Three biggies add $1B teams to ranks

Moves by Wells, Merrill, LPL sign of times?
OCT 07, 2013
Last week was a busy one for broker-dealer moves. Wells Fargo Advisors LLC, Bank of America Merrill Lynch and LPL Financial LLC each announced adding teams that managed $1 billion in client assets. Wells Fargo Advisors LLC last month landed The Alpert Group, a Woodbury, N.Y., team of four financial advisers from Morgan Stanley Wealth Management, according to spokeswomen for both firms. The advisers — Robert Alpert, Charles Ladenheim, Robert Fusaro and Michael Montuori — have combined production of $5.8 million on more than $1 billion in client assets. Merrill Lynch's White Plains, N.Y., complex hired a team made up of advisers Stephen Ruvituso, Lee Konopka, Robert Matluck and Todd Stankiewicz last month. They produced $11 million on more than $1 billion in client assets at UBS Financial Services Inc., Merrill spokeswoman Ana Sollitto said in a statement. A spokesman for UBS declined to comment. In the third big announcement, 12 financial advisers who manage about $1 billion in corporate-retirement-plan and private-client investment assets at the West Des Moines, Iowa-based VisionPoint Advisory Group LLC joined LPL's brokerage network, according to a statement released by the broker-dealer. VisionPoint, which was previously affiliated with Securian Financial Services Inc., has satellite offices in Dallas and Sioux Falls, S.D.

Strong books

“Third quarter and fourth will be big quarters for movement,” said Frank LaRosa, chief executive of Elite Recruiting and Consulting. “In addition, with this market run and [financial advisers] having very strong years, many of them will look to capitalize and move firms while their books are strong.”

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