It's another day, another flurry of recruitment moves in a busy week, with Osaic landing an $800 million one-two against LPL while New York-based Sapient Capital hailed a heavyweight advisor from JPMorgan as its first private wealth advisor addition.
On Wednesday, Osaic announced it has brought on two advisory teams representing a combined $809 million in client assets.
True Wealth Advisors, a five-advisor group based in Englewood, Colorado, joins from LPL Financial, bringing $705 million in assets. The team, led by Mason Samuels, specializes in practical, goals-based wealth strategies and retirement planning for pre-retirees and retirees.
Kristen Kimmell, executive vice president of business development at Osaic, said in a statement that the True Wealth team’s approach “aligns perfectly with our advisor-centric culture.”
True Wealth is the latest team to hop from LPL to Osaic, following Simplified Wealth Management and AFC Planning Group in September.
Also joining Osaic is Soundview Financial Group, a Tacoma, Washington–based firm previously with Commonwealth. Led by advisor Josh Hummel, Soundview manages $104 million in assets and focuses on holistic, fee-based planning. Hummel said the move will help the team continue its growth in the Seattle and Tacoma areas, leveraging Osaic’s network and technology.
Sapient Capital, an independent RIA focused on ultra-high-net-worth clients, has hired Joshua Mandelbaum as a partner and wealth advisor in New York. Mandelbaum brings 17 years of experience from JPMorgan Private Bank, where he most recently served as managing director and oversaw a book of business exceeding $1 billion.
Mandelbaum said Sapient’s employee-ownership structure and partnership with middle-market PE firm Lee Equity, along with its technology and family office solutions, created “the ideal environment for me to deliver tailored, holistic service to my clients.” He also noted his personal connection to the firm’s roots in Indianapolis, where Sapient is headquartered.
His arrival marks the first-ever advisor addition for Sapient, which just last week named David Larado as partner to lead recruiting efforts nationwide.
Larado joined from UBS after nearly two decades in senior recruiting and leadership roles, including a key role driving its national grouwth strategy and architecting UBS's Aspiring Legacy FA (ALFA) program. At Sapient, he is tasked with attracting experienced private wealth advisors who serve ultra-affluent clients.
CEO James Rooney said in a statement that Larado “appreciates what we have built, and understands the benefits that independence can bring to advisors and their clients.”
Also in New York, Wells Fargo Advisors announced its addition of the Kolker Group to its Private Client Group. The team, led by Jack Kolker and James Cordon, manages $543 million in assets and brings more than 65 years of combined experience from JPMorgan. Their support staff includes a financial consultant, an associate private client advisor, a senior registered client associate, and a client performance analyst.
Patrick Baumann, northeast market leader at Wells Fargo Advisors, said the Kolker Group’s decision to join “underscores our commitment to empowering practices to grow and elevate their client experience through the scale, resources, and flexibility Wells Fargo Advisors offers.”
WFA's addition in the Big Apple comes shortly after an even bigger move on the West Coast, in which it welcomed a $3 billion private wealth team from Merrill Lynch.
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