43-Year Merrill Vet Goes Indie in Oregon, Opco Hires Merrill Up-And-Comer
One is youthful, one is experienced and they’re both leaving Merrill Lynch Wealth Management.
The Bank of America-owned brokerage giant that has eschewed hiring experienced advisors from rivals to focus on novice brokers and internal development lost West Coast brokers on both ends of the spectrum in recent days.
Olivas’ asset growth made him one of the top performers by household acquisition among novice brokers, and he made presentations to other new advisors about his tactics, said the source, who declined to be identified because he works with Merrill.
Olivas did not return requests for comment. Michael Casey, Oppenheimer’s Newport Beach branch manager and a former Merrill market manager, also did not return a call for comment.
Last week, a young Merrill adviser in St. Louis who had won recognition for her early production skills left to join a UBS wealth management team.
On the other end of the experience spectrum, Eugene, Oregon-based broker Blaine Werner left Merrill after spending his 43-year career with the Thundering Herd to launch an independent registered investment advisory firm.
Werner, 66, said he was managing $400 million in client assets that he hopes to transition to his new business, 44 Wealth Management. He is affiliating with tru Independence, a Portland, Ore. firm that provides back-office services, compliance and other support to registered investment advisers, and using Fidelity Investments as primary custodian for his clients’ assets.
Like competitors Morgan Stanley Wealth Management, UBS Wealth Management and Wells Fargo Advisors, Merrill has been enhancing incentives in its Client Transition Program for advisors who commit to remaining with the firm through retirement, but the upgraded Merrill program will not be effective until November 2021,
Werner, who was ranked #11 in Forbes’ 2020 list of top brokers in Oregon, said he had not evaluated Merrill’s CTP program because he was not ready to retire, but believes he can more easily transition his business to his daughter as an independent advisor.
“The independent space has come into bloom,” he said, citing technology that allows him to offer products and services equivalent to what he can provide at a major firm. “It is a much more level playing field.”
One member of his Merrill team, adviser Joan P. Martin, remains at the wirehouse, he said. Martin, who began her career at Merrill in 2006, did not return a request for comment.
A Merrill spokesperson did not return a request for comment.
No worries! They will just replace with 2 hires at Edge and all will be fixed…even improved!
The new guy that left Merrill will do great with Mike. He was great in Vegas and is as good as they can be.
Nick is really good and will be at least a Million Dollar producer soon. Don’t understand as to why Oppenheimer. He could have done better. I know Mike is good, but that good. Good for him/them, they have a real winner
It’s like every other day, there is an article about either a long term advisor or a great new advisor leaving Merrill. A proxy on why you should never mess with advisor comp or culture.
Congratulations to Blaine. The lure of being one’s own boss and owning one’s own business has always carried appeal to those who have a true entrepreneurial drive. This is often obviated when advisors who leave employee-based firms to hang their own shingle repeat the refrain, “I wish I had done this ten years earlier.” On the other hand, there are some very good advisors out there who, despite possessing that particular skillset, would run a donut shop located inside of a police station into the ground. Those individuals have no business opening a practice of their own, unless they partner with someone else who does know how to run a business.
C’mon Ronnie The Recruiter, time for a reality check and to put a governor on that entrepreneur mantle, let me clear, I’m taking nothing away from what these advisors have built, but ultimate entrepreneurs are ones that go out and build/invent something from scratch, putting everything on line, the ultimate entrepreneurs here are Charlie Merrill and Ed Lynch, and every other “entrepreneurs” the thing they needed when they started, name recognition & brand, before someone responses with the “clueless”, realize I started at Merrill at 22, successfully made it through PDP on my own, left Merrill and am still practicing 27 years later and, God willing, will be practicing for another 27. And Mr. Recruiter, just Mr. Wholesaler, here’s my voicemail.
Have a friend at Merrill Edge and he relayed that Edge advisors will have full Merrill capabilities shortly. Here we go!
Please elaborate
Come on. Read between the lines. Merrill edge can open accounts faster than Merrill. The firm transitioned clients to firm models, then said that some of those clients should be at Edge. Edge advisors generate revenue at a fraction of the ML advisor expense. Bank of America is a bank to the masses…they want Merrill Edge not Merrill.