Another Merrill Vet—$2 Million Producing Manager in Texas—Joins Sanctuary
(Adds comments from Sanctuary’s Jim Dickson.)
Former Merrill Lynch divisional manager Jim Dickson continues to build his upstart independent broker-dealer with émigrés from his alma mater.
Georgiades, who had spent his 32-year career at Merrill, ran a practice with $626 million in client assets, according to Forbes 2019 Best-in-State ranking (he was #46 in Texas). The advisor, whose East Central Texas branch has 13 advisors, according to its website, generated over $2 million in annual revenue over the previous 12 months, according to Dickson.
Georgiades, who moved along with three client and investment associates, could not immediately be reached for comment. His new group is called G Squared Private Wealth and expects to transition around $450 million in client assets.
For Merrill, the move was the second multi-million-dollar team departure in Texas departure in a single day.
Rockefeller Capital Management, the relaunched family-office venture run by former Merrill and Morgan Stanley executive Greg Fleming, opened its first Texas office on Friday with a team led by a Thundering Herd duo in Dallas who produced $4.5 million in annual revenue.
Dickson said he and the Noyes brokerage team of Chris and Brian Cooke recently purchased the firm, and are renaming it Sanctuary. The Indiana-based firm continues to lean heavily on Merrill.
Last week, Sanctuary hired two teams with a combined $530 million in client assets from the Bank of America-owned wealth management giant. They include Clay Jackson, Chris Hill and Ben Fish who opened a Raleigh, N.C., office on June 21, and who managed $220 million in assets, Sanctuary said. On the same day in Nashville, Tenn. a six-person team led by J. Patrick Polling, Jonathan Trusty and Ann Hollis-Young who oversaw $310 million in assets for Merrill clients hung up an independent-contractor shingle under the Sanctuary name.
Earlier in June, Indianapolis advisors Elizabeth Evans and Brooke May, who were producing about $5.2 million at Merrill, joined.
In May, Sanctuary hired Vince Fertitta, Merrill’s former Texas Mountain South region director, giving him the title of president with responsibility for building a southwestern franchise.
A spokeswoman for Merrill did not respond to a request for comment on Georgiades or the other moves. Dickson had worked at Merrill for all of his 19-year career, prior to his departure in April 2017.
Sanctuary’s parent, Noyes, has shrunk to about 20 employee brokers and is adopting the name of its independent-contractor offshoot, Dickson said in an earlier interview. The indie unit has around 65 brokers.