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Technology > Investment Platforms > Turnkey Asset Management

Stifel, Ameriprise Nab Reps From Merrill, Wells Fargo

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Ameriprise Financial Headquarters in Minneapolis.

Stifel Financial recently recruited advisors from Merrill Lynch with a total of $585 million in assets. 

Jeff Wells — a 36-year industry veteran — joined its office in in San Rafael, California, where he has worked with $340 million.

“It is always exciting to have a seasoned successful advisor like Jeff and his team join our firm,” said John Lee, Western Region Director for Stifel, in a statement.  “He had many choices, yet saw the value of our platform and culture and how it can enhance his business.”  

Kevin Maxim moved to Stifel from Merrill, where he was responsible for $245 million, in O’Fallon, Illinois. He also will work with clients from the firm’s Frontenac, Missouri, office.

Maxim has been in the business for 19 years. He spent the past 18 with Merrill Lynch.

Ameriprise Adds 2 Teams

Two teams with $272 million in combined assets joined Ameriprise Financial’s franchise channel from Wells Fargo Advisors and Stifel

In Bakersfield, California, Rick Yanez and Lance Mackall — who each have been advisors for 11 years — joined from Wells Fargo Advisors. 

Their group, Foundation Wealth Management, manages $189 million. It includes advisors Cathie Joughin and John Rodgers, CFP, who each have 35-plus years of experience, as well as office manager Monica Lopez and client service manager Crystal Gilman.

“We want to be with a firm that is committed to helping its advisors grow,” said Rick Yanez. “We evaluated numerous firms and were impressed by how Ameriprise advisors have demonstrated strong growth year over year.”

 Separately, John McLaughlin moved to Ameriprise from Stifel in Olean, New York. McLaughlin, who manages $83 million in assets, has spent 34 years in the industry. He is joined by paraplanner Lisa Zlockie.

LPL Hires 

LPL Financial recruited Global Advisor Group from Raymond James’ independent channel in Reston, Virginia. Global Advisor Group, which works with $610 million, will align with the RIA Private Advisor Group. 

Founded by CEO James Barnette, CFP, Global Advisor Group has 14 advisors and 22 total team members. 

“We have a very specialized practice, and LPL’s flexible platform and customizable solutions, especially those in its Model Wealth Portfolio (MWP), will allow us to design customized models with the benefit and efficiency of a centrally managed platform,” according to Barnette.

(PAG has about $19 billion in assets under management and supports more than 650 advisors.)

ALso, LPL says Patrick Cloutier and Matthew Gournay, CFP, of Legacy Planning Group have joined it from Advisor Group’s Woodbury Financial, with some $130 million.

Located north of Dallas in McKinney, Texas, Legacy Planning Group was founded in 1990 by former University of North Texas graduates Cloutier and Gournay. They are joined by registered assistant Madeleine Underwood, Cloutier’s daughter.

Raymond James’ Recruits

Raymond James Financial Institutions Division says it added Benchmark Financial Solutions (BFS), the wealth management arm of Benchmark Community Bank. 

Benchmark Community Bank has $707 million in assets and operates in 16 branch locations throughout southern Virginia and North Carolina. Previously working with Infinex, BFS has more than $190 million in assets under management. 

The program is led by Chris Bailey, program manager and financial advisor, and includes Brandon Clark, advisor trainee, who through the move will be joining Raymond James’ Advisor Mastery Program, and assistants Becky Aleman and Mary West.

“After carefully evaluating broker-dealer partners for more than two years, we knew that Raymond James would be the best fit in a partner for us going forward …,” said Bailey, vice president at Benchmark Financial Solutions, in a statement. 

“The client relationship management system and financial planning software were key, as they allow us to easily and efficiently communicate with and build plans for our clients,” he added.


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