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Advisor Moves: Wells Fargo, Oppenheimer, Third Seven and More …

By Alex Padalka October 29, 2018

Wells Fargo’s financial advisors continue leaving the company as regulators and investors scrutinize its sales practices. Most recently, Wells Fargo lost one of its representatives to a bank in San Diego.

Carrie Vilaplana has joined Union Bank as a vice president and private wealth advisor, according to a press release from the bank.

She will report to Stephen Sherline, private wealth markets executive for Union Bank’s Southern California division, offering investment and risk management, estate and business planning as well as banking and loan services, the bank says.

Vilaplana joined the industry in 2001 and came to Wells Fargo in 2006, according to her BrokerCheck profile.

"I chose to move to Union Bank because it is one of the most trusted brands in wealth management," Vilaplana says in the press release.

Wells Fargo has lost more than 1,000 advisors since the 2016 revelations that employees in its retail banking unit opened millions of accounts without client authorization.

In recent months, the company’s advisors have also gone to RBC Wealth Management, Janney Montgomery Scott, Raymond James, Ameriprise, Sun Trust Private Wealth Management and Surevest Wealth Management.

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Oppenheimer Names New Head of Private Client Division

Oppenheimer & Co. has appointed Ed Harrington to lead the firm’s private client division, according to a press release from the company.

Effective Feb. 1, Harrington, who’s currently managing director and head of sales and marketing in Oppenheimer’s asset management unit, will replace Mark Whaley as executive vice president of the private client division, the company says.

Harrington will also join Oppenheimer’s management committee, according to the press release. Whaley, who’s been with Oppenheimer for 10 years, is retiring but will remain with the firm through 2019, the company says.

"Mark has been an important contributor to our firm and we are grateful he will remain with us for the next year as he transitions into retirement,” Bud Lowenthal, Oppenheimer’s chairman and chief executive, says in the press release.

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Wealth Enhancement Group Acquires $470M Wealth Management Practice

Wealth Enhancement Group has made its second acquisition in the Philadelphia area with the addition of GDM Advisory Group, according to a press release from Wealth Enhancement.

GDM is a fee-only practice that oversees $470 million for around 250 individuals and families, Wealth Enhancement says. The companies did not disclose the terms of the deal.

“In seeking a strategic partner, my team and I were not looking to ride off into the sunset. Rather, we were looking for a platform that could help us further elevate our business, fast-track our growth and further strengthen the client experience we provide,” Glenn Meyer, GDM’s founder, says in the press release. “We are very excited to have found that partner in Wealth Enhancement Group, and we look forward to becoming part of the team."

Wealth Enhancement – backed by Lightyear Capital – has been growing its assets both organically and through acquisitions. In September, the company acquired Malvern, Pa.-based OneSource Retirement Advisors, which oversees $276 million.

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Third Seven Advisors Brings on $140M Investment Advisor

Tracy Ann Miller, an independent Oklahoma City-based wealth management advisor, has joined New York-based Third Seven Advisors, the company says in a press release.

Miller specializes in planning for lifetime income and multi-generational wealth transfer and oversees $140 million, according to the press release. She started her wealth management practice a decade ago after spending 12 years as vice president at Charles Schwab, Third Seven says.

"I became an advisor more than two decades ago with the mission of helping people understand why and how to invest their money, so they could achieve their dream lives," Miller says in the press release. "Joining Third Seven will give me the resources I need to go above and beyond for my clients and their next-generation family members. With the support of the Third Seven team, I can focus on growing the business for myself, not by myself.”

Third Seven, founded in 2017, has been growing its own business through mergers and acquisitions, according to the press release.

The firm takes a minority stake in the practice and gives the advisor an option to buy it back in the future, Third Seven says. In return, advisors can “de-risk” their practice and now also get access to Third Seven’s virtual family office services such as private healthcare, property management, personal security and more, according to the press release.

Miller’s is the third advice practice Third Seven has acquired this year, bringing its assets under management to $940 million, the company says.