Industry Moves

Sanctuary Adds $1.6B Advisor Team from Wells Fargo

The latest addition is SLK Private Wealth, led by Glen Strauss, Jonathan Lewis and Edward Kahn.

Sanctuary Wealth says it has poached a team of experienced financial advisors from Wells Fargo.

The latest addition is SLK Private Wealth, led by founders and managing partners Glen Strauss, Jonathan Lewis and Edward "E.J." Kahn, according to Sanctuary.

Strauss has more than 35 years of financial advisory experience, and Lewis has been working in wealth management and investment planning advice for close to three decades, Sanctuary says. Kahn began his industry career in 2013 and joined Wells Fargo in 2016, according to Sanctuary.

The trio previously managed more than $1.6 billion at Wells Fargo Advisors, Sanctuary says.

"Independence is the next logical evolution in our business. We chose to start our own firm in partnership with Sanctuary Wealth where we can control the client experience and truly act in their best interest without conflict or distraction, Strauss said in the announcement. “We will have a much more robust selection of solutions available and the ability to determine which strategies make the most sense for each individual client."

The SLK team also includes Partner and Portfolio Manager Hank Krakover and Chief Investment Officer Razmig Der-Tavitian, according to Sanctuary.

The addition of SLK is Sanctuary’s fourth billion-dollar-plus team this year and its second in Southern California in just the past week, Jim Dickson, Sanctuary’s founder and chief executive officer, said in the announcement.

Earlier this month, Sanctuary lured a team of Merrill Lynch financial advisors overseeing $1 billion. Sanctuary also nabbed advisors from Edward Jones, JPMorgan, Morgan Stanley and UBS in recent months.

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Morgan Stanley Loses $185M FA to Ameriprise

Kim Garrison had been with Morgan Stanley since 2009.

Ameriprise Financial says it has added an experienced Morgan Stanley financial advisor in Missouri.

Advisor Kim Garrison, who manages $185 million, will work from a recently established Ameriprise office in Springfield, Missouri, according to the company.

Garrison joined the financial services industry in 2007 and had been at Morgan Stanley since 2009, according to her BrokerCheck profile.

She’s joined by registered client service associate Paula Schnoebelen, who comes to Ameriprise from MissionSquare Retirement, according to Ameriprise.

Ameriprise says that Garrison and the firm matched while Garrison was attending Ameriprise’s annual Women’s Advisor Summit in Dallas.

“I am impressed by the great culture Ameriprise has for women advisors. The energy at the women’s event in Dallas was electric, with the strong community of peers coming together to share ideas for how we can better serve our clients,” Garrison said in a release announcing the move. “Ameriprise has shown time and time again that they value me and my clients. Two examples stand out: that the firm provided me with a dedicated staff member who is fantastic at serving my clients and helping me run my practice more efficiently, and that they chose me to pioneer a new office and expand the Ameriprise brand into my area.”

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Alex. Brown Draws Advisor from JPMorgan in Miami

Alejandro Brachmann had $3.8 billion in client assets at JPMorgan Private Bank, Raymond James says.

Alex. Brown, a division of Raymond James, has lured an advisor from JPMorgan Private Bank, according to Raymond James.

Alejandro Brachmann is based in Miami, Florida and serves high-net-worth clients in Central America, the Caribbean and the U.S., according to Raymond James. Brachmann had $3.8 billion in client assets at JPMorgan Private Bank, Raymond James says.

Brachmann chose Alex. Brown “because of the firm’s sophisticated solutions for clients, including private, institutional and family offices with cross-border ties,” he said in a statement about the move.

“The bespoke boutique solutions and client-first culture, reinforced by a strong local management team, differentiated Alex. Brown from the pack,” he added in a statement about the move.

Brachmann has been in the industry since 2011, when he registered with JPMorgan Securities, according to his BrokerCheck record.

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Ameriprise Appoints New Board Member

Armando Pimentel joins the board from a Florida-based provider of sustainable energy.

Ameriprise Financial says it has appointed Armando Pimentel to its board of directors, effective September 15.

Pimentel was formerly president and chief executive officer at NextEra Energy Resources, a subsidiary of NextEra Energy, a provider of sustainable energy generation. He also served as executive vice president of finance and chief financial officer of NextEra Energy and was a board member of NextEra Energy Partners, L.P., according to Ameriprise.

Before joining NextEra Energy, Pimentel was a partner at Deloitte & Touche and an accounting fellow with the Office of the Chief Accountant of the Securities and Exchange Commission.

Pimentel “brings substantial experience and insight to Ameriprise, including expertise in finance, public accounting and strategy within a large, diversified company,” Ameriprise chairman and chief executive officer Jim Cracchiolo said in a statement.

Pimentel’s appointment follows the resignation of Lon Greenberg, effective September 14, according to an 8-K filed September 7. Greenberg “informed the Board that he is resigning to focus on personal commitments and that his resignation is not the result of any disagreement with the Company,” the 8-K states.

Greenberg was appointed to Ameriprise’s board in 2011, according to a press release from that year.

Additionally, Jeffrey Noddle retired from Ameriprise’s board earlier this year, according to an Ameriprise spokesperson.

Ameriprise’s board comprises Cracchiolo, Dianne Neal Blixt, Amy DiGeso, Robert Sharpe Jr., Brian Shea, W. Edward Walter III and Christopher Williams, according to the firm’s website.

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Contact the reporter: apadalka@money-media.com