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.”

Latest News

SEC bars ex-broker who sold clients phony private equity fund
SEC bars ex-broker who sold clients phony private equity fund

Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.

The key to attracting and retaining the next generation of advisors? Client-focused training
The key to attracting and retaining the next generation of advisors? Client-focused training

From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.

Chuck Roberts, ex-star at Stifel, barred from the securities industry
Chuck Roberts, ex-star at Stifel, barred from the securities industry

"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.

SEC to weigh ‘innovation exception’ tied to crypto, Atkins says
SEC to weigh ‘innovation exception’ tied to crypto, Atkins says

Chair also praised the passage of stablecoin legislation this week.

Brooklyn-based Maridea snaps up former LPL affiliate to expand in the Midwest
Brooklyn-based Maridea snaps up former LPL affiliate to expand in the Midwest

Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

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.