Stifel Gains Merrill Teams Producing $3.8 Mln, Loses One to RBC with $230 Mln-AUM
Stifel Financial this week collected two Merrill Lynch teams in upstate New York and northern Texas, and lost one in Arizona to RBC Wealth Management. Each of the teams managed more than $200 million.Brothers-in-law Gregory Schaller and John Zicari, who had separate practices at a Merrill office near Buffalo, formed a Stifel Nicolaus team in Fairport, NY, on Tuesday, with three client associates. They were jointly working with about $250 million of client assets ($210 million credited to Schaller), and produced about $1.6 million in the preceding 12 months, said Randy Powers, manager of Stifel’s upstate New York branches.
Gerald R. Mc Cue, Schaller’s former partner who has been with Merrill for 26 years, remains at the wirehouse’s Pittsford branch. He did not return a request for comment on the split.
Stifel’s “simple” compensation structure—a 50% payout once a monthly hurdle is reached—and its relatively agenda-free culture, attracted the brokers, according to Powers. Schaller, who spent all of his 19-year brokerage career with Merrill, and Zicari, who worked his entire six years as a broker at the wirehouse, did not return calls for comment.
A Merrill spokeswoman did not respond to a request for comment.
In Southlake, Texas, Stifel on Tuesday also hired the two-advisor Merrill team of Robert Winter and Philip Meyer, who were managing $245 million and $96 million of client assets respectively and producing a combined $2.2 million, according to Stifel officials.
Their team includes John R. Taylor, 89, who works as a “financial advisor associate” after a 53-year career that included 37 years at UBS and predecessor firms PaineWebber and Rotan Mosle, and 16 years with Merrill in Dallas. Their group reports to former Merrill divisional manager Robert Johnson, who has opened four new Texas offices for Stifel this year with Merrill émigrés.
RBC Wealth Management-U.S. on Monday reached into Stifel to hire Bill Herf, a Scottsdale, Ariz., broker. Herf, who joined with a client associate, spent almost 16 years of his 22-year brokerage career with B.C. Ziegler, a Chicago-based brokerage and muni bond dealer that Stifel purchased last year. Herf had been $230 million for about 150 families at Stifel, according to RBC.
“I was impressed with RBC’s ability to provide all of the investment solutions and clear, concise planning to lead our clients to success, while maintaining a positive and inviting small-firm culture that also understands the importance of giving back to our community,” Herf said in a prepared statement.
A Stifel spokesman declined to comment on Herf’s departure.
Stifel employs almost 2,200 brokers, including 46 hired during the second quarter. Combined, the advisors it has recruited year-to-date from Merrill Lynch specifically had managed $5.1 billion in assets, said John Pierce, head of recruiting at Stifel.
RBC also on Monday hired a three-person Merrill Lynch team led by Jay Paul Santangelo in Denver, Colorado, a spokeswoman for the firm said. The team, who had been managing $246 million in assets, also includes advisors Pashma Ghaemi and Foster Manierre as well as client associate Kali McFarland.
Santangelo, a three-decade industry veteran, joined Merrill from UBS Wealth Management USA 10 years ago. Ghaemi started in the industry five years ago at AXA Advisors and joined Merrill in 2015, according to her BrokerCheck. Manierre began his career at Merrill Lynch in 2011, but was not registered for two years between 2014 and 2016, according to the database.