Equitable Advisors has expanded in the Great Lakes State as a group of Wedbush advisors part ways with their former firm.
The group based in Traverse City, Michigan, which includes father-son duo Mark and Jeff Spencer, along with Jerome Hartl and Kirt Kilbourne, joins after managing more than $500 million collectively at Wedbush Securities, the hybrid RIA said in a statement.
Mark Spencer, a four-decade veteran of the industry who was also previously affiliated with Stifel and Raymond James, explained the appeal of the firm's structure, underscoring "the flexibility to run our own practice, while having the technology and support to ensure a smooth transition."
Jeff Spencer cited "the caliber of people we’ve interacted with" at the firm, including "many [who] have been with the firm for decades."
Mark and Jeff Spencer, who have more than 50 years of combined industry experience, will now operate their practice under the name Perennial Wealth Management. The Spencers, manage approximately $460 million in assets, also cited Equitable Advisors' culture as a motivating factor.
Jerome Hartl, who brings nearly 30 years of advisory experience and manages over $45 million in client assets, was drawn to the firm's advanced technology and market research capabilities.
Kirt Kilbourne, a 30-year industry veteran, has joined the team to help oversee operations for both the Spencers' and Hartl's practices. The four advisors are joined by Leslie MacKinnon, who will continue to lead client services.
The four advisors from Wedbush add to Equitable Advisor's recruitment streak so far this year, which has included additions from Cetera, Lincoln Financial Advisors – which was officially acquired by Osaic in May – and Truist.
The firm currently oversees approximately $94 billion in assets under administration and has over 4,300 financial professionals across the US.
Meanwhile, Raymond James and Tritonpoint Partners separately welcomed father-son teams, including a breakaway from UBS in Missouri.
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