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Practice Management > Building Your Business > Recruiting

Morgan Stanley Loses Advisors to Raymond James, RIA: Recruiting Roundup

By Janet Levaux

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Steward Partners Global Advisory, affiliated with Raymond James’ independent channel, has opened a new office in Dallas, which is the firm’s 18th location nationwide and second within the Lone Star State. Moving to the new location are two former Morgan Stanley advisors with about $285 million in assets: Brett J. Diamond and Jason A. Bottenfield, CFP, CDFA.

“Our entire team is excited by the opportunities this move will create for our clients over the long-term,” according to Diamond, who has been an advisor for 18 years. “We are thrilled to be a part of Steward Partners’ quickly growing Texas presence, and we look forward to starting the next chapter of our careers within the firm.”

The Diamond & Bottenfield Private Wealth Management Team is the second group of advisors to join Steward Partners this year.

Also, registered investment advisor AdvicePeriod says that Brent Pressentin has become a partner advisor in Los Angeles, after leaving Morgan Stanley Investment Management with an anticipated $100 million in client assets.

“We’re thrilled to have Brent join the team,” according to Jack Straub, AdvicePeriod principal. “His personal philosophy to advising aligns perfectly with our values and our approach.”

“AdvicePeriod has all the resources an advisor could dream of to optimize the client experience,” Pressentin said in a statement. “I’m really looking forward to leveraging all the technology the firm has to offer.”

The RIA planss to share its estate planning visualization technology with its partners soon.

Meanwhile, AdvicePeriod announced that two female advisors have joined its operations from Focus Financial with about $100 million in assets: Megan Logee, ChFC, and Chrissy Canapari, ChFC. They will work with Dan Legault, CFP, who first opened AdvicePeriod’s Rhode Island office just over a year ago.

“We’re really excited that Megan and Chrissy have joined us,” according to Larry Miles, AdvicePeriod principal. “I love what they do for their clients. We are a great fit for each other.”

“This is an exciting move for both of us,” Canapari said in a statement. “We’re excited by the resources we’ll have for our clients.”

Through mid-March, AdvicePeriod has added seven partner advisors and over $1 billion in expected new assets.

More Developments

Baird recently added advisor Justin Nichols to ts Houston-Memorial wealth management office. Formerly with Wells Fargo, Nichols has more than 20 years of experience and oversees $240 million in assets.

Nichols’ addition comes on the heels of the announcement that Hilliard Lyons is joining it. In addition, Baird added 62 financial advisors to its Private Wealth Management group in 2018.

Separately, Ameriprise Financial says it recruited an advisor with $173 million in client assets from LPL Financial in Hudson, Wisconsin. Jamie Grupe, who has been in the business for two decades, will join Steve Kinney, an Ameriprise advisor with 39 years of experience serving clients in the Hudson area.

“We were impressed with the management team and resources that Ameriprise has to offer, according to Grupe. “The people at Ameriprise that we have worked with so far have exceeded our expectations.”

“Jamie was an ideal fit for Ameriprise and joining forces with Steve because he believes in financial planning and takes good care of his clients. We’re excited to have him join the firm,” said Terry Leiendecker, the senior vice president of the franchise field that oversees Grupe.

More RIA News

Cresset Asset Management said it is buying the Chicago-area RIA Evanston, which has more than $500 million in client assets, 11 team members and is led by co-founder Keith Cantrell and Principals Nathan Snodgrass and Dave Jackson.

“We are thrilled to partner with the Evanston team,” said Avy Stein, Cresset co-founder, in a statement. “We have been impressed by what they have built over several decades, and we are eager to work closely with Keith, Nathan, Dave, and their team to continue Evanston’s long track record of outstanding client service and wealth management.”

Cresset was founded in 2017 by Stein and Eric Becker.

“Both Cresset and the Evanston team take pride in being independent and client- and employee-owned …,” according to Becker. “We are pleased to share our respective best practices and to build upon the common cultures our firms have created.”

Outside of Chicago, Cressett has offices in West Palm Beach, Florida; San Francisco; Seattle; Denver; and Minneapolis. With the latest acquisition, it is expected to have nearly $4 billion in assets under management.

Janet Levaux

@Think_JanetL

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