Baird adviser with $205M heads to RBC, $100M Merrill couple goes indie

RBC Wealth Management

Mike Dwyer, formerly of Robert W. Baird & Co. Inc., has joined RBC Wealth Management as a senior vice president and financial consultant in the firm’s Phoenix office, RBC said today.
He will focus on serving high-net-worth clients, according to an RBC statement.
Mr. Dwyer has about $205 million in assets under management and more than $1.7 million in production, RBC said in a statement.
With the addition of Mr. Dwyer, RBC Wealth Management has now recruited more than 300 financial consultants since late last year, representing the highest number the firm has recruited in a single year, the statement.
Baird spokeswoman Anne Crago confirmed his departure but declined to comment further.

Parrish & Co. Private Wealth Management

Financial advisers Edgar and Katherine Parrish have left Merrill Lynch & Co. Inc. to start Parrish & Co. Private Wealth Management LLC, a registered investment advisory firm that will be based in Chevy Chase, Md.
Combined, the couple had 18 years of experience at Merrill and 52 years of experience as advisers. They have $100 million in assets under management.
“We have wanted to do this for years,” said Mr. Parrish, who will be managing principal. “The technology just wasn’t there when we wanted it to be, but now it is.”
Changes at the wirehouses also factored in their decision to start their own RIA.
“There is a tremendous emphasis on lending products, and we’re not so much involved in that,” Mr. Parrish added. “We certainly respect the direction that they are taking, but it just doesn’t fit in with our clients.”
Parrish & Co. plans to focus on clients with $1 million to $15 million in assets because this is an under-served middle market, Mr. Parrish said.
Parrish & Co. is using Pershing LLC as its custodian.
A Merrill spokeswoman wasn’t immediately available for comment.

Related Topics: Merrill Lynch, RBC Wealth Management