HighTower snags two big teams from Merrill Lynch

HighTower snags two big teams from Merrill Lynch
Set up the company's first Las Vegas office; two other teams exit the herd as well
SEP 13, 2012
Four teams from Merrill Lynch Bank of America, representing what looks to be more than $1 billion in assets, have left the firm to set up their own shops. Two of the teams have joined HighTower Advisors LLC, and set up the firm's first Las Vegas office: Hugh Anderson and Sheila Delutri, principals in the Anderson & Delutri team, which managed $450 million at Merrill Lynch; and Mike PeQueen, Ned Evans and Adam Thurgood, principals of the MNA Group, with $340 million in assets. Separately, Merrill branch manager Steve Altman, working with adviser Brett Davis, have joined with colleagues Todd Gescher and Jason Herber in forming True Private Wealth Advisors LLC of Salem, Ore. The Davis/Altman Group and the Gescher/Herber Group will remain as two separate groups at True Private Wealth Advisors, according to Dynasty Financial Partners, the new firm's service provider. Assets managed by the Oregon advisers were not disclosed, but Dynasty spokeswoman Sally Cates said the firm works with teams of $300 million and up. Merrill Lynch spokesman Matthew Card confirmed the departures but declined further comment.

Latest News

Texas man says SEC and fund could make him pay twice
Texas man says SEC and fund could make him pay twice

A $141M judgment and a federal asset freeze collide over one shrinking pool

Osaic executives Kristy Britt and Greg Cornick to leave
Osaic executives Kristy Britt and Greg Cornick to leave

The firm's CFO and EVP of Wealth Management Solutions are the latest executives to exit the broker-dealer.

Estate planning becomes a client retention issue for financial advisors, survey finds
Estate planning becomes a client retention issue for financial advisors, survey finds

Clients are saying they would consider switching advisors if another professional offered estate planning services, according to a new Trust & Will survey.

Candidly adds AI agents for Trump Accounts, workplace benefits
Candidly adds AI agents for Trump Accounts, workplace benefits

CEO Laurel Taylor says the fintech's composable AI stack helps workers optimize dollars across Trump Accounts, 529s, 401(k)s, and other employee benefits.

BMO adds three advisors in Dallas amid Y'all Street wealth boom
BMO adds three advisors in Dallas amid Y'all Street wealth boom

The bank has swiped three private banking veterans from BNY as the city climbs the ranks of America's fastest-growing wealth hubs.

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.