$160 million Merrill Lynch team exits for HighTower

Advisers forming RIA in West Palm Beach, Fla.

May 22, 2017 @ 3:58 pm

By InvestmentNews

A four-adviser team managing $160 million in assets has left Merrill Lynch in West Palm Beach, Fla., to create an RIA firm, PDS Wealth Management, that has affiliated with HighTower.

Breaking away were the new firm's managing director Tom Parker, who has been in the securities business for 31 years, and directors Patrick Dugan, Paul Spencer and Mr. Parker's son, Tommy.

The senior Mr. Parker began his securities career at Bear Stearns in 1986. After short stints at several firms, he joined Morgan Stanley in 2002 and Citigroup in 2005. He rejoined Morgan Stanley in 2009 and joined Merrill Lynch later that year.

Mr. Dugan joined Citigroup in 2008 and teamed up with the elder Mr. Parker there, joining him in moves to other firms.

Mr. Spencer began his securities career at Lehman Brothers in 2002, and was there until the firm's demise in 2008. After working at other securities firms for a short time, he joined Capital Guardian in 2013, and then Merrill Lynch in 2015.

The younger Mr. Parker worked at two mutual fund firms before joining Merrill Lynch in 2013.

PDS Wealth Management is the ninth team to join HighTower this year, the firm said in a release.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Events

Crossmark's Rentfrow: Why should advisors care about responsible investing?

There are lot of misconceptions when it comes to socially responsible investing. Crossmark's David Rentfrow debunks the myths and discusses opportunities for advisers.

Latest news & opinion

Nontraded REITs to post worst sales since 2002

The industry is on track to raise just $4.4 billion, well off the $19.6 billion it raised just four years ago, as new regulations hinder sales.

Broker protocol for recruiting a boon for clients

New research finds advisers whose firms have joined the agreement take better care of customers.

Meet our 2017 Women to Watch

Introducing 20 female financial advisers and industry executives who are distinguished leaders, advancing the business of providing advice through their creativity and hard work.

Raymond James executives call on industry to keep broker protocol

Also ask firms to pay for the administration of the protocol to 'ensure its longevity and relevance.'

Senate committee approves tax plan but full passage not assured

Several Republican senators expressed reservations about the bill, and the GOP cannot afford too many defections.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print