Displaying items by tag: recruiting

J.P. Morgan Advisors continues to boost its advisor headcount with the latest addition of a Boston-based Merrill Lynch team that generates $2 million in revenue. The team is led by Andrew Parvey and Maureen Wilson who oversee $200 million in client assets. They moved to J.P. Morgan along with support staffers Victoria Steele and Ko Dong. Parve started his career at Olde Discount Corp. in 1996 and also worked at Gruntal & Co., and Citigroup’s Smith Barney before joining Merrill in 2008. Wilson started her career as a personal banker at Bank of America in 2003, and worked at Chase between 2005 and 2007, before restarting her brokerage career in 2015 at Merrill. They will report to Rick Penafiel, regional director for Boston, Miami, and Palm Beach. This marks the second Merrill team to join J.P. Morgan Advisors in as many months. Another team led by Marc Karstaedt in New York City joined in January. The Advisors unit, which JPMorgan acquired from Bear Stearns during the financial crisis, has around 450 advisors. In July 2021, the group announced a plan to double its headcount over the next five to seven years. J.P. Morgan ended last year with 5,029 total advisors, up 6% from the prior year.

Finsum:J.P. Morgan lured away its second Merrill Lynch team in as many months in a bid to boost its advisor headcount.

According to a recent announcement, Raymond James Financial has nabbed a Merrill Lynch advisor managing $250 million in Miami. Daniel Laiter, who has been in the industry for 25 years, joined Raymond James’ Alex. Brown unit on January 20th. He started his career at Lehman Brothers in 1997, joined Credit Suisse by way of its Donaldson Lufkin & Jenrette Securities predecessor in 2001, and returned to Lehman for two years between 2006 and 2008 before joining Merrill. Laiter, who focuses on clients in Mexico, will report to Eric Termini, regional executive for South Florida. As part of the announcement, Termini said “Danny represents one of the top advisors in the industry.” Laiter was convinced to move in part by a “client-centric” culture and the “experienced management team” at Raymond James. In June, Raymond James folded Alex. Brown into its core employee channel, Raymond James & Associates, led by Tash Elwyn. The unit had around 150 advisors at that time, a small fraction of the roughly 3,450 advisors in the RIA division. Raymond James announced four additional hires into the unit last year, including three who joined in Miami.

Finsum:Raymond Jamesadds to its Alex. Brown unit with the recruitment of a Merrill Lynch advisor managing $250 million.

After 16 years with Merrill Lynch, a Bank of America company, Winston-Salem, N.C.-based advisor Christy Campbell has joined Thrive Advisory Group, a unit of Alex. Brown, the St. Petersburg, Fla.-based division of Raymond James. The 21-year veteran, who has about $112 million in assets under management, will be a vice president and senior institutional consultant at the new firm. She will continue her focus on offering financial planning, wealth management, and customized strategies to a variety of clients including individuals, institutions, and small businesses. According to the website, Cambell will primarily concentrate on plan sponsors and investment committees to optimize their defined benefit, defined contribution, and non-qualified plans through tailored strategies that fit each business and its employees. Before Merrill, she previously held positions at BB&T (now Truist Financial Corp.) and Citigroup Global Markets. As part of the announcement, Campbell stated, “The decision to move my practice to Alex. Brown has allowed me to truly focus on individual and institutional client needs, which drives the investment and fiduciary process.” She added, “The systems, data security, technology, efficiencies, and expansive investment platform enable me to build customized strategies that prioritize my client’s goals.”

Finsum: Christy Campbell, a 21-year industry veteran, made the move from Merrill Lynch to Alex. Brown due to the firm’s expansive investment platform that will allow her to build customized strategies that prioritize her client’s goals.

LPL recently announced that two teams of advisors, who serve a combined $275 million in advisory, brokerage, and retirement plan assets have joined LPL’s employee advisor channel, Linsco by LPL Financial. Chris Corcoran CRPC® joins LPL from Merrill Lynch and will be the first tenant in a new Linsco office in Houston, Texas. Matt Jackson and Adam Callender CRPC® join LPL from Truist and will work remotely from Northeast Florida. Corcoran has nearly 25 years of industry experience and works mainly with oil and gas engineers and other self-made clients. Jackson and Callender have a combined 22 years of service, having worked together since 2006. They shifted from the mortgage industry to wealth management in 2010. They specialize in retirement planning, investment solutions, and appropriate risk management strategies. They will also be joined at LPL by Registered Client Service Associate Tiffany Nessmith. Both teams went with Linsco by LPL to enhance the client service experience and have the freedom and flexibility to focus on what’s best for their clients. Linsco serves advisors that are seeking independence, including owning their client relationships and having the flexibility to run their practice, the way they want.

Finsum:Two advisor teams managing a combined $275 million joined Linsco by LPL so they have the freedom and flexibility to focus on what’s best for their clients.

JPMorgan recently announced that they nabbed a $400 million team of financial advisors from Merrill Lynch. According to a press release announcing the move, The Karstaedt Group, which includes wealth advisors Marc Karstaedt, Daniel Zomback, and Raymond Lin and Client Associate Parker Jaques, joins JPMorgan Advisors in New York. JPMorgan says the team will report to regional director Keith Henry. Marc Karstaedt started his career in 1992 with Lehman Brothers and had stints at Citigroup and Morgan Stanley before joining Merrill in 2016. Zomback started in 2018 with AXA Advisors before joining Merrill in 2020. Lin began his career at Merrill in 2021. Merrill also lost an associate market manager to JPMorgan last month, when she left to oversee JPMorgan’s advisors in New York and New Jersey. However, Merrill 2022 had the “strongest year” in more than a decade in terms of hiring. Merrill Wealth Management’s president, Andy Sieg, said in a Q&A session following the firm’s quarterly earnings release two weeks ago, that the global wealth management and consumer-banking division ended the year with 19,273 advisors across its various channels. This was 2.3% higher than last year. Brian Moynihan, chief executive officer of Bank of America, Merrill’s parent company, also said last month that the firm plans to continue hiring financial advisors and private bankers, while JPMorgan CEO Jamie Dimon said earlier this month that his firm is “still in hiring mode.”

Finsum:With JPMorgan still in hiring mode, the firm scooped up a $400 million team from Merrill Lynch, which is also continuing to hire advisors.