Industry Moves

Woodbury Affiliate Adds $115M Wealth Mgmt Practice

GCG Wealth Management, an affiliated office of Woodbury Financial Services, has added an independent wealth management practice in Charlotte, N.C., Woodbury says.

Brinkley Financial Group, headed by owner and president David Brinkley, oversees $115 million, according to a press release from Woodbury.

Brinkley Financial, which includes Brinkley’s daughter Carrie Brinkley Jones, a financial advisor, will first operate under its own brand but will eventually be “fully merging” with GCG as part of Brinkley’s succession strategy, Woodbury says.

Founded in 1994, GCG now has 31 advisors working out of offices in Charlotte, Wilmington and Greensboro, N.C.; Anderson, Greenville and Charleston, S.C.; Lake Charles, La; and Winter Park, Fla., according to the press release. The addition of Brinkley Financial brings GCG’s assets under management to $1.3 billion, representing a $445 million increase since the beginning of 2019, according to the press release.

GCG offers advisors the ability to join the company as W-2 employees but still affiliate with Woodbury as independent financial advisors, Woodbury says.

Woodbury, meanwhile, lost several advisors to LPL Financial during the past year. A pair of advisors managing $140 million left Woodbury for LPL in January, and a practice overseeing $120 million joined LPL in October.

Woodbury is one of the broker-dealers on Advisor Group’s network, which also includes FSC Securities Corporation, Royal Alliance Associates and SagePoint Financial. Earlier this month, shareholders of Ladenburg Thalmann Financial Services approved the firm’s merger with Advisor Group in a deal valued at around $1.3 billion.

RMB Capital Names Michele Francisco Head of Wealth Mgmt

RMB Capital says it has appointed Michele Francisco to head the company’s wealth management business.

Francisco will replace former president of wealth management Dimitri Eliopoulos, who left the firm at the end of last month “to pursue another opportunity,” according to a press release from RMB. She will take on her new duties later this year and will work with CEO and co-chief investment officer Dick Burridge during the transition, the company says.

Francisco, who’s currently RMB’s partner and chief of staff, has been working with the RMB team for nearly two decades, after stints at UBS Financial Services and Bernstein Investment Management, according to the press release.

At RMB, Francisco held various roles including trading, managing client events and communications, the company says. She began working with some of RMB’s largest clients in 2007, and from 2010 to 2012 managed the firm’s client service administrative staff and its custodial relationships, according to the press release. She was promoted to senior wealth advisor in 2012 and named partner in 2015, RMB says.

Fred [Paulman, RMB’s president] and I have worked closely with Michele since 2001, four years prior to RMB’s inception,” Burridge says in the press release. “She has helped set the standard for client service at our firm from the very beginning. Her skills in both financial planning and relationship management have been instrumental in serving our largest and most complex clients for the last 12 years.”

Based in Chicago, RMB Capital also has offices in Denver; Jackson Hole, Wyo.; Lake Forest, Ill.; Milwaukee; Minneapolis; New York; Oakbrook Terrace, Ill.; St. Joseph, Mich.; and Washington D.C., the company says.

In addition to wealth management, RMB Capital offers family office services, asset management and retirement plan consulting, according to the press release. It managed around $9.4 billion as of the end of 2019, RMB says.