad Bosart, Joe Moynihan and Maddalena Parks.

“Our team decided to join RBC Wealth Management because of the firm’s deep resources and investments in the U.S., along with their reputation for putting the interests of clients first,” according to Trip Bosart, who has 50 years in the business.

Also adding a team from Wells Fargo is Raymond James. It welcomed Kenneth Judd, Robert Gonzales and Joseph Klauzar in San Diego, California, according to Pat Allison, Western division director for Raymond James & Associates, the firm’s employee channel.

The advisor group does business as Charted Course Wealth Management and has about $136 million in assets. 

“Rob and I looked at a number of firms, and Raymond James felt like home,” according to Judd. “Raymond James invests in its advisors and provides the marketing and technology resources we need to serve our clients. We’re excited to build our business with a firm whose values resonate so well with us and our clients.”

Judd began his financial-services career in 1993 with Prudential Securities and then worked as an advisor at A.G. Edwards. Gonzales, first vice president of investments, has more than 41 years of industry experience, beginning at Merrill Lynch and later working at Prudential and A.G. Edwards.

Also,  an employee advisor from Morgan Stanley moved to Raymond James & Associates in Los Angeles with roughly $62 million. He started in the business in 1996 at PaineWebber, according to FINRA BrokerCheck, and was with Morgan Stanley since 2011.

Other BD News

LPL Financial said Brennan Asset Management Group has joined its hybrid platform from Cetera Advisor Networks. The group had about $300 million of client assets as of early September.

Senior partner Bob Brennan founded the Redding, California-based business in 1986 after spending four years touring as a professional tennis player. The firm, which affiliated with Cetera in 1988, now has four advisors: Brennan, Christian Rizzi, Mike Ferrier and Bart Farrell.

“We believe LPL provides the stability and partnership that will best serve our team and our clients today and for the long run,” Brennan said. “LPL’s technology creates more efficiency in our practice.”

LPL also says Beltz Ianni & Associates is using its hybrid platform. The group works with about $500 million of assets and used to be affiliated with Cadaret, Grant.

Based in Rochester, N.Y., the firm has 16 financial advisors, including managing partners Fred Beltz, David Ianni, Bob Judd and Mark Siler.

“Our business model is designed to be able to support clients’ across the range of financial services,” according to Judd. “Our advisors have experience across a range of specialized areas. … Our concept here is to provide the under-$20 million plan market with the same services that large plan clients receive.”

The group moved to LPL Financial to obtain “the support and tools from a large organization, and we wanted to have more choice in the products we can offer our clients,” Judd explained in a statement.

In addition, the independent broker-dealer says Premier Investments of Iowa is now a hybrid-platform affiliated. Premier works with roughly $520 million of assets and moved from Cambridge Investment Research.

Based in Cedar Rapids, Iowa, and founded in 1989, the firm is led by Jeff Johnston, who has 28 years in the business, and Brock Renner, who has been an advisor for 22 years; it includes six other advisors.

“LPL was instrumental in helping us identify this potential [for future growth] and they have the expertise and resources that can support us,” according to Johnson. “We believe LPL is moving the needle and setting the bar in the industry. We agreed that we wanted a partner that could make us even better,” he said.


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