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Advisor Moves: Morgan Stanley Loses FA to LPL Financial

By Alex Padalka April 29, 2019

LPL Financial has lured a Morgan Stanley advisor overseeing around $100 million, LPL says.

Pete Babilla joins HighPoint Planning Partners, which uses LPL’s broker-dealer and hybrid RIA platforms, according to a press release from LPL. HighPoint now has more than 25 advisors overseeing over $3 billion from eight locations, LPL says.

“The extensive investment and planning platform offered by LPL enables me to create highly customized programs tailored to my clients’ individual needs, which is vital to my planning philosophy,” Babilla says in the press release.

Babilla has been in the industry since 1984 and had stints at seven firms, including UBS and Citigroup, before joining Morgan Stanley in 2009, according to his BrokerCheck profile.

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UBS Loses FAs to Stifel, RBC

With its advisor ranks down 2% in the first quarter compared to the year prior, UBS continues shedding brokers to rivals.

In Tampa, Fla., Mark Scaglione has joined Stifel Financial’s broker-dealer subsidiary Stifel, Nicolaus & Co., according to a press release from the firm. Scaglione previously managed $166 million at UBS, Stifel says. Scaglione had been with UBS for 31 of his 35 years as a registered representative, according to his BrokerCheck profile.

Stifel also picked up the father-son team of Michael and Patrick Dammert from Hilliard Lyons, where they managed $70 million, Stifel says.

In Pittsburgh, meanwhile, RBC Wealth Management has nabbed Tony Keiser, a 25-year industry veteran, RBC says in a press release. He previously managed around $340 million and produced $3.2 million annually at UBS, according to RBC.

“RBC Wealth Management has a long-standing reputation for putting the needs of clients first,” Keiser says in the press release. “When considering moving to RBC, I was incredibly impressed by the firm’s unique culture, resources, and passion, making it a great place to continue to grow my business.”

In an earnings call last week, UBS CEO Sergio Ermotti told analysts that the falling number of advisors has in fact been a strategic decision as the firm focuses on recruiting only those serving ultra high net worth clients and retaining existing advisors, as reported.

RBC, on the other hand, also picked up an advisor from Raymond James.

Harold "Chip" Green, who previously managed $120 million at Raymond James and has been in the industry for 31 years, joins RBC’s Sugar Land, Texas, office, according to a separate press release from RBC. Green says in the press release that he too credits RBC’s “client-first, advisory friendly culture” for guiding his decision to join the firm.

RBC has grown its wealth management unit to 1,800 financial advisors overseeing $358 billion from 200 hundred offices in 42 states, the company claims.

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Raymond James Names New COO of Private Client Group

Raymond James & Associates has named Kim Jenson COO of its private client group, the company says.

In her new role, Jenson will be tasked with business development, education, strategy and support functions, according to a press release from Raymond James.

Jenson first joined Raymond James’s private client business two years ago, the company says.

Before joining Raymond James, Jenson oversaw business development, risk management and recruitment at UBS, after having served as chief of staff for the CEO of UBS Wealth Management Americas, according to the press release.

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Janney Poaches FAs from Raymond James, Stifel

Janney Montgomery Scott, meanwhile, has recruited two advisor teams collectively managing around $373 million, according to news reports.

In Bethlehem, Pa., Somers Wealth Management joins Janney from Stifel, where the team oversaw $192 million, ThinkAdvisor writes.

And in Atlanta, Schultz Wealth Management joins Janney from Raymond James, where the team managed around $181 million, according to the publication.