A team of four advisers and four associates managing $1 billion at Merrill Lynch in Portland, Oregon, has joined RBC Wealth Management.
Known as the Inter Alia Group, the team consists of advisers Stephen J. Groth, who had worked at Merrill Lynch for 30 years; Patrick M. Cummings, who worked at Merrill for 16 years, Robert V. Chavez, who worked at Merrill for 20 years, and Katrina R. Stump, who worked there for 7 years. The associates making the move are Susan K. Junell, Mimi Jue, Deborah A. Jenkins and Rachel Akerson.
Most firms place a limit on advisors’ sales of alternative investments to clients in the neighborhood of 10% a customer’s net worth.
Those jumping ship include women advisors and breakaways.
Firms in New York and Arizona are the latest additions to the mega-RIA.
The agent, Todd Bernstein, 67, has been charged with four counts of insurance fraud linked to allegedly switching clients from one set of annuities to another.
“While harm certainly occurred, it was not the cataclysmic harm that can justify a nearly half billion-dollar award to the State,” Justice Peter Moulton wrote, while Trump will face limits in his ability to do business in New York.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
