$150M Merrill Lynch Team Jumps to Janney
Noah Doyle, who previously managed Doyle & Associates at Merrill Lynch Wealth Management, as well as Charles Princiotto and Sean Martin have left the wirehouse to join forces with Janney advisors Stanley Hochhauser and Alice Coraggio, according to the press release. The new entity, Battery Park Financial Partners, will manage more than $350 million in assets, Janney says in the press release.
For Hochhauser, who’s been in the financial services industry for more than 50 years, adding the Merrill Lynch advisors creates a multi-generational team that solidifies his group’s succession plans, he says in the press release.
Meanwhile, Doyle says in the press release that his team’s move to Janney “aligns” with its planning-focused approach. But he also adds that the firm’s platform is the best fit for his team’s business model and “where we know the industry is headed,” he says in the press release.
Anonymous sources purportedly told an industry website that the move was precipitated by Merrill Lynch’s October decision to stop offering commission-based accounts to avoid conflicts of interest among its brokers under the Department of Labor’s fiduciary rule.
The rule, which is stated to require brokers to put clients’ interests first, was scheduled to go into effect in April but the DOL was granted a 60-day delay of the rule following a February memorandum from president Donald Trump. Following the memorandum, however, Merrill Lynch and several other large brokerages have said they will go through with their fiduciary rule plans regardless.
Several other Merrill Lynch advisors have apparently been frustrated by the commission ban, and recruiters have said the wirehouse could lose advisors over the move. But Merrill actually added 129 net advisors in 2016.
Recently Merrill Lynch hired a broker from Morgan Stanley for the firm’s Bloomfield Hills, Mich., branch, according to the Wall Street Journal.
Keith Rowling managed $610 million and was at Morgan Stanley since 2008. Previously he was with UBS’s brokerage arm.