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April 18, 2019 at 10:22 AM
Independent broker-dealers continue to attract breakaway brokers.
LPL Financial, for instance, says it recruited Morgan Stanley advisor Steve Melen, who manages about $100 million of assets in Tiburon, California, near San Francisco.
According to Rich Steinmeier, LPL Financial managing director and divisional president, Business Development, “We are proud to be able to support Steve and his business, and share his commitment to continuous improvement and willingness to give back.”
Melen, who survived stomach cancer, explained in a statement: “I am in a rare position to have come through the experiences that I’ve had, and I believe it helps me connect with my clients and relate to their financial fears, wants and needs.
Also moving to LPL Financial is O&R Partners of Laguna Hills, California; the team includes financial advisors Dave Olivieri, CFP, and Wes Rowlands, who formerly worked with $155 million of assets at Voya Financial.
“We needed a larger broker-dealer to help support our growth. LPL has the size and stability that can address the advancing needs we have to execute on our growth strategy,” according to Rowlands.
Olivieri has been in the business for over 40 years of experience, while Rowlands has worked with Olivieri for seven — after cutting his teeth in finance and consulting on Wall Street.
Raymond James’ News
Meanwhile, Raymond James says it recruited Willis “Andy” Lovell to its employee channel from Merrill Lynch in New Orleans. Lovell and associate Alyssa Klein operate as Lovell Wealth Management, which has previously managed some $177 million in client assets.
“I was drawn to the client-first and advisor-focused culture at Raymond James,” according to Lovell, senior vice president, investments. “The firm has all the resources and capabilities of a large firm, but empowers its advisors to build and run their practices as they choose … .While I looked at other firms, none offered this level of independence or support. I’m excited to be a part of Raymond James.”
Lovell began his career at J.C. Bradford & Co. in 1996 and worked there through 2000, when the firm was bought by UBS. From 2007 on, Lovell was with Merrill Lynch.
“I have known Andy for quite some time,” said Jude Huval, South Louisiana complex manager, in a statement, “and appreciate how thorough he was in his due diligence, and how important it was that he find a firm where he has the ability to run his practice as he wishes.”
Raymond James also welcomed Debbie Smith to Raymond James & Associates in Atlanta. She moved to the employee channel from SunTrust Investment Services, where she managed about $200 million in client assets.
“I was looking for a firm where I could run my practice as I wanted, with more flexibility in how I serve and select my clients,” according to Smith. “Also, I serve a number of women business owners and executives in my practice, so the fact that Raymond James had for over 20 years developed, supported and celebrated a Network for Women Advisors … was another powerful reason to make the move.”
