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Merrill, Morgan Stanley Lose Veteran FAs to Rivals

July 7, 2017

Merrill Lynch lost a pair of senior financial advisors to First Republic Private Wealth Management this week, according to a press release from First Republic. Morgan Stanley, meanwhile, continues shedding experienced reps, with one vet joining the RIA AdvicePeriod.

Danielle Ambrose, who’s been in the wealth management industry for 23 years, and Diane Hirschhorn, who has 20 years of financial advice experience, left Merrill Lynch for First Republic in Century City, Calif., according to the press release from the firm. Prior to Merrill Lynch, both Ambrose and Hirschhorn had worked at Goldman Sachs, according to the press release.

Meanwhile, Morgan Stanley has lost 30-year veteran advisor Ken Churchill, who’s opening AdvicePeriod’s new office in Dallas, according to AdvicePeriod. Churchill is the second advisor to join the firm over the past month, according to the press release.

Over at HighTower, two teams of advisors collectively managing about $3 billion have gone independent, according to AdvisorHub. Leo Kelly, who led the 21-person Kelly Wealth Management, has set up a new RIA in Hunt Valley, Md., dubbed Verdence Capital Advisors, according to the industry website. Kelly, who’d spent 14 years at Merrill Lynch before joining HighTower in 2012, tells AdvisorHub his team “wanted to run the business.”

Kelly’s team oversaw around $2 billion at HighTower, according to the industry website. And in Columbus, Ohio, Joel Guth took his 11-person Gryphon Financial Partners practice independent, according to regulatory filings cited by AdvisorHub. Guth’s team oversaw close to $1 billion at HighTower, according to the industry website.

(Getty)

Citigroup also lost a top advisor this week. Jim Allen produced $1 million annually while at the firm, where he’d been for 20 years. Allen has joined the Chicago and Skokie, Ill. offices of the wealth management and investment banking firm NOYES, according to a press release from NOYES. Allen says in the press release that NOYES is “the ideal long-term partner that cares about my clients and about looking after their interests in a fiduciary capacity.”

By Alex Padalka
  • To read the AdvisorHub article cited in this story, click here.