Recent industry movement and recruitment activity.
Advisor Moves
RBC Promotes a Top Broker to Lead $12 Billion-Asset Minnesota Complex
Top-ranked broker and producing branch manager Lauri Droster takes broader role leading RBC Wealth’s eight branches in St. Paul, while firm hires a veteran Merrill broker in Long Island.
Steward Hires Janney Manager in NJ, Merrill Nabs New Orleans Manager from UBS
Janney lost its New York City complex head to independent firm, Merrill gives UBS manager in Florida a broader role heading a Louisiana complex.
Morgan Stanley Hires $2 Million Merrill Producer in Florida
Morgan Stanley also recruited a credit union-housed broker in Oregon who generated $1.1 million in annual revenue.
Morgan Stanley Shuffles Leadership in Atlanta, Rehires Manager from RBC
Veteran Atlanta manager Walter Jameson shifts to run a new complex, handing some of his former duties to a manager who rejoined Morgan Stanley from RBC Wealth.
Cetera Hires Ex-Stifel Recruiting Head John Pierce
Pierce, who left Stifel in February, will develop recruiting strategies as head of business development for the 8,000-broker Cetera’s network of independent brokers.
Wells Flaunts Best Recruiting Month (by Revenue) in a Decade
Adding to its June influx, Wells says it hired seven advisors last week from two wirehouse competitors and two regionals cumulatively producing almost $6 million.
Merrill Team Joins Stifel in Florida, UBS Broker in L.A. Shifts to Wedbush
Merrill quartet that was managing $935 million opens new Stifel branch on Venice Island, while UBS veteran Howard Kern attempts to move his $150-million book to Wedbush.
Veteran Broker Upset with Wells’ “Small” Accounts Policy Joins LPL
Colorado broker left Wells, where she spent more than half of her 38-year career, because of growing charges and its clampdown on small accounts.
RBC Hires $500 Million-Asset Morgan Stanley Duo in St. Louis
The team represents RBC’s largest hire by assets in St. Louis, a branch where the Canadian bank-owned wealth management firm has hired nine advisors since its opening in 2018.
Wells Nabs Two UBS Teams Producing $11 Million
$1.6 billion-asset Kansas group led by private wealth advisor Tom Freeman and Santa Barbara practice with $225 million of assets left UBS for Wells this week.
Baird Hires California Broker Wells Dismissed over Personal Cash Withdrawals
Steve Heng, who had been managing around $350 million at a bank branch, joined Baird on Monday, less than two months after his forced exit from Wells.
