Commonwealth Financial Network has added Legacy Planning Partners, a group with 34 advisors and $1 billion from Securian Financial Services.
“Commonwealth is proud to have earned the trust of a practice with the impressive size and breadth of Legacy Planning …, ” said Andrew Daniels, managing principal of business development of Commonwealth, in a statement.
Legacy has offices in Allentown, Plymouth Meeting and West Chester. Its partners are advisors Jan Graybill, Robert Wermuth, Matthew Kulp and Kevin Donohue.
“Commonwealth delivers access to resources that Legacy Planning was looking for in order to build a world-class financial services firm,” according to Legacy CEO Graybill. “With access to this caliber of new tools and services, we will significantly increase our value proposition to our clients.”
Stifel Financial says two advisors have joined it from Merrill Lynch: Gregory Schaller and John Zicari of Rochester, New York, who work with $210 million and $40 million in client assets, respectively.
“Merrill advisors are seeing the beauty and simplicity of our open architecture platform, simple compensation plan, and no nickel-and-diming of clients,” according to John Pierce, Stifel’s head of recruitment.
“We are agnostic to fee-based or brokerage. We believe the advisor should choose what is appropriate for his or her clients, not the C-suite,” Pierce added. “When these advisors get here, they find it refreshing to not have to deal with cross-selling pressure or mandated bank referrals. The constant refrain is, ‘I wish I had moved a year ago.’”
Raymond James’ Hires
Raymond James welcomed Mike Gapinski, Thom Huggin and David Thompson to its employee channel in Houston from Morgan Stanley, where they worked with about $357 million in assets.
“Upon visiting the home office, we were drawn to the efficiency and organization at Raymond James,” according to Gapinski, who has 24 years in the business. “Those factors, coupled with the technology and support offerings at the firm, made the decision easy.”
Another team moved to Raymond James from Morgan Stanley in Ponte Vedra, Florida: Michelle Paul and Nick Hulling, who work with about $205 million.
“What initially attracted us to Raymond James was the unique culture. We were instantly drawn to it,” according to Paul, who has been an advisor for 20 years. “After an extensive due diligence process, we found Raymond James truly met our clients’ needs – and having a firm that supports the advisor-client relationship is special.”
Hulling has 13 years of industry experience.
LPL Financial says advisors Michael Kennedy and Christopher Bott of Pacific Pension & Benefit Services are now part of the Financial Services Network, an LPL-affiliated firm based in Northern California. The group works with roughly $200 million in brokerage and retirement plan assets and joined from Royal Alliance, one of the Advisor Group broker-dealers.
The Antioch, Calif.,-based team focuses on retirement plans, with business split among 401(k) support and mutual funds. The advisors help small businesses provide benefit programs for their owners and employees, and they also work closely with retirees seeking a more secure financial future.
“The Network is right here in the Bay area. We’re excited about having access to their talent, and I’m looking forward to bouncing ideas off the extensive network of like-minded advisors,” Kennedy said, in a statement.
Last week, LPL recruited three advisors with Maxwell Financial Management of New Albany, Ohio. They work with about $240 million in assets and were formerly associated with Advisor Group’s FSC Securities.
CEO Richard Maxwell founded the company in 1981; his business partner is President Adam Hill; and Maxwell’s daughter, Katy Ufferman, is vice president.
“We truly are a partnership, and between us we have experience in all areas of planning — from retirement planning to estate planning to providing strategies for women investors,” Hill said, in a statement.
The group says it will use LPL’s Admin Solutions to outsource its daily office tasks, like answering phones, opening new accounts and helping with client- profile management.