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April 27, 2016 at 07:39 AM
Royal Alliance Associates, one of the Advisor Group broker-dealers, says it recently recruited two teams: Chestnut Street Group and Monteverde Group.
The Chestnut Street Group, now an office of supervisory jurisdiction (OSJ) branch, has offices in Tulsa and Oklahoma City, Oklahoma; Dallas and Houston, Texas; Fort Smith, Arkansas; and Wichita, Kansas.
With 40 advisors and five regional directors, located in its offices in Oklahoma and Texas, the group manages more than $485 million in total client assets and previously operated as an independent broker-dealer (First Independent Financial Services).
The Monteverde Group, headquartered in Pittsburgh, manages more than $300 million in client assets. Founded by James Monteverde, president and CEO, it also has 10 advisors and eight full-time staff members located in Pittsburgh; Bonita Springs, Florida; and Wheeling, West Virginia.
It plans to expand to Colorado to help it maintain its 10%-plus annual growth rate. The firm also aims to expand its retirement plan services offerings with the support of Royal Alliance’s infrastructure and technology platforms.
Merrill Names New England Execs
Merrill Lynch has named two market executives in the New England division. Chris Bettencourt was appointed market executive for the Boston Financial Market, after serving as market executive for Hartford since 2010.
After joining Merrill Lynch in 2004, Bettencourt had served as the associate director for the southern New England/upstate New York region and the complex director in Wisconsin.
Shamus O’Rourke succeeds Bettencourt as Hartford, Connecticut, market executive; he had been market executive for northern New England since 2014. He began his career with Merrill Lynch in 1998 and has held a number of positions, including sales manager for the New England division and regional sales manager for the heartland region.
Growth for Focus Financial
Focus Financial Partners says two of its partner firms recently expanded their operations. Buckingham Asset Management in St. Louis, Missouri, completed a merger transaction with Solutions for Wealth Management (SWM), an RIA based in Bourbonnais, Illinois. This deal expands Buckingham’s footprint in the Midwest. Mark Smith, founder of SWM, will join Buckingham as a wealth advisor.
