Welcome to Financial Advisor IQ
Follow

Advisor Moves: Wells Fargo, JPMorgan, Securities America, and More

By Alex Padalka October 22, 2018

St. Louis-based Benjamin F. Edwards & Co. has recruited 13 financial advisors who collectively managed around $1 billion at Wells Fargo Advisors, according to a press release from Benjamin F. Edwards.

In Shreveport, La., the firm has poached Jimmy Scruggs, a 32-year veteran of the industry, and William Sumlin, who’s been in the industry for 25 years, Benjamin F. Edwards says.

They join the firm as Scruggs-Sumlin Wealth Management, according to the press release.

In Chesterton, Ind., Benjamin F. Edwards nabbed Clifford Bryan, who’s been in the industry for 23 years, and Jeff Fernandez, an 11-year veteran of the industry, according to the press release.

In addition, Thomas Roberts, Kristin Louise Jackson and Ryan Jackson join Benjamin F. Edwards’ Chesterton office as Roberts Jackson Wealth Management, according to the press release.

Jay Cunningham, Marcia Gregory and Bryan Hoppe have joined Benjamin F. Edwards’ office in Geneva, Ill., the company says.

In Champaign, Ill., Benjamin F. Edwards has poached Gary Buller and Matt Buller, according to the firm.

And in Grand Rapids, Mich., Wells Fargo lost Jay Farquharson to Benjamin F. Edwards, according to the press release.

Benjamin F. Edwards has also scooped up Richard Lawrence, a five-year industry veteran who previously worked at Oppenheimer & Co., Benjamin F. Edwards says.

* * *

Cresset Wealth Nabs JPMorgan Brokers for New Seattle Office

Cresset Wealth Advisors has expanded to the Pacific Northwest with several hires from JPMorgan, according to a press release from Cresset.

Paul Meyer, Jaimi Dennehy and Chris Kalafatis will lead Cresset’s new office in Seattle — its fifth thus far — according to the press release.

Before joining Cresset, Meyer had been with JPMorgan for 10 years, Dennehy for eight years and Kalafatis for six years, according to BrokerCheck.

“We are privileged to add this very experienced wealth advisory team to Cresset,” Doug Regan, the firm’s CEO, says in the press release. “During their careers, they have worked with very successful families in the Pacific Northwest, and now they will help us build a next-generation wealth management firm on our independent, family and employee-owned platform.”

Cresset Wealth is an affiliate of Cresset Capital Management, which was founded by private equity entrepreneurs Eric Becker and Avy Stein and now oversees $3 billion, according to the press release. In addition to the new Seattle office, Cresset Wealth has offices in Chicago, West Palm Beach, Fla., San Francisco and Denver, the company says.

* * *

Securities America Poaches FA Duo from Cadaret, Grant

Ladenburg Thalmann Financial Services Inc. subsidiary Securities America has scooped up two financial advisors from Cadaret, Grant & Co.

David Vinciguerra and Giovanni Vitale join Securities America’s North Syracuse, N.Y., office, according to a press release from the company.

The pair, which came on board in May, oversees $151 million, Securities America says in last week’s press release.

Vinciguerra, who began his financial services career in 1989, had been with Cadaret, Grant since 1996, according to his BrokerCheck profile.

Vitale had been with Cadaret, Grant since he entered the industry in 1999, according to BrokerCheck.

The two advisors join as JSD Associates and will affiliate with Securities America through its OSJ Evolution Financial Advisors, according to the press release.

“We chose Securities America for many reasons, including its track record of stability; friendly, open-door culture; and innovative service offerings like the Next Level business coaching program,” Vinciguerra says in the press release.

Moreover, with the backing of Ladenburg Thalmann, Securities America offers industry-leading resources and national scale, the firm says.

* * *

Bingham, Osborn & Scarborough Buys Back Majority Stake

Wealth advice firm Bingham, Osborn & Scarborough has bought back a majority stake from Boston Private Financial Holdings, according to a press release from Bingham, Osborn.

After the close of the deal, expected to before the end of the year, Bingham, Osborn & Scarborough principals and owners will have an approximately 68% stake in the firm, which oversaw around $4.7 billion as of the end of September. This raises their ownership from the current 38%, according to the press release.

Capital provider Kudu Investment Management will own the remaining 32%, meanwhile, according to Bingham, Osborn & Scarborough.

Bingham, Osborn & Scarborough principals Carol Benz, Kevin Dorwin, Jennifer Ellison, Richard Golinski and Aaron Waxman, who currently make up the company’s management committee, will take over as its new board of managers.

"The repurchase of the company by our management aligns perfectly with our long-term vision for the firm as well as our entrepreneurial spirit," Kevin Dorwin, managing partner at Bingham, Osborn & Scarborough, says in the press release. "We have an extremely deep and talented team in place that is excited to move the firm forward as an independent company."

* * *