Janney Montgomery Scott says it has added two advisor teams with a total of about $373 million in assets.
Somers Wealth Management, which works with $192 million, moved from Stifel Financial in Bethlehem, Pennsylvania.
“Lisa and Brenda bring over 40 years of wealth management experience to the firm and are firmly dedicated to helping clients meet their financial goals. We’re excited to welcome them to the Janney team and look forward to providing the necessary support to assist their clients,” according to Randall Biggs, Bethlehem branch manager.
Lisa has about 30 years in the business, while Brenda has been in for roughly a decade.
Schultz Wealth Management moved to Janney in Atlanta. The team is led by Jeff Schultz and works with about $181 million; it previously was affiliated with Raymond James.
“Jeff and his team continue the growth of Janney’s overall presence in Atlanta and the Southeast. They bring considerable industry experience and a commitment to providing a high level of personalized service to clients,” said Rick Ballou, Janney’s branch office manager in Atlanta, in a statement
Schultz, CFP, has over 20 years of experience. He works with Kevin McKane, CFP, who has been in the business for 11 years.
RBC Wealth Management, recently welcomed advisor Harold “Chip” Green to its office in Sugar Land, Texas, near Houston. Green joins with 31 years of industry experience, $120 million in retail and institutional assets and $1.1 million in yearly fees and commissions. Earlier, he was with Raymond James.
“After much thought, I made the decision to join RBC Wealth Management because of the firm’s client-first, advisory friendly culture,” according to Green. “In addition, RBC has a strong leadership team and places an emphasis on taking a comprehensive approach to wealth management, which is important to my clients.”
“We are excited to welcome Chip to our Sugar Land branch,” said branch director Jeff Heberling, in a statement. “He is well-respected in the area and brings a wealth of experience and industry knowledge to the firm.”
In February, Sugar Land added Rama Gali, CFP, from UBS.
New RJ Affiliate
In mid-April, a team of financial advisors recently left UBS Financial Services to launch a new full-service independent wealth management firm in Dallas named Wealth Partners Alliance.
Led by founding partners John Saalfield and Rick Lima, along with team member Lindsay Heyman, the all‐advisor led start‐up was formed specifically with advisors in mind to leverage technology, resources, and strategic partnerships to deliver superior client experience and financial outcomes.
In addition, the founders wanted to create a better culture for advisors and clients to do business, which they feel has eroded over time since the financial crisis. “We believe this can be achieved through alliances of shared resources and unique networks that will ultimately best benefit the client,” added Founding Partner, John Saalfield.
The recent departure adds to the growing market share in the independent space at a time when assets are leaving the traditional banks and brokerages, according to research firm Cerulli Associates.
“The Dallas market is ready for something new,” said Rick Lima. “Technology is the great equalizer allowing us to provide proven practice management and succession planning. That resonates with clients and forward thinking advisors.”
The advisors at Wealth Partners Alliance are registered with Raymond James Financial Services’ independent channel.
“I am very excited about the growth opportunity with our new firm supported by Raymond James and their focus on female advisors with The Network For Woman Advisors,” said Lindsay Heyman.
Securities America’ News
Securities America, owned by Ladenburg Thalmann, has recruited a group of six advisors with over $200 million in client assets in Rochester, New York: Meliora Wealth Management and Allied Financial Partners are joining Securities America via Evolution Financial Advisors, a Victor, New York.-based super-OSJ with assets of about $2.6 billion.
The group includes three CFPs, including 20-year industry veteran David Quick, CFP, president of Meliora Wealth Management, who served as OSJ for Allied Financial Partners before joining EFA.
“Joining the Securities America and Evolution Financial family will offer the support needed to run a better practice,” according to Quick. “With its robust advisor coaching programs and in-depth, multi-faceted practice management support, we believe Securities America will position us to deliver on that goal more effectively than ever.”
Gregg Johnson, Securities America’s head of branch office development and acquisitions, said in a statement: “We are thrilled to add a group of this caliber to Securities America’s platform. … Additionally, we are excited to facilitate the addition of a high-performing group of advisors to Evolution Financial Advisors.”
Developments at CUSO
CUSO Financial Services says the Air Academy Federal Credit Union in Colorado will now run its investment program. The program has over $603 million in assets and 48,000 members and previously worked with LPL Financial.
CUSO says some $7 billion in assets and 638,000 members have joined in the past year.
“We chose to partner with CFS because of their deep understanding of credit unions and credit union membership,” according to Air Academy CEO Glenn Strebe. “We were also impressed with the dataVision advisor platform’s ability to fully support our ‘all things mobile’ strategy, integrating seamlessly with our online and mobile banking systems and My Portfolio View enabling clients to view their portfolio from any device.”