Merrill Lynch, UBS lure new advisers managing $850M

The moves from Morgan Stanley and Goldman Sachs add to a spate of adviser movement
OCT 03, 2013
Adding to the upheaval at major brokerages, Bank of America Merrill Lynch and UBS Wealth Management Americas have scored four high-performing advisers from other firms. Merrill Lynch is adding advisers who previously managed more than $500 million in assets, while UBS is bringing in advisers who worked with nearly $350 million — adding to a flurry of adviser movement at top brokerages after what had been a year of mostly anemic turnover. Industry watchers say the increased activity is being driven by high incentive packages, regulatory concerns, smaller retention packages and advisers' frustration with the bureaucracy at their firms. Diane Padalino joined Merrill Lynch's Denver office last month after overseeing $325 million in clients' assets from The Goldman Sachs Group Inc., Merrill spokeswoman Ana Sollitto said on Monday. The brokerage also added two former Morgan Stanley Wealth Management advisers, John Molkentin and Denise Chin Quee, to its Miami office. The advisers manage $183 million in assets. Meanwhile, UBS hired E. Gray Smith, III, a veteran Morgan Stanley adviser with $345 million in assets, who is based in Winston-Salem, N.C., spokesman Gregg Rosenberg said on Monday. Smith's team includes registered client service associates Toni Murphy and Laura Norgaard. They report to branch manager Irene Apgar. Morgan Stanley spokeswoman Christy Jockle confirmed the three advisers' departures and declined to comment further. A Goldman spokeswoman confirmed Ms. Padalino's departure, but declined to comment further. The moves cap recent scores for the wirehouse firms, including Merrill Lynch's hiring of four advisers overseeing a combined $533 million in assets under management earlier this month and Wells Fargo & Co.'s Private Client Group's addition of five advisers overseeing $966 million.

Latest News

SEC charges Chicago-based investment adviser with overbilling clients more than $2.5M in fees
SEC charges Chicago-based investment adviser with overbilling clients more than $2.5M in fees

Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.

Apella Wealth comes to Washington with Independence Wealth Advisors
Apella Wealth comes to Washington with Independence Wealth Advisors

The Harford, Connecticut-based RIA is expanding into a new market in the mid-Atlantic region while crossing another billion-dollar milestone.

Citi's Sieg sees rich clients pivoting from US to UK
Citi's Sieg sees rich clients pivoting from US to UK

The Wall Street giant's global wealth head says affluent clients are shifting away from America amid growing fallout from President Donald Trump's hardline politics.

US employment report reactions: Overall better than expected, but concerns with underlying data
US employment report reactions: Overall better than expected, but concerns with underlying data

Chief economists, advisors, and chief investment officers share their reactions to the June US employment report.

Creative Planning's Peter Mallouk slams 'offensive' congressional stock trading
Creative Planning's Peter Mallouk slams 'offensive' congressional stock trading

"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.

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.