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Merrill Lynch Loses $4.5 Billion Team to First Republic

April 24, 2018

After shedding 124 financial advisors in the first quarter, Merrill Lynch continues losing representatives to rivals, with several veteran advisors in Boston and Colorado Springs, Colo., who collectively managed close to $5 billion, leaving this week.

In Boston, the wirehouse lost a team led by Jim Atwood to First Republic Private Wealth Management, according to a press release from First Republic.

He brings along financial advisors Tom O’Brien, Julie Rousseau, McClane Cover, Brendan York, and Zach Calahan as well as several client services and operations staff, First Republic says. Atwood had been with Merrill Lynch for his entire 33-year career in the financial services industry, according to his BrokerCheck profile.

The Atwood Group, as his team is known, oversees $4.5 billion in assets and its typical account is $45 million, the Boston Business Journal writes, citing Barron’s.

Meanwhile, D.A. Davidson & Co. has nabbed a team of Merrill Lynch advisors who managed $380 million, according to a press release from D.A. Davidson.

The McCarty, Brown & Eden Financial Advisor Group, which consists of five advisors and support staff, open D.A. Davidson’s new offices in Colorado Springs to offer financial planning and advice to individuals, families and businesses, according to the press release. The team includes two advisors who had been with Merrill Lynch during their entire financial services careers: Brandon Brown joined the wirehouse in 1998, according to his BrokerCheck profile, and Ky (Sterling) McCarty had been with Merrill Lynch since 1983, according to BrokerCheck.

(Getty)

Merry Lynch’s advisor ranks shrank from 14,953 advisors at the end of 2017 to 14,829 at the end of the first quarter of 2018.

The company said the decrease was due to seasonal hiring differences and that the attrition rate among its experienced advisors in the first quarter was the lowest since the company joined Bank of America.

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