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Merrill Lynch Loses FAs to These Key Rivals

By Alex Padalka December 19, 2018

Raymond James has poached a financial advisor in Atlanta from rival Merrill Lynch after he had spent a decade at the wirehouse, Raymond James says.

John "Quint" Andrews has joined Raymond James & Associates, the firm’s traditional employee broker-dealer, as Andrews Wealth Management of Raymond James, according to a press release from the company.

His practice serves high-net-worth families and individuals, including business owners and corporate executives, Raymond James says. Andrews previously managed more than $110 million at Merrill Lynch, according to the press release.

“The culture at Raymond James was an important factor in my decision,” Andrews says in the press release. “As a young advisor, the level of support they provide was impressive to me, and I knew I wanted a firm that would care about my clients as much as I do.”

Andrews began his financial services career in 2005 at Morgan Stanley and switched to rival Merrill Lynch in 2008, according to his BrokerCheck profile.

Meanwhile, a former Merrill Lynch managing director has joined Rockefeller Capital Management, the firm headed by former Merrill Lynch and Morgan Stanley president Greg Fleming, according to a press release from Rockefeller.

Anthony Grosso joins Rockefeller as a managing director tasked with establishing and overseeing its San Francisco office, the company says. Grosso’s responsibilities will include business development and recruiting private wealth advisors in the Bay Area, according to Rockefeller.

Grosso had spent 15 years as a managing director at Merrill Lynch prior to joining Rockefeller, according to the press release. At the wirehouse, Grosso served as a senior leader of the ventures services group, which advised private equity and venture firms, and as a senior resident director, Rockefeller says.

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Under Fleming’s leadership, Rockefeller has hired several Merrill Lynch alumni. Last month, the company lured a Focus Financial executive who had worked at Merrill Lynch for 30 years. In October, Rockefeller poached a Goodrich LLC executive who had also worked at Merrill Lynch.

Rockefeller has also nabbed several large producers from rivals. Most recently a pair of UBS Private Wealth Management advisors collectively managing $2.2 billion joined Rockefeller’s recently-opened Atlanta office.