Career Merrill Broker in Michigan Joins Another Alum’s RIA
Transcend Wealth Collective, a registered investment advisory firm founded last year by a former Merrill Lynch complex manager, a former New York Stock Exchange and a former high-yield fund manager, has landed another Merrill veteran.
Andrew Moss, who worked at the wirehouse in Bloomfield, MI, for 26 years, joined Transcend earlier this month to open the New Jersey-based firm’s second office in Birmingham, MI.
Transcend opened its wealth management doors with a team of two UBS advisors producing around $4 million in the wirehouse’s Florham Park, NJ, office. Moss and his junior partner Matthew Harbarcuk are the RIA’s fifth and sixth advisor hires—following the addition last summer of 24-year Merrill lifer Michael Saul and of Richard Spinner, who spent his rookie term at Merrill in 2008 and then worked at another RIA.
The firm now manages around $1.5 billion, a deliberate pace that its founders say fits with their goal of hitting about $10 billion in client assets under management by 2024.
“Surpassing $1.5 billion in AUM less than two years after our founding is an important milestone for us,” Niederauer said in a prepared statement. “We believe we are building something fairly unique in the wealth management space, and the strength of our recruiting pipeline is evidence that advisors agree.”
The senior advisors have joined as partners, and have been holding on to their brokerage licenses through Purshe Kaplan—which specializes in working with RIAs loathe to give up trails and other recurrent commissions.
Hughes, who was a New Jersey complex manager at Merrill when he left in May 2018, said hee had not known Moss but connected with him through a third-party recruiter. Transcend pitches the pedigrees and contacts of its founders along with a grid-based payout system that Hughes says models wireehouses. As partners, the advisors also stand to receive some profit-sharing.
Hughes declined to discuss compensation specifics, and conceded that it did not run in the black in 2019. It expects to make distributions this year, he said.
Hughes said the RIA can sweeten transitions somewhat with client transfer-fee reimbursements and other support from Charles Schwab & Co. and Fidelity Investments–Transcend’s custodian. But it does not have the private equity-backed capital strength of boutiques such as Rockefeller Capital Management or publicly traded banks making big wealth management pushes such as First Republic that recruiters say have been landing big producers with attractive signing deals.