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Advisor Moves: LPL Poaches Practice from Raymond James-supported Program

By Alex Padalka December 17, 2018

A wealth management practice previously under a bank investment program affiliated with Raymond James has switched to LPL Financial, LPL says.

Athens Federal Community Bank’s investment program, previously affiliated with Raymond James, includes around $150 million in brokerage and advisory assets and was recently acquired by CapStar Bank, according to a press release from LPL.

CapStar offers investment services through LPL Financial and also uses the services of LPL Financial client Financial Resources Group Investment Services, LPL says. Following the acquisition, financial advisor Fred Burke opted to affiliate with LPL Financial to continue working with his clients at CapStar, according to the press release.

“My clients always come first, and I’m looking forward to continuing to serve them with the support of CapStar’s team and the bank’s relationship with LPL and FRG,” Burke says in the press release. “LPL’s scale offers access to products, resources and technology that will help me address my clients’ needs. I believe this is the right decision for me and for our clients.”

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Wells Fargo Loses Another Advisor to Janney

Janney Montgomery Scott has nabbed another financial advisor from Wells Fargo, Janney says.

Sheldon Ferriss joins Janney’s Bedminster, N.J., office from Wells Fargo, where he previously oversaw more than $60 million, according to a press release from Janney.

Ferris began his financial services career more than two decades ago at Morgan Stanley and worked at Citi Bank Global Markets before joining Wells Fargo in 2012

“Hiring Sheldon is yet another great example that experienced and successful advisors look to Janney as a top destination in the industry,” Larry Ennis, branch manager of the Bedminster branch office, says in the press release.

Janney has lured advisors from various rivals in recent months, including UBS, JPMorgan and Merrill Lynch.

And since July, Wells Fargo has lost at least three other representatives collectively managing over $700 million to Janney.

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UBS Exec Jumps Ship to Advisors Asset Management

The RIA Advisors Asset Management has lured an industry veteran from UBS Global Wealth Management, according to AAM.

Marilee Ferone has been named managing director and head of the strategic partnership group and will be tasked with building relationships with “strategically important clients,” AAM says in a press release.

She had been with UBS for 11 years, most recently as managing director and head of advisory solutions and consulting, according to her LinkedIn profile.

Before joining UBS in 2007, Ferone was a managing director at JPMorgan Private Bank and held several senior roles at Merrill Lynch, AAM says.

"I’ve spent years cultivating key relationships across client segments in domestic and global markets, leading teams focused on new product development and platform transformation. AAM is an ideal next step for me as it holds tremendous growth potential, and I look forward to telling the full AAM story to our client firms," Ferone says in the press release.