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Merrill Lynch and UBS Lose Large Producers

May 30, 2018

Wirehouse UBS has lost several advisors to Raymond James while a team of Merrill Lynch advisors has opted for independence.

In Sarasota, Fla., Dean Dancer, T.J. Goelz, Steven Grossman and Joe Malave have joined Raymond James & Associates as the Palm Avenue Wealth Advisory Group of Raymond James, according to Florida’s Business Observer. Previously, the four advisors collectively oversaw more than $480 million at UBS, according to the paper. They will report to Chris Fils, who was Morgan Stanley’s youngest-ever branch manager in San Francisco before joining Raymond James’ Suncoast Complex in Florida, the Business Observer writes.

“What attracted us to Raymond James were the culture and the firm’s commitment to book ownership,” Goelz says in the release cited by the paper.

Raymond James and its affiliated businesses have been busy nabbing advisors from rivals in recent months, particularly from Wells Fargo. Earlier in May, Steward Partners, the employee-owned independent partnership associated with Raymond James Financial Services, picked up several advisors collectively managing $285 million. Also in May, a 37-year veteran of the industry overseeing around $300 million left Wells Fargo for Raymond James.

Meanwhile, in Pasadena, Calif., Iain Whyte, Simon Holford and Bryan Muth have left Merrill Lynch to launch their own independent wealth management practice, Pasadena Private Wealth, according to FA magazine.

To form their firm, the trio partnered with Focus Independence, a division of Focus Financial Partners that assists breakaway teams starting their own practices, the publication writes. The new company will serve high net worth families in California, offering wealth management for investment portfolios, real estate holdings and business ventures, according to FA magazine. The three advisors who collectively managed $800 million have over 110 years of industry experience, the publication writes.

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