Merrill Lynch recently bolstered its ranks with the addition of a group of advisors managing $3.5 billion in client assets from J.P. Morgan Wealth Management.
The team of 12, now based out of Merrill’s office in Palm Beach Gardens, Florida, is led by senior financial advisors Salvatore Tiano and John Smyth. Tiano is a seasoned industry professional with nearly 35 years of experience, while Smyth brings just over two decades of experience to the table.
This team is dedicated to serving ultra-high-net-worth and high-net-worth clients and includes four wealth managers: Greg Saville, Daniel Tumba, Justin Makso, and Jason O’Brien.
They are supported by six client associates: Kristin Kochanski, Danielle Rojas, Elena Saveleva, Lina Hued, Hannah Foster, and Lou Ventura.
The team is joining Merrill's Private Wealth Management division under the leadership of Josh Moody, regional managing director for Florida, and it is also supported by Dan Markow, the Palm Beach Market executive.
Prior to joining J.P. Morgan, the team spent three years at First Republic, after a long tenure at JP Morgan Securities, illustrating its well-established background in wealth management.
The news of Merrill’s hefty addition in the Southeast comes shortly after several stories of advisor departures from the firm, including a $550 million team joining Dynasty Financial and a $700 million ultra-high-net-worth advisor duo switching to Sanctuary.
More broadly, there’s been decelerating advisor attrition at the firm, with annual head count decreases clocking in at 1,043 in 2021, 703 in 2022, and 445 last year, according to InvestmentNews data.
"This shouldn’t be hard to ban, but neither party will do it. So offensive to the people they serve," RIA titan Peter Mallouk said in a post that referenced Nancy Pelosi's reported stock gains.
Elsewhere, Sanctuary Wealth recently attracted a $225 million team from Edward Jones in Colorado.
The giant hybrid RIA is elevating its appeal to advisors with a curated suite of alternative investment models, offering exposure to private equity, private credit, and real estate.
The $40 billion RIA firm's latest West Coast deal brings a veteran with over 25 years of experience to its legacy division for succession-focused advisors.
Invictus fund managers allegedly kept $10 million in plan assets after removal, setting off a legal fight that raises red flags for wealth firms.
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.
