Merrill Loses Teams in the Southeast to RBC and Janney
RBC Wealth Management-U.S. has hired two Merrill Lynch brokers in Raleigh, N.C., who it said were managing $300 million in client assets.
Kyle L. Clements and Will Langdon, each of who transitioned to Merrill from Banc of America Investment Services in 2009, joined RBC on Thursday, according to their BrokerCheck histories.
In a likely dig at Merrill’s intensified approach to generate new client assets and eliminate commission-based retirement accounts, the advisors said in a prepared statement:
“We have always believed that our existing clients are more important and deserving of our energy and attention than the possible, ‘next one.’ It became clear to us that RBC is focused on the client-advisor relationship, with the emphasis on client choice being key evidence of that fact. More importantly, we understand that our clients matter a tremendous amount to RBC.”
A spokeswoman at Merrill, whose 2018 compensation plan cuts broker payouts by 2% if they do not open at least three new affluent households or increase clients assets by 2.5%, did not respond to a request for comment.
The comments track similarly aggressive innuendoes that Raymond James has been putting in the mouths of new brokers it has recruited from larger rivals.
Clements, who began his brokerage career 26 years ago at F.N. Wolf & Co. and also has worked at Smith Barney and Nations Securities, did not return a call for comment.
Langdon has been a broker since 1999, working exclusively at Bank of America brokerage units. Their registered client associate, Marj Jurek, similarly has worked at Nations Securities, BofA Investment Services and Merrill.
Merrill also lost a team in Jacksonville, Fla., on Thursday to Janney Montgomery Scott. Kenneth P. Steinmetz and James C. Jackson had been managing $128 million in client assets at their former firm, according to a news release from Janney.
Steinmetz, who began his brokerage career at Citi Smith Barney in 2001, had been with Merrill since 2008, according to BrokerCheck. Jackson first registered as a broker in 2014, with Merrill.
Steinmetz declined to comment on the motivation for his move.
Separately, Dale E. Reed—who has spent his entire career as a private banker at J.P. Morgan Securities in Los Angeles—left at the beginning of February, a spokeswoman confirmed.
Reed, who had been with the bank-owned broker-dealer for 15 years and in 2008 ranked as one Barron’s “Top 100” advisors, has not resurfaced at another firm. Reed did not return a call for comment left at his listed residential phone number.