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Wells Fargo Nabs Merrill, Morgan Stanley, UBS Reps; Loses Team to RBC: Recruiting Roundup

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Wells Fargo’s independent channel recently recruited advisors from rivals such as Merrill Lynch and Morgan Stanley with about $880 billion in assets. But its employee channel just lost a large team to RBC Wealth Management

Moving to Wells Fargo Financial Network, or FiNet, are Michael Schenking, Zachary Chryst and Thomas O’Conor of Bel Air, Maryland, formerly with Merrill Lynch, who opened SCO Wealth Management; the team has more than 57 years of combined industry experience and works with $355 million in client assets.

Jesse Rodriquez, formerly of UBS, opened Rodriquez Wealth Management, in Newport Beach, California; he’s been in the business for over 23 years and manages $326 million. 

Matthew Davis, an ex-Merrill advisor, started Davis Wealth Management in Potomac, Maryland; Davis has been in the business for  some 20 years and manages roughly $77 million. 

Jeffrey Garza of Fresno, California, who left Morgan Stanley, is now with FiNet; Garza has 25 years of industry experience and about $68 million in client assets to the practice.

Christopher Szot of Carlsbad, California, earlier with Morgan Stanley, joined Core Process Wealth Management; Szot has 15 years of industry experience and some $53 million in client assets.

Other advisors moving to FiNet recently include Sheila Spicehandler, formerly of Ameriprise Financial. She joined Cutler Andrews Capital Management, in Greenwich, Connecticut, with 21 years of industry experience and about $100 million. 

In addition, R. Kim Carson moved to Wells’ indie channel from Edward Jones and opened Jeller Wealth Management in Chicago. Carson has been an advisor for about 12 years and manages $60 million.

RBC News

RBC Wealth Management said it recruited a group from Wells Fargo Advisors: MidTown Wealth Management Group, which works with $688 million of assets and is based in Fond du Lac, Wisconsin. 

The new Fond du Lac branch is one of nine offices in RBC’s Milwaukee complex. In February, a $1.8 billion ex-Merrill Lynch team with 16 staff members opened a Green Bay branch for RBC; it does business as Visionary Wealth Management.

“Our business in the Fox Valley region of Wisconsin is growing,” said Doug Artus, director of RBC’s Milwaukee complex, in a statement. “We knew a new branch in Fond du Lac would help us better serve our clients and … who better to lead that branch than the veteran MidTown Wealth Management Group.”

RBC has about 2,000 advisors and $410 billion in assets nationwide. 

MidTown Wealth’s advisors and their time in the business are: Gregory Fuerst, 30 years; John Welsch, 30 years; Michael Korb, 25 years; Carl Helleberg, 31 years; and Barbara Frenz, 39 years. 

Team members Kristan Janssen and Beverly Hebenstreich also made the move to RBC, each with more than 20 years of industry experience.

RJFS Developments

Raymond James Financial Services says it has welcomed independent advisors Deborah Juran, in Monterey, California; David Colley and Jim Mills-Winkler in Long Beach; and Rod Smith in Newport Beach.

Juran is the founder of Juran Wealth Management and has more than 40 years of experience, most recently at RBC and earlier with Morgan Stanley. She has moved with advisor Melissa Paddock and client service manager Jocelyn Galvan; they work with about $150 million in client assets.

“As we live through these difficult times, I am grateful we made this move,” Juran said in a statement. “We are able to work remotely and seamlessly.”

In addition, Colley and Mills-Winkler joined RJFS-affiliate Crux Wealth Advisors from Waddell & Reed. The duo previously managed some $235 million in client assets.

Colley, now COO of Crux, was with Waddell & Reed for more than 18 years. Moving with him are team members and advisors Ken Newberry, Deana Dyjor, David Tamashiro and Dane Gambill. Mills-Winkler also moved to Raymond James from Waddell & Reed, where he was for 15 years. 

In addition, Smith joined RJFS affiliate Concurrent Advisors of San Diego, California, from Wells Fargo, where he managed about $111 million in client assets; he’s been in the business for 30-plus years. 

Cresset Recruits

Chicago-based Cresset Capital, which includes RIA Cresset Partners, says it has added several advisors from JPMorgan Private Bank. Joining it in Chicago are Craig Abraham, who was with JPMorgan for 17 years, and Jon McCumber, CFA. 

Meanwhile, advisor Alex Smith moved to Cresset in San Francisco after some 11 years with JPMorgan. Sarah Simon, JD, is also a new member of this team, after working as an advisor with Coastal Bridge Advisors.   

Alyse Reiser Comiter joined Cresset’s West Palm Beach office in Florida. Earlier, Comiter was a shareholder and attorney with Gunster, a law firm. She is both a CPA and an attorney.


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