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May 23, 2019 at 09:48 AM
Raymond James added a team of three advisors from Wells Fargo with about $600 million to Advisor Select, a division of its employee broker-dealer, and a team with $1 billion from Merrill Lynch to its employee channel.
Geoffrey P. Sisk, Hynson H. Marvel and Jason Statuta — who have about 80 years of combined industry experience — come on board from Wells Fargo in Richmond, Virginia, as the Sisk & Marvel Investment Group of Raymond James, which in the past has had over $2.7 million in yearly production.
“First and foremost, we looked for a firm that was client focused, lived up to its expressed cultural values and was large enough to fully support our practice with sophisticated resources and services,” according to Sisk. “Additionally, because of our client mix, it was important to us that the firm has comprehensive trust and banking services in house.”
Sisk began his financial services career in 1984 with Branch, Cabell & Company, moving to Legg Mason in 1987. He joined Wheat First in 1991, which later was acquired by First Union and then by Wells Fargo.
Marvel started in the business in 2003 and joined Wells Fargo in 2008. Statuta has been in the industry since 1996. Before working for Wells Fargo, he was a vice president for Goldman Sachs for 11 years; prior to that, he worked as a regional vice president at Pioneer Investments and Putnam Investments.
In the Northeast, Raymond James’ employee channel welcomed William “Rusty” Seyle and Tim Hickey from Merrill Lynch. The two operate as Seyle Hickey Wealth Management in Allentown, Pennsylvania, where they have had $3.6 million in annual production.
“After careful consideration, we determined that Raymond James supports and encourages our client focused approach, and is ultimately the best place for us and our clients going forward,” according to Seyle. “The firm allows us flexibility in what we can offer our clients, and provides an open architecture technology platform.”
Seyle worked at Merrill Lynch for more than 28 years as managing director, resident director and financial advisor.
Hickey, managing director and senior vice president, investments, was with Merrill for 25 years.. He began his financial services career in 1993 with Vanguard Group.
LPL Developments
The father-son practice Brookshire & Brookshire Wealth Management, formerly with Merrill Lynch, has joined LPL Financial’s broker-dealer and corporate registered investment advisor platforms in Lufkin, Texas. Previously, Brent and BJ Brookshire worked with about $100 million in client assets.
Brent worked for his family’s grocery business for 13 years before moving to financial services, which he has done for the past 20 years.
“It came down to offering and opportunity to better serve our clients. LPL offers a platform that allows us the freedom to provide objective financial guidance to our clients,” he said in a statement.
Rich Steinmeier, LPL Financial managing director and divisional president of Business Development, explained: “We welcome Brent and BJ to LPL, and are thrilled to be able to support a family business that is building a legacy and providing enduring support to their clients.”
In addition, LPL announced recently that Michigan Retirement Advisors has joined its broker-dealer and corporate RIA platforms. The team has worked with about $140 million of assets and used to be affiliated with FSC Securities, which is part of Advisor Group.
The Bloomfield Hills, Mich.-based firm is led by Steve Case. who has over 27 years of experience. He is joined by financial advisors Evan Pawloski and Adam Weiner, a former Navy Seal, as well as financial planner Ryan West, client manager Ashley Darga and specialist Pam Jankowski.
“Our firm’s focus is helping more people take action so they can be prepared for retirement,” Case said in a statement. “I found that LPL offers extensive support for advisors serving retirement plans, including having consultants to work with who are focused on this area of the business and a wide range of resources that I can use to help my clients work toward their retirement goals.”
Financial advisor Graham Nelson joined LPL Financial’s BD and corporate RIA platforms recently from Cadaret Grant. Since 2004, he has led Clinton, New York-based Mohawk Valley Capital Management, which has about $130 million of assets.
“I wanted to stay near my family and help locals with financial issues. Through networking and word of mouth, I built my practice one client at a time,” Nelson said in a statement.
Before joining LPL, Nelson was an advisor and the firm’s OSJ manager, supporting five other independent advisors.
Ladenburg Thalmann BD News
Meanwhile, Securities America – a subsidiary of Ladenburg Thalmann based in La Vista, Nebraska — has added Miller & Hurt Wealth Advisors, a two-advisor practice in Rockledge, Florida, with total client assets of $110 million; Hill & Associates, a three-advisor practice based in Lincoln, Nebraska, with total client assets of $82 million; and Duprez Financial, a two-advisor practice in Myrtle Beach, South Carolina, with total client assets of $53 million.
Gregg Johnson, Securities America’s executive vice president of branch office development and acquisitions, said in a statement, “Each of these practices has been built by hardworking, service-focused advisors that were seeking the cutting-edge technology and practice management expertise that define the Securities America platform and the resources available to advisors at Ladenburg’s IAB firms. We stand ready to help these three firms grow to the next level.”
