Merrill loses $800 million private banking team

Merrill loses $800 million private banking team
Two advisers from the elite unit broke away to start their own RIA in Texas.
SEP 09, 2015
Two advisers from Merrill Lynch's elite Private Banking and Investment Group parted ways with the firm in mid-August with a reported $800 million in assets. The advisers, Russell Norwood and George Clarke, teamed up to start a new registered investment adviser, Venturi Wealth Management in Austin, Texas. Mr. Norwood and Mr. Clarke, who declined to comment on their departure, are serving as managing director and director of investments, respectively, at their new firm. They are joined by financial adviser Robert Rinner, who had been with Merrill Lynch for a year, according to registration records. Before Merrill Lynch, Mr. Rinner led an investment advisory and financial consulting firm working with high net worth clients and companies at RR Investment Advisory & Northstar Insight. (See InvestmentNews' complete Advisers on the move database) Mr. Norwood was a long-time Merrill Lynch veteran and spent more than 23 years at the firm. He was most recently working as a managing director and private wealth adviser for their Private Banking Investments Group, a group of around 150 brokerage teams working with ultra-wealthy clients. (More: Merrill fires back at $870 million defectors) In Mr. Clarke's 21 years at Merrill Lynch he served as vice president and wealth management adviser at PBIG and 18 years working in institutional equities research sales. The two had around $800 million in assets, according to Barron's Top Financial Advisers of 2015 List. A spokeswoman for Merrill Lynch, Susan Atran, did not respond to a request for comment.

Latest News

Most Americans oblivious to Social Security’s projected demise
Most Americans oblivious to Social Security’s projected demise

New Nationwide Retirement Institute survey reveals eight in ten Americans agree Social Security needs fixing and how.

NewEdge advisors reshape client work with AI in weeks after Anthropic rollout
NewEdge advisors reshape client work with AI in weeks after Anthropic rollout

Advisor-led adoption has been rapid for tasks from translating annuity contracts into plain English to speedy webinar prep.

Kestra Financial names Kelly Apple as head of wealth management
Kestra Financial names Kelly Apple as head of wealth management

Austin, Texas headquartered firm taps former BlackRock managing director following an internal leadership shuffle.

Investors win lawsuit against Atlanta B-D over tax shelter investment, potentially a first
Investors win lawsuit against Atlanta B-D over tax shelter investment, potentially a first

InvestmentNews reported in 2017 that the IRS was scrutinizing the tax shelter land deals, called syndication conservation easements.

Pontera unveils non-discretionary advice tools in continued retirement platform buildout
Pontera unveils non-discretionary advice tools in continued retirement platform buildout

Advisors gain a second workflow for 401(k) guidance as the fintech expands beyond bulk rebalancing, backed by new policy research on advice access.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

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