Kestra Adds $2.2B in Assets Through Recruiting in Q3
Of the 22 advisors who joined, eight came from Merrill, Morgan Stanley and Wells Fargo; two are women.
Kestra Financial added $2.2 billion in assets from 15 groups it recruited in the third quarter of 2020.
Of the 22 advisors who joined, eight came from wirehouse firms. Several others joined from other large broker-dealers like Edward Jones, LPL Financial, Raymond James and Stifel. Two of the 22 are women.
“Wealth management professionals from across the country continue to choose Kestra Financial to support their businesses,” according to Daniel Schwamb, head of business development.
“While we are pleased with the momentum from this past quarter, we know it is not coincidental,” Schwamb said in a statement. “We have quickly adapted to the new normal and worked diligently to provide the technology, industry expertise, and back office assistance needed to thrive in the current environment from anywhere, anytime.”
Kestra has “observed an acceleration of more wealth managers leaving employee models to launch their own businesses as a result of the pandemic,” he explained, predicting that, “moving forward, we expect to see a continuation of this trend.”
These are the advisors and groups that moved to Kestra in the third quarter:
- Bill Coffey, Mark Mayer, Paul McArthur and Alex Kelly, RS Will Wealth Management (from Merrill Lynch)
- Mark Yadron, American Wealth Management (from Merrill Lynch)
- Yudi Gross and Michael Walstrom, Aequus Partners (from Morgan Stanley)
- Bob Hollmann, Nobilis Wealth (from Wells Fargo)
- Derrick Jackson, Ryleigh Wealth Management (from Edward Jones)
- Michael J. Eakman II, Adaptive Wealth Partners (from Edward Jones)
- Jason Berk and Harvey Berk, Berk Wealth Management (from LPL Financial)
- Shawn Worman, Harmonie Wealth Group (from LPL)
- Dean Haaland (from LPL), and Vincent Sturm (from Berthel, Fisher & Company), Generations Wealth Advisors
- David Carlock, Plan Well Private Wealth Services (from Raymond James & Associates)
- Larry Krmpotich, Riverfront Wealth Management (from Stifel)
- Cherie Laiche, joined Centura Advisors (from Avantax Investment Services)
- Jim Duncombe and Justin Duncombe, Duncombe Financial Group (from Waddell & Reed)
- Laura Steinbeck, Pacific Wealth Planning (from Securian Financial Services) and
- Paul Caylor, Prudent Wealth (from Thrivent Investment Management
Kestra has more than 1,700 affiliated independent financial advisors who worked with $88 billion in assets under administration as of Dec. 31, 2019. It is based in Austin, Texas.