Advisor Moves: Wells Fargo Loses $100M Team to Raymond James
Elizabeth Hulley, Sean Reynolds and Benjamin Nicholson have joined Raymond James & Associates, the firm’s traditional employee broker-dealer, as the Hulley Reynolds Nicholson Group of Raymond James, according to a press release from Raymond James.
The Buffalo, N.Y.-based team previously oversaw $100 million at Wells Fargo Advisors, Raymond James says. Hulley is a 35-year veteran of the financial services industry, while Reynolds has been in the industry for 16 years and Nicholson for 14 years, according to the press release.
“We were drawn to Raymond James primarily because of the firm’s culture,” Nicholson says in the press release. “The people we met have the best interests of us and, more importantly, our clients at heart, and this has been exemplified throughout our transition.”
Wells Fargo has lost more than 1,000 financial advisors to rivals since revelations emerged in 2016 that its retail bank employees had opened millions of client accounts without authorization.
Raymond James has become a new home for many departing Wells Fargo representatives. Earlier this month, a team managing $222 million left Wells Fargo for RJA in Richmond, Va. But in recent weeks Wells Fargo has also lost advisors to Stifel Financial, Ameriprise and LPL Financial.
* * *
LPL Poaches $220M Team from Raymond James
Yet Raymond James isn’t immune to shedding a few advisors itself, most recently to LPL Financial.
Last week, LPL announced that Retirement & Investment Group joined LPL’s broker-dealer and corporate RIA platforms, according to a press release from LPL.
The Catonsville, Md.-based firm includes President Tom Quirk, who’s a certified financial planner, and a three-person support team, LPL says.
Quirk oversaw around $200 million at Raymond James, according to the press release. And like many advisors who have recently joined LPL, Quirk touted its technology as one of the main reasons he came on board.
“I believe LPL’s capabilities will allow me to keep operating costs down while also being able to maximize productivity and access resources that will make a difference in the support we provide,” Quirk says in the press release. “I’m particularly excited about the integration features in ClientWorks. I can automate investment analysis and produce reports, which makes it easier on my end and provides a quality experience for my clients. Those types of opportunities have the potential to add a lot of value to our practice.”
* * *
PNC Loses $225M Team to LPL
LPL Financial has had a good start to the last month of the year, it seems. In addition to the $200 million team it nabbed from Raymond James, the company also picked up a $225 million team from PNC Investments.
Steve Pollock, Jane Rocks, Robert Litwin, Tom Becker and Michael Schneider have aligned with Gladstone Advisors and LPL’s broker-dealer and corporate RIA platforms, according to a press release from LPL.
Pollock, Rocks and Litwin share an office in Marlton, N.J., while Becker is based in Cape May, N.J., and Schneider joins Gladstone’s headquarters in Bedminster, N.J., LPL says.
“By joining LPL we are taking our business to the next level,” Pollock says in the press release. “I am eager to have tools and resources within an integrated platform that’s user friendly. And LPL provides access to a wide range of products and services that I believe will help us have more control of our business and give our clients more choice as well.”
* * *
Wentworth to Buy Indie B-D World Equity Group
Broker-dealer aggregator Wentworth Management Services is acquiring a large independent broker-dealer in Illinois, the company says.
The acquisition of Arlington Heights, Ill.-based World Equity Group, which is still subject to Finra approval, would add 180 financial advisors producing close to $40 million annually to Wentworth, according to a press release from the firm.
It would also expand Wentworth’s presence in the Midwest, the company says. World Equity’s management team, meanwhile, “will largely remain intact,” according to the press release. And Rich Babjak, co-founder and president of World Equity, will remain at the firm as a senior member of its management team and will also get a stake in Wentworth, the company says.
"As co-founderBob Yaroszwas looking to retire, we wanted a partner that provided the opportunity to retain and grow the team and business," Babjak says in the press release. "I think our future is more than bright. A lot of the bigger firms don't have the flexibility to do some of the things we are still going to be able to do. Maintaining that boutique feel and an entrepreneurial culture all while having a deeper pocket behind us will be very unique to the industry. We have the opportunity to become a destination for advisors seeking to grow their own business."
Wentworth is a holding company focused on small to middle-market independent broker-dealers and RIAs looking to scale up and plan for succession, the company says. The aggregator plans to announce more planned roll-ups in 2019, according to the press release.
* * *