Merrill Lynch, Wells Fargo and Hilliard Lyons Lose FAs to Stifel
Grayson Hopper has joined Stifel’s Austin, Texas, office from Merrill Lynch, where he oversaw $74 million, according to a press release from Stifel. Mark Melillo, meanwhile, has joined Stifel’s Yardley, Pa., office as its branch manager, the company says. He previously managed $81 million at Wells Fargo Advisors, according to the press release. And Allan Bowden has left Hilliard Lyons, where he oversaw $75 million, to join Stifel’s Memphis, Tenn. office, where his former Hilliard colleagues Jack and Robert Mayer have been since December, Stifel says.
“Advisors at bank-owned institutions continue to join Stifel in the first quarter. They appreciate the fact that we have liability-side capabilities, but we do not push or cross-sell banking solutions,”John Pierce, Stifel’s head of recruitment, says in the press release. “We are also seeing an increase in regional firm advisors joining Stifel for our open architecture products and technology capabilities that empower advisors to help their clients.
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A retail wealth management program at Desert Financial Credit Union, formerly Desert Schools Federal Credit Union, has broken its affiliation with LPL Financial to join Raymond James Financial Institutions Division, Raymond James says.
The program, led by managing director Joshua Fadel, includes financial advisors Joseph Greenberg, Robert Nichols, Paul Wintermantel, David Jones, Eric Morgan, Ted McLellan, Jason Romero, Timothy Clemens, Mitchell Layton, Joshua Zahn and Joseph Hurab, according to a press release from Raymond James. The team, which had been affiliated with LPL for over 18 years, oversees around $638 million, Raymond James says.
“We are extremely pleased to align our new brand with one of the most successful brands in the wealth management business for the benefit of our members,” Jeff Meshey, president and CEO of Phoenix-based Desert Financial Credit Union, says in the press release.
Raymond James and its affiliated companies have kept busy this year luring advisors from rivals. About a week ago, Raymond James Financial’s employee channel lured a pair of brokers in Florida who previously generated around $1.3 million in annual fees and commissions at Morgan Stanley. In February, Alex.Brown, a division of Raymond James, picked up a Wells Fargo advisor who previously managed $190 million.
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Janney Scoops Up Advisors from Wells Fargo and Merrill Lynch
In addition to losing advisors to Stifel, both Merrill Lynch and Wells Fargo also lost advisors to Janney Montgomery Scott, according to Janney.
In Pennsylvania, Janney has poached Michael Hassell from Merrill Lynch, where he was a branch manager for the wirehouse’s Media, Pa., office, according to a press release from Janney. Hassell has been in the financial services industry since 1995 and specializes in trust and estate planning, municipal and taxable fixed income portfolios and distribution from employer sponsored plan assets, Janney says. He joins Janney’s Radnor, Pa., office along with senior registered private client associate Christina McGinn, according to the press release.
In Mystic, Conn., Janney has added Leonard Wealth Management, Janney says in a separate press release. Led by Frederick Leonard and Charlie Leonard, the team was previously with Wells Fargo Advisors, according to Janney. The father-son team mark the 10th and 11th hires for Janney’s expanding Mystic office, which launched in 2016, the company says.
In addition, Wells Fargo Advisors lost the Ernst Rosa Wealth Management Group in Miami to Janney, according to another press release. The practice is led by financial advisors Karl Ernst, who’s been in the industry since 1990, and Roberto Rosa, who became a financial advisor in 1989, and includes senior registered private client associate Susan Miranda, Janney says.
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Calamos Wealth Management Poaches Managing Director from Wilmington Trust
Frazer Rice, formerly a managing director at Wilmington Trust, has joined Calamos Wealth Management, according to CWM.
Rice previously headed a team overseeing $11 billion under management and administration, CWM says in a press release. He had been with Wilmington Trust since he began his wealth management career in 2002, according to CWM. Rice joins the firm as a senior wealth strategist in its New York office and will be tasked with serving individual clients, families and institutions as well as firm-wide consulting, the company says.
“I’ve focused my career addressing complex financial situations with common-sense thinking. In [CWM] I recognize a growing firm committed to the same thing,” Rice says in the press release. “I was impressed with their culture from the outset. CWM combines the investment expertise and resources of much larger firms with the dexterity of a breakaway RIA and the pedigree and principles of one of the legends in the investment world.”
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