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Star Merrill Lynch Team Jumps Ship

June 6, 2018

Wirehouse Merrill Lynch has lost the Bodner Sax Group, which advised $4.1 billion in client assets and produced $15 million dollars in fees and commissions in the past year, from its Private Banking and Investment Group, AdvisorHub reports.

The Bodner Sax Group, composed of Eric Bodner, Ben Sax, and their team of three brokers and seven associates, is starting an independent RIA practice called Kore Private Wealth LLC to give enhanced offerings and services to their clients, Bodner and Sax tell the website. The firm aims to expand its client services beyond those seen in a core private wealth offering.

Bodner and Sax had been with Merrill since 2009, but also bring their combined 24 years of experience at UBS with them to the new enterprise.

“The Private Banking & Investment Group of Merrill Lynch is strong and growing," a spokesperson for Merrill Lynch said in an email, according to AdvisorHub. "We continue to add private wealth advisors, bringing our overall representation to over 370 advisors. Year-over-year we have added nearly 40% more new households and our inflow of client balances is more than 1.5 times that of 2017.”

(Getty)

Adding to Merrill Lynch’s losses, a team managing $610 million in client assets has been poached by RBC Wealth Management, the Los Angeles Business Journal reports. The Johnson Prince Group, composed of Daniel Johnson, John Prince, and Kim Johnson, brings 61 years of combined experience to RBC’s Century City offices, according to the publication.

Michael Melton, director of RBC’s southern California complex, says RBC is fortunate to gain the team’s “legacy of service and integrity,” according to the journal.

By Garrett Keyes
  • To read the Los Angeles Business Journal article cited in this story, click here.
  • To read the AdvisorHub article cited in this story, click here.