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May 30, 2019 at 09:47 AM
Raymond James says a team of advisors from Morgan Stanley has joined its independent channel in Basking Ridge, New Jersey. Giovanni Duran, CFP, Joseph Cataldo and Nick Penna, CRPC, who work with about $520 million in combined assets and do business as IronRidge Wealth Management Group.
“We knew as a team that the next best step for us and our clients was to become an independent practice … ,” said Duran, managing partner, in a statement. “We are excited to launch our independent practice and operate as true business owners as we continue to serve our clients.”
Duran started his career at Gibraltar Securities more than 20 years ago; he joined Smith Barney in 2002 and Morgan Stanley in 2008. Cataldo began work in the business in 1990 and moved to Smith Barney in 1997 and Morgan Stanley in 2008. Penna became part of the team in 2011.
“We are delighted to welcome Giovanni, Joseph, Nick and Lauren to Raymond James’ independent channel,” according to Shannon Reid, Northeast regional director for RJFS’ Independent Contractor Division. “They were thorough in their due diligence, knowing how they wanted to enhance, grow and move their practice forward, so we are very pleased they chose to partner with us in this important Northeast market.”
New Kestra Group
Kestra Private Wealth Services, an RIA unit of Kestra Financial, said a five-person team in Melbourne, Florida, is now part of the organization. The group, which used to be with UBS , works with roughly $175 million in assets and does business as Three Bridges Planning.
Director of Portfolio Management Dennis Laughlin — who has been in the business for 35 years — is the father of Brian Laughlin, CFP, AIF, director of Financial Planning; and Client Relationship Manager Judy McCarthy is the mother of Brendan McCarthy, director of Wealth Management. Samantha Verzi, who serves as the team’s client service expert, has 11 years of experience in financial services.
“Now more than ever before, full-service independence has become increasingly attractive to advisors who have a long track record of client satisfaction and success. To enhance this level of service, sophisticated teams like Three Bridges Planning are stepping out of the wirehouses in droves and establishing their own businesses for the first time,” according to Rob Bartenstein, CEO and Senior Management Director of Kestra PWS.
“Our turnkey model has proven highly effective for advisors in these exact scenarios,” Bartenstein added.
The team’s name is tied to the main “bridges” of financial planning: investments and insurance, retirement income, and personal wealth strategies.
“Exceptional client service has always been at the forefront of our firm’s ethos, and our decision to align with Kestra Private Wealth Services furthers that commitment,” said Dennis Laughlin, in a statement. “From the get-go, Rob and his colleagues have made our transition to independence effortless so we can continue to put our clients’ best interests first through every step of the financial planning process.”
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