Merrill Lynch loses two advisers with combined $2.1 billion in California

One goes to Stifel, the other to UBS. Both had ties to Merrill's elite private banking and investment group that serves ultra-wealthy clients.
JAN 15, 2015
It has been a rough week for Bank of America Merrill Lynch. Two advisers who formerly managed around $2.1 billion have departed for rival firms in California, according to spokespeople at the recruiting firms. Both had ties to Merrill Lynch's elite private banking and investment group, which comprises around 150 adviser teams serving ultra-wealthy clients. James Hulburd, who previously managed more than $1.5 billion, jumped to UBS Wealth Management in Walnut Creek, Calif., according to spokesman Gregg Rosenberg. He joined on Monday and will operate as part of the Golden Gate Group with UBS adviser Brian Sharpes in UBS' private wealth unit. Separately, Stifel Nicolaus & Co., the broker-dealer subsidiary of Stifel Financial Corp., announced on Thursday it had hired a 17-year Merrill Lynch veteran John Van Donge. Mr. Van Donge had previously overseen $600 million and had worked for both the traditional wealth management group and the private banking group while at Merrill, according to an announcement from Stifel. He also previously directed the Merrill Lynch office in Century City, Calif. (More: See all Merrill's departures and additions in IN's Advisers on the Move database.) “I never thought I'd leave,” Mr. Van Donge said in an interview. “I just saw a better opportunity for my clients.” He said his decision to join Stifel was in part influenced by his connection with Michael Sullivan, who helped build Merrill Lynch's private banking and investment group and moved to Stifel last December. Mr. Van Donge joins after Stifel last month picked up another private banking duo in Rochester, N.Y., of Steven Brown and James Goetz who had managed $2.5 billion at Merrill Lynch before they were terminated in September. Also this week, a 33-year veteran of Merrill Lynch, Douglas Twohill, who managed some $240 million, jumped to UBS Wealth Management in West Palm Beach, Fla., according to Reuters. He was joined by former Merrill colleague Steven Scalici, who managed $103 million. Bank of America executives had previously questioned Merrill's brokerage chief, John Thiel, over recent attrition, according to published reports. The firm lost two brokers, Brian and Tim Brice, who had $4.5 billion in assets under management in September to Morgan Stanley. Merrill Lynch spokeswoman Susan Atran was unable to comment on the moves immediately. Last month, however, the firm reported it had 14,000 veteran advisers and trainees as of the third quarter, the first consecutive uptick in headcount in several quarters. Ms. Atran said in a separate announcement Thursday that the firm had hired an adviser with $104 million in assets in Century City, Calif., on Nov. 14. On the same day, another adviser with $83 million joined in Paramus, N.J., and two advisers with more than $200 million in assets joined in Toms River, N.J., she said. Earlier this month, the firm also picked up two advisers who previously managed a combined $325 million in Alabama and Texas.

Latest News

Newsom wants nationwide billionaires tax as presidential bid may loom on the horizon
Newsom wants nationwide billionaires tax as presidential bid may loom on the horizon

“It’s time for an economic reset,” wrote the California governor, in a post on X.

Maryland regulators spank fledgling art-focused RIA Masterworks over registration snafus
Maryland regulators spank fledgling art-focused RIA Masterworks over registration snafus

Masterworks was launched in 2017 but its RIA, Masterworks Advisers, is just three years old.

Investors allege Miami operator took over $1.5 million in EB-5 scheme
Investors allege Miami operator took over $1.5 million in EB-5 scheme

One 2017 form, no broker license, and a $42 million gap they say surfaced on a webinar.

Gen X, millennials lag in retirement confidence amid knowledge gap
Gen X, millennials lag in retirement confidence amid knowledge gap

Fewer than half of Americans in their peak earning years feel on track for retirement, while many say limited financial knowledge and access to professional guidance are holding them back.

Advisor moves: Veteran-led UBS team overseeing $460 million migrates to Merrill
Advisor moves: Veteran-led UBS team overseeing $460 million migrates to Merrill

Meanwhile, Wells Fargo hauled advisors overseeing $825 million in the West Coast, while Wedbush has welcomed a seasoned professional from Stifel in California.

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income

SPONSORED Why direct indexing stopped being optional

Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.