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Industry Spotlight > Women in Wealth

First Republic Nabs $2.5B Merrill Group

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(Photo: AP)

A Merrill Lynch group led by Phil Scott has moved to First Republic BankThe team has 12 members and is based in the Seattle area, where it works with about $2.5 billion of client assets, according to Barron’s.

Scott is “a very accomplished wealth manager with a long track record … ,” said Bob Thornton, president of First Republic Private Wealth Management, in a statement. “Scott and his colleagues share First Republic’s commitment to exceptional client service.”

The advisor spent the past 35 years at Merrill, according to FINRA BrokerCheck. His regulatory record includes seven disclosures. 

Separately, Arnoldo Santiago has left Merrill Lynch to become UBS’ assistant market head for Northern California.

Santiago, who has 22 years in the business, recently has worked with about $76 million of assets and about $640,000 of yearly fees and commissions. 

“I’m excited to have Arnoldo join our diverse leadership team and am proud to share that more than half of our West Division Complex Directors are diverse,” according to Jennifer Povlitz, West Division director for UBS Global Wealth Management. “Our recruitment and promotion within the division has also reflected our commitment to diversity.

Wells Fargo FiNnet

The independent channel of Wells Fargo Advisors, Wells Fargo Advisors Financial Network, says an affiliated practice has recruited three advisors from UBS and Merrill.

Seventy2 Capital Wealth Management is now the home of Troy Elser and Ryan Gutowski, formerly of UBS. The duo is based in Hunt Valley, Maryland, where they work with $215 million in client assets.

Also moving to Seventy2 Capital is Andrew Hahn, formerly of Merrill Lynch. He works in Bethesda, Maryland, has about 17 years of industry experience manages about $62 million.

Other News

Adam Frank was recently named head of Wealth Planning and Advice for U.S. Wealth Management at JPMorgan Chase.

Frank has some 30 years of industry experience, having led the Wealth Management practice for J.P. Morgan Securities since 2008. He now reports to Rob Ferrari, head of Investments, Products and Advice for U.S. Wealth Management.

Meanwhile, RIA Good Life Companies says it recruited two advisors with some $150 million in total client assets: former bank channel advisors Paul Castro, who launched Pathway Wealth Management, and Erik Steudle, who joined Good Life of Northern Virginia.

Based in Reading, Pennsylvania, Good Life Companies is a national network of some 200 advisors and 350 insurance professionals overseeing $4 billion in total client assets.

Separately, Ameriprise Financial affiliate Kuttin Wealth Management has bought a practice in Texas with $268 million with the support of Advisor Legacy Sales.

Derrick Kinney and Associates based in Arlington (near Dallas) was sold to Hauppage, New York-based Kuttin Wealth.

After 25 years with the firm, Kinney decided to sell his practice “in order to pursue interests in the marketing and media consulting fields.” 


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