Oregon advisers blaze their own trail

Team from Merrill Lynch that advises on $700M in assets forms RIA partnership

Mar 4, 2014 @ 11:23 am

By Trevor Hunnicutt

Breakaway brokers, Merrill Lynch, Dynasty Financial Partners, RIAs
+ Zoom

A group of Portland, Ore.-based Bank of America Merrill Lynch veterans that advises on more than $700 million in client assets has broken away to form its own registered investment advisory firm, according to a statement issued Tuesday by the firm's platform provider.

Three advisers — David Christian, Brian Hefele and Jeffrey Krum — are starting Cable Hill Partners, the new firm's investment and technology platform provider, Dynasty Financial Partners said in a statement.

The advisers will be joined by three client service associates, according to the statement.

Fidelity Investments will be the firm's primary custody and clearing service provider.

Mr. Christian was ranked as a Barron's top adviser in Oregon for this year, according to the statement.

The three advisers hold a number of credentials: two certified financial planners, two certified investment management analysts and one chartered adviser in philanthropy.

Mr. Krum said the new team decided not to move to another firm that would provide an upfront payment in exchange for owning part of their business because "they then get a piece of your hide."

"That didn't appeal to us because we wanted to look in our clients' eye, embrace that fiduciary role and tell them this is our firm, this is what we do for you."

A spokeswoman for Bank of America Merrill Lynch, Ana Sollitto, did not immediately respond to a request for comment.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

INTV

Ed Slott: 3 questions to ask before converting to a Roth IRA

To do a Roth conversion, money has to be spent. Here is what financial advisers and their clients should consider before they incur tax costs, according to Ed Slott, founder of Ed Slott's Elite IRA Advisor Group.

Latest news & opinion

Fiduciary advocates press CFP Board for specifics on standards changes

Meanwhile, few brokerages and their trade associations, which blasted the DOL's fiduciary rule in comment letters, are responding to the CFP Board's proposal.

Big gains attract new money to emerging markets, but should investors stay?

An estimated $6.7 billion has flowed into emerging-market stock funds and ETFs so far this year, according to Morningstar.

Attorney blasts Finra after regulator loses insider trading case

Lawyer says it was 'slimy' of Finra to publicize the case while it was still being litigated.

Will Jeffrey Gundlach's Trump-like approach on Twitter work in financial services?

The DoubleLine CEO's attacks on Wall Street Journal reporters is igniting a discussion on what's fair game on social media.

Fidelity wins arb case against wine mogul but earns a rebuke from Finra

In the case of investor Peter Deutsch, Fidelity doesn't have to pay any compensation, but regulator said firm put its interests ahead of his.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print