Advisers on the Move

Defection of top team could trigger 'shock waves' at Merrill: Recruiter

'Circle of Champions' members jump to new home; managed $1B in assets

Oct 25, 2011 @ 4:54 pm

By Andrew Osterland

+ Zoom
((Photo: Bloomberg News))

Harvey Kadden and other high-profile Bank of America Merrill Lynch advisers based in New York City have jumped ship and joined Morgan Stanley Smith Barney LLC.

Mr. Kadden, a 30-year veteran at Merrill Lynch, was a member of the Circle of Champions, the highest financial adviser recognition club at Merrill, for over 10 years. He was named a managing director at the firm three years ago and has been a Barron's Top 1,000 adviser for the last three years.

Joining Mr. Kadden at MSSB are Mihir Patel, Randy Knopp, Tim Baker and Chris Barber. According to MSSB spokeswoman Christine Pollak, the five-man team had combined production of over $14 million during the trailing-12-month period and managed assets in excess of $1 billion. (See how this team sizes up against other recent Advisers on the Move.)

Mr. Patel and Mr. Knopp were also Circle of Champions members and managing directors at Merrill Lynch, while Mr. Baker worked on the taxable-fixed-income desk for five years before joining the team three years ago. He was named a member of the Executives Club this year. Mr. Barber has been with Merrill Lynch since late 2008.

“The numbers on these advisers are big, but what makes this a huge story is that they're a high-quality team making a move across the transom despite their retention packages,” said Mindy Diamond, who runs recruiting firm Diamond Consultants. “This will send shock waves through [Merrill Lynch].”

The team will join Morgan's Midtown Manhattan Complex and report to complex Manager Ben Firestein. Calls for comment to Bank of America Merrill Lynch were not immediately returned.

In a related item, Merrill Lynch announced today that it had recruited a five man advisory team from -- yep -- Morgan Stanley Smith Barney. Though not quite as large as Mr. Kadden's Merrill team that departed, it is a major signing. Jeffrey Dinkins, William McGrath, Peter Ianace, Rohit Mehrotra, and Jason Jaynes joined Merrill's Plano, Texas office from MSSB on Oct. 21. The team generated $4.4 million in production over the last 12 months and managed $478 million in assets. MSSB spokeswomen Christine Pollak confirmed the departures but said the production numbers were high.

Separately, Merrill also announced that Leonard Kinsman joined brokerage's Staten Island, New York office from Wells Fargo Advisors LLC. Mr. Kinsman managed $113 million in assets and had trailing 12 month production of $1.4 million. A call to Wells Fargo to confirm the departure was not immediately returned.

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

Events

Inside the first robo ETF

When it comes to exchange-traded funds, innovations come in all shapes and sizes. Check out Robo Global's Bill Studebaker discussing the first robo ETF.

Video Spotlight

Are Your Clients Prepared For Market Downturns?

Sponsored by Prudential

Recommended Video

Path to growth

Latest news & opinion

10 best financial adviser jokes

How many financial advisers does it take to screw in a lightbulb?

With margins crashing, broker-dealers look to merge: report

Increased regulation is straining profit margins among broker-dealers, sending many of them into the arms of their bigger brethren.

Hackers may have profited from SEC breach

The hack of the agency's Edgar filing system occurred in 2016, but the regulator didn't conclude until last month that the cybercriminals may have used their bounty to make illicit trades.

Top 10 financial firms ranked by investor satisfaction

Find out which firm took the top slot for overall investor satisfaction for the second year in a row.

What not to say to clients when the markets drop

Here's what advisers should steer clear of saying the next time stocks turn downward.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print