Industry Moves

Merrill Adds $1B Citi Team

The four-person team is split across Merrill offices in Connecticut and Long Island.

Merrill Lynch has added a four-person advisor team overseeing a total of $1 billion in assets, according to a source familiar with the hire.

The team includes managing director Frank Falco and senior vice presidents Kevin Condon, John Huber and Alexandra Maksimow, who cater to high-net-worth clients, including executives and business owners.

The team joins Merrill from Citi, per BrokerCheck. Falco held the title of managing director and private banking team leader at Citi, according to his LinkedIn profile. He is based in Merrill’s Great Neck, New York office, according to LinkedIn.

Condon, Huber and Maksimow are based in Stamford, Connecticut, according to the source.

Falco’s financial services career spans 25 years. He first registered at Gaines, Berland in 1997, moved to Prudential Securities in 1998 and then to Citicorp in 2002, according to BrokerCheck.

Condon’s financial services career began in 1995, when he registered at US Trust Financial Services. He moved to Citigroup in 2015, Brokercheck indicates.

Huber first registered at Prime Capital Services, in 2005, per BrokerCheck. After stops at HSBC Securities and NFB Investment Services, he joined Citigroup in 2007, according to BrokerCheck.

Maksimow had spent her entire financial services career at Citigroup, beginning in 2016, per BrokerCheck.

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Merrill Advisor in Vegas Jumps Ship for UBS

Sara McCue manages $145 million, according to UBS.

UBS says it has lured an experienced Merrill Lynch advisor.

Sara McCue joins UBS in its Desert Mountain market in Las Vegas and is based in the Summerlin office, according to the firm.

McCue oversees $145 million for high net worth individuals and families, offering advice on insurance and retirement planning, trust and estate services and philanthropy, UBS says.

McCue started her career in the financial services industry in 2002 as a bond analyst at Babson Capital, according to UBS. After a stint as a private equity analyst at State Street Bank, she joined Morgan Stanley as a financial advisor in 2006, UBS says. She left the firm for Merrill in 2009, where by 2014 she became the lead portfolio manager for a high net worth physician-based clientele in Beverly Hills, California, according to UBS.

She moved to Las Vegas in 2015 to raise her two children and be closer to family, the company says.

Merrill has lost several advisors to UBS in recent weeks, including two teams collectively overseeing $1.3 billion in New York and New Jersey, a Connecticut team managing $428 million and a 10-person team in Washington, D.C., managing $2.85 billion.

Advisor ranks at Merrill Lynch and across parent company Bank of America rose by 392 in the third quarter, reaching 18,841.

UBS’ Americas unit ended September with 6,257 financial advisors, up 118 from the end of June but still below the 6,266 the unit had at the end of September 2021.

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LPL Lures $350M Advisor from Morgan Stanley

Tim Truebenbach has joined Linsco by LPL, the firm’s employee advisor channel, LPL says.

LPL Financial says an advisor has joined Linsco by LPL, its employee advisor channel, bringing about $350 million in advisory, brokerage and retirement assets.

Tim Truebenbach, who most recently worked at Morgan Stanley, and registered client services associate Wendy Keefe now operate as True Private Wealth Powered by LPL Financial. The Tacoma, Washington-based team work from a newly built Linsco office, LPL says.

Truebenbach provides financial planning and wealth management to high-net-worth families, trusts and businesses, according to LPL.

“This move allows me the freedom to do what I want for my business and focus my time on my own agenda, which is to shift more into investing, planning and the client experience,” Truebenbach said in a statement.

Truebenbach has been in the industry since 2001 when he registered with True Capital Management. He has also been registered with The Keller Group Investment Management, Citigroup Global Markets and Morgan Stanley, according to his BrokerCheck record.

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Wells Loses $972M Team to First Republic

Advisors Jeremy McChesney, Marci Rosenfeld, Jim Morehouse, Todd Duncan and Jessica Huang join First Republic Investment Management in Palo Alto, California.

First Republic Bank says that it has nabbed a team of financial advisors from Wells Fargo Advisors. The eight-person group includes Jeremy McChesney, Marci Rosenfeld, Jim Morehouse, Todd Duncan and Jessica Huang and joins First Republic Investment Management in Palo Alto, California, according to the firm.

The team oversaw $972 million at Wells Fargo as of August 2, according to Forbes.

The group will offer portfolio management, retirement planning and investment consulting, among other services, to individuals, families, nonprofits and private family foundations, First Republic says.

McChesney, who has over 13 years of wealth management experience, focuses on cash-flow modeling and retirement planning for Silicon Valley technology entrepreneurs and executives, according to the company. He previously served as private wealth advisor and managing director at Wells Fargo, First Republic says.

Rosenfeld and Duncan have each been in the industry for more than two decades and Morehouse for close to 10 years, First Republic says.

Huang joined the industry more than 11 years ago, according to the firm.

In recent weeks, First Republic has also drawn several advisors from JPMorgan and Merrill Lynch.

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Raymond James Draws $365M Advisor Duo from Morgan Stanley

The advisors are based in New York and Beverly Hills, California, according to Raymond James.

Raymond James says two advisors have joined its employee advisor channel, Raymond James & Associates, from Morgan Stanley, where they had a total of around $365 million in client assets.

Steven Schmitt and Terence Belfor now operate as The Schmitt Group of Raymond James and are based in New York and Beverly Hills, California. They are joined by senior investment portfolio analyst Valerie Vinbaytel, practice business manager Cassandra Biehl and practice marketing associate Anthony Corcella, according to Raymond James.

The advisors provide wealth management strategies to their clients, specializing in serving the LGBTQ community and its allies as well as a broader group of professionals and corporate executives, Raymond James says.

“Raymond James has a nurturing culture that stands to support our team with the resources and infrastructure to accelerate our vision, plus a value system that will benefit us all,” Schmitt said in a press release announcing the move.

Schmitt has been in the industry since 2001, when he registered with Aetna Investment Services, and he has also been registered with Merrill Lynch, Wells Fargo Advisors and Morgan Stanley, according to his BrokerCheck record.

Belfor has been in the industry since 2016, when he registered with Morgan Stanley, according to his BrokerCheck record.

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Hub Scoops Up $1B Investment Firm in Tulsa

Bridgecreek’s Chuck Fuller and Brian Carney will join Hub International Mid-America.

Hub International Limited says it has acquired the assets of Oklahoma-based Bridgecreek Investment Management.

The Tulsa-based portfolio management firm runs more than $1 billion in client money, according to a press release. The boutique focuses on families, corporations and foundations in Oklahoma, Texas, Kansas and Missouri. Hub did not disclose financial terms for the acquisition.

Bridgecreek’s Chuck Fuller and Brian Carney will join Hub's Mid-America region and report to Travis Biggert, president of Hub's Oklahoma and Arkansas region, and Joe DeNoyior, president of retirement and private wealth at Hub.

Fuller and Carney started their careers at Bridgecreek in 2004, according to the Securities and Exchange Commission's Investment Adviser Public Disclosure records.

The acquisition marks the 42nd for Hub this year, according to the company.

Hub last month acquired insurance-brokerage and investment-advisory businesses of Quintes Financial Services and Quintes Administrative and Insurance Services. In September, Hub acquired a registered investment advisor with $618 million under management.

"Expanding our wealth advisory services, particularly for private clients, in our region is important as we continue to expand and provide high-value services to clients," said Biggert.

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Lincoln Financial Network Nabs $500M Duo from LPL

The pair will strengthen Lincoln Financial’s presence in New York's Hudson Valley, the firm says.

Lincoln Financial Network says it has nabbed partner advisors based in Croton-on-Hudson, New York.

Scott LoPresti and Dean DiPierro will join the firm’s network, bringing a total of $500 million under management, according to the company.

LoPresti and DiPierro were previously registered with LPL Financial. Prior to that, they worked with Ameritas Investment Corporation from 2009 to 2017.

LoPresti entered the industry in 2006 with Horner, Townsend & Kent and moved to MetLife Securities in 2007.

DiPierro was at Morgan Stanley from 2007 to 2009.

“We’re excited to welcome these two high-caliber financial professionals into the LFA family and strengthen our presence in New York’s Hudson Valley,” said John DiMonda, senior vice president and head of Lincoln Financial Advisors, in the press release of the announcement.

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Contact the reporter: bmonsanto@money-media.com