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Merrill Lynch Loses FAs to RJ, HighTower

October 11, 2017

Merrill Lynch has lost several advisors collectively overseeing $390 million to HighTower and Raymond James in recent days.

In Pennsylvania, HighTower picked up the Keith Group, whose managing director Kevin Keith and his team previously oversaw $230 million at Merrill Lynch, according to a press release from HighTower. Keith, who’d been with Merrill Lynch for 22 years, says in the press release that he made the move to HighTower to work in his clients’ best interests “uninhibited by many of the conflicts and problems that are common to the traditional Wall Street business model.”

In Connecticut, husband-and-wife team Marty and Jennifer Carroll left Merrill Lynch for Raymond James & Associates, the broker-dealer subsidiary of Raymond James, according to FA magazine. The couple previously oversaw $160 million, the publication writes. Marty Carroll had been with Merrill Lynch for 19 years while his wife joined the firm last year, according to BrokerCheck.


Meanwhile, HBKS Wealth Advisors has merged with Locust Capital Management in Pennsylvania, FA Magazine writes. Locus manages $380 million for 340 families, according to the publication. The combined firm, which will operate as HBKS, will oversee $2.4 billion, FA Magazine writes.

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