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Stifel, LPL Nab Wirehouse Reps: Recruiting Roundup

By Janet Levaux

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Stifel Financial has  added three advisors with $240 million in combined assets, two of whom moved from Edward Jones and Wells Fargo Advisors. And a firm affiliated with LPL Financial recruited UBS Financial Services advisor with some $160 million.

Nick Bearden joined the firm’s Brevard, North Carolina, office from Edward Jones, where he was responsible for $75 million in client assets.

Steven Schwary is now part of Stifel’s Newport Beach, California, office after moving from Wells Fargo Advisors, where he worked with $40 million. He is the fifth advisor to join Stifel in Newport Beach this year.

Also, Kevin Bay, who earlier was an independent advisor with Kevin Bay Investments, is now with Stifel’s Brookfield, Wisconsin, office. His client assets total $128 million.  

“Stifel’s easy-to-understand, best-in-class, and stable compensation plan allows our advisors to focus on their clients and not worry about how they get paid,” according to John Pierce, head of Recruitment. “That’s one of the reasons we have so many advisors joining us from so many different channels and firms.”

News from LPL

LPL announced that Cary L. Hall Jr., CEO of CLH Wealth Management, is now on its hybrid platform, after joining the affiliated independent firm Gladstone Wealth Group from UBS in Princeton, N.J.

“The independent model gives me more control over the wealth management strategies I use with my clients,” according to Hall, a former captain, having served 16 years in the United States Army. 

“The combination of our team’s support with access to LPL’s technology and product offering creates a strong foundation for Cary to launch and grow his independent practice” according to Rick Frick, managing partner and CEO of Gladstone, which has 34 offices nationwide.

“The demand for our model continues to grow as advisors realize they have a choice in how they build their practice and serve their clients,” explained  Rich Steinmeier, LPL Financial managing director and divisional president, Business Development. 

Carson Wealth

Parsons Wealth Management, which works with $180 million in Half Moon Bay, California, has affiliated with Carson Partners. The team of eight is led by owner John M. Parsons and includes his son, Managing Partner John William Parsons.

“Our current model was built by and for me. This new model is built for me, my son and our young, vibrant team, and will take us well into the future,” according to John M. Parsons. “We plan to keep growing and this partnership will help us do that in a thoughtful way that allows us to continue to bring financial clarity and confidence to clients — existing and new.”

As part of the Carson arrangement, Parsons Wealth will keep ownership of its business, as well as its decision-making control.

 “John, John William and the smart, fun team they’ve built are in complete alignment with our foremost core value as an organization—the client’s interest comes first, always,” said Ron Carson, founder and CEO of Carson Group, in a statement.

“By outsourcing some of their behind-the-scenes operations, they’ll be able to spend more time building those enduring client relationships,” he added.

Janet Levaux

@Think_JanetL