Steward Attracts Veteran Broker in Texas from J.P. Morgan
A J.P. Morgan Securities broker in Dallas, Texas, has left to join Steward Partners, a fast-growing independent wealth management firm that clears through Raymond James.Amy Sabin, a 26-year industry veteran, said she left the bank-owned broker-dealer with client associate Adam Gelmon on Friday because Steward reminded her of the former Bear, Stearns retail unit that she had joined in 2002.
“So much of that has gone away,” Sabin said of the entrepreneurial culture and partnership-like equity opportunity that she claimed drew her to Steward.
The Washington D.C.-based independent firm received a $50 million private equity investment earlier this year that helped its founders monetize some of their investment and provided fuel for growth. The five-year-old firm now has 110 brokers in 20 offices—including four new offices and 13 brokers hired this year. (Tony Sirianni, the publisher of AdvisorHub, was a founding partner of Steward but is not now affiliated with the firm.)
J.P. Morgan, which bought Bear Stearns in a rescue operation in the depths of the 2008 financial crisis, had no comment on Sabin’s departure.
Sabin produced about $1.3 million in the previous 12 months at J.P. Morgan on about $225 million of customer assets, she said. She specializes in reallocating concentrated stock positions using strategies such as prepaid forwards, collars, and covered calls, according to her J.P. Morgan website biography.
A person familiar with her practice said she used strategies developed by Steven B. Smith, a levered bond arbitrage specialist who left the bank’s Dallas office last year after a 50-year career at Bear, Stearns, Lehman Brothers and other firms.
Chris Barton, a former Morgan Stanley complex manager who joined Steward in January 2018 as a divisional president, said that he was aware of Sabin for years but that she only recently began to consider leaving J.P. Morgan.
David Jernigan, J.P. Morgan’s regional manager in Dallas and Houston, did not return a call for comment but a person in his office confirmed Sabin’s departure.
The Dallas office on Thursday separately hired Daniel Brauer, the person said. Brauer was a wealth strategy associate with UBS Wealth Management Americas and has worked at UBS for most of his eight-year career as a registered broker. The UBS and J.P. Morgan branches are both located in the same Crescent Court office tower.
Brauer had worked with senior broker Allen Dogger, who has been with UBS and predecessor firms Blyth Eastman and Paine, Webber since 1974, according to the team’s website and Dogger’s BrokerCheck history. Brauer was restless over the time it was taking him to inherit the older advisor’s book, said a person who claimed to be familiar with his decision to move.
A person answering Dogger’s phone said he was on vacation and couldn’t be reached for comment on Brauer’s departure.
Brauer said he could not comment on his move, and a UBS spokesman did not respond to a request for comment.
J.P. Morgan last week also bid farewell to two private wealth advisors in Miami and New York who joined Morgan Stanley. They had produced more than $10 million from domestic and former clients.
—Jed Horowitz contributed to this story.