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Merrill Lynch Loses Prominent FA to LPL Financial

By Alex Padalka July 10, 2018

LPL Financial has lured a prominent financial advisor from Merrill Lynch while RBC Wealth Management has lost a representative to Raymond James.

In California, Mike Duffy and his advice practice Happiness Wealth Management have joined LPL’s broker-dealer and hybrid RIA platforms, according to a press release from LPL.

Duffy has authored five books, including The Happiness Book and The Happiness Book For Men, and 10% of the net profits he makes at his wealth management firm go to charity, in particularly toward homelessness causes, LPL says.

Duffy has been in the financial services industry since 1995 and joined Banc of America Investment Services, which was later merged with Merrill Lynch, in 1999, according to his BrokerCheck profile.

Meanwhile in Colorado Raymond James has recruited Michael Trinen, the firm says in a press release. Trinen, who previously managed around $182 million and had over $1.3 million in annual production at RBC, joins the newly-formed Fort Collins office of Raymond James & Associates, the firm’s traditional employee broker-dealer, according to the press release. Trinen, who’s joined by client service associate Christina Abbey, will serve as the office’s branch manager, the company says.

“As we did our due diligence, we evaluated several firms,” Trinen says in the press release. “We kept coming back to Raymond James, as the firm’s culture stood out among the rest. The support they provide to advisors, in particular the sophisticated technology offerings, make it much easier for me to do business.”

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Trinen has been in the industry since 1983 and spent 20 years with RBC before joining Raymond James, according to his BrokerCheck profile.

Raymond James has been aggressively recruiting advisors from its competitors in recent months, particularly from the scandal-plagued Wells Fargo, which lost advisors collectively overseeing at least $1.4 billion to Raymond James last month alone.