Results for "breakaways"

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Wells Fargo loses $265 million adviser to Raymond James

November 7, 2017

Mark Lazar, an adviser who managed $265 million in assets at Wells Fargo Advisors, has joined the employee unit of Raymond James in Cottonwood Heights, a suburb of Salt Lake City, Utah. Mr. Lazar, who is being joined by two associates, began...

Morgan Stanley's broker protocol exit: How did we get here?

November 2, 2017

Morgan Stanley dropped an industry bombshell this week upon announcing it would leave the broker protocol, a 13-year-old agreement that governs how financial advisers could leave one brokerage firm for another without getting in legal trouble....

Why operations teams are the unsung heroes behind breakaways

September 20, 2017

The breakaway movement has continued to gain headlines as more teams have make the leap to the RIA channel. Most articles surrounding recent breakaways tend to focus on how much assets the adviser has managed, the adviser's experience in the...

HighTower snags $500M JPMorgan rep

October 5, 2017

HighTower Advisors has brought a $500 million Miami-based JPMorgan rep into the fold. Marc Shachtman, 49, is making his move to independence as founder and chief executive of the newly-launched True Wealth Advisory Group, which caters to 30...

Lincoln Financial loses $300 million, 20 reps to ProEquities

August 30, 2017

After 17 years with Lincoln Financial Securities, Bill Pickering has decided his $300 million-plus wealth management practice will be better served by a new broker-dealer relationship at ProEquities of Birmingham, Ala. Mr. Pickering, president...

The First Steps:

June 21, 2017

Registered Investment Advisor (RIA) firms often are born from inspiring goals: to pursue greater personal independence, to forge stronger client partnerships, or perhaps to build a successful enterprise. Those making the leap to independence...

5 benefits of transitioning to independence

June 13, 2017

The RIA channel is one of the fastest-growing areas of the advisory market, expanding more than 11% annually, compared with an 8.6% rate for the overall industry, according to Cerulli Associates. This growth has been fueled in part by a migration...

The First 90 Days:

June 27, 2017

For newly created Registered Investment Advisor (RIA) firms, the first 90 days after launch can be both exhilarating and daunting in equal measure. On the one hand, firms get their first taste of independence as they begin to shape a new enterprise...

Ameriprise loses $275 million team to LPL hybrid unit

June 15, 2017

A five-adviser team that managed $275 million at Ameriprise in Raleigh, N.C., has affiliated with LPL and its hybrid RIA platform. Operating as Socratic Wealth Advisors, the team includes veteran advisers Chris Demarest, Murat Kaptanoglu, Andrew...

Morgan Stanley loses $390 million team to Baltimore-area hybrid

August 7, 2017

A two-adviser team managing $390 million in assets at Morgan Stanley has joined Harbor Investment Advisory, a hybrid firm based in Lutherville, Md. The team, which consists of advisers Paul M. Fox and Jennifer L. Winslow, and associates Patrick...

$160 million Merrill Lynch team exits for HighTower

May 22, 2017

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,...

Dynasty Financial lures breakaways with new financing deal

May 3, 2017

Dynasty Financial Partners is launching a new division aimed at providing liquidity options for registered investment advisers. The new unit, Dynasty Capital Strategies, will expand the firm's capabilities to include the purchasing of revenue...

Focus Financial adds $800M Lone Star State firm

February 7, 2017

An $800 million registered investment advisory firm based in Coppell, Texas, CFO4Life, has joined the New York-based Focus Financial Partners. In a press release, Focus said the RIA is its 44th partner firm and its first headquartered in Texas....

Ask the Ethicist: What should an adviser do if their former firm violates a non-compete agreement?

April 28, 2017

Q: I'd like your opinion on something that happened to a friend of mine who recently left his position as a veteran adviser with a wirehouse to go independent. Before he left he mailed a "tombstone" letter to his clients so they were aware that...

$1 billion group leaves Arnerich Massena to go independent

October 5, 2016

A pair of advisers overseeing $1 billion in assets has broken away from Arnerich Massena Inc. to form an independent registered investment advisory shop, Allium Financial Advisors, the new firm announced on Wednesday. Arnerich Massena is a Portland,...

$2.2 billion adviser team defects from Morgan Stanley to go independent

September 12, 2016

A 13-person team managing $2.2 billion in assets has defected from Morgan Stanley to form an independent registered investment adviser, 6 Meridian, based in Wichita, Kansas, the new firm announced today. The team, comprised of seven advisers...

Merrill Lynch team with $700M AUM leaves to launch RIA

November 10, 2015

An adviser team with $700 million in client assets has left Merrill Lynch to start an independent advisory firm. Ross Fox, Matthew Papazian, Marti Awad and Sarah Keys have launched Cardan Capital Partners in Denver. Cardan is using Dynasty Financial...

Commonwealth loses $650M firm to RIA channel

October 6, 2015

D.B. Root & Co., a firm affiliated with Commonwealth Financial Network that managed more than $650 million in client assets, has formed a registered investment advisory. The Pittsburgh-based RIA includes founder and CEO David B. Root, along...

Fidelity's Bob Oros to take over as CEO of HD Vest

January 23, 2017

Bob Oros, executive vice president and head of the RIA segment at Fidelity Investments, is taking over as CEO of HD Vest Financial Services Inc. Mr. Oros, 51, who is slated to leave Fidelity at the end of the month, will replace Roger Ochs,...

HighTower may be moving closer to an IPO

June 9, 2015

HighTower Advisors, a hybrid advisory firm whose trajectory has been closely followed as a barometer for success of the independent model, made a presentation last week on taking the firm public, according to sources who requested anonymity...

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