UBS Veteran in New Jersey Goes Indie with Gladstone
(Updates in last seven paragraphs with details of new hires by LPL, Ameriprise and Raymond James from Kestra, Securian and Merrill Lynch, respectively.)
A wirehouse veteran who had spent the last two decades with UBS Wealth Management USA and its PaineWebber predecessor went independent on Friday with a “hybrid” registered investment advisory firm affiliated with LPL Financial.Cary L. Hall Jr., who started his career at Merrill Lynch in 1993 and shifted to UBS/PaineWebber six years later, joined Gladstone Wealth Group, according to Gladstone Chief Executive Officer Richard Frick.
Hall, whose new practice will be called CLH Wealth Management, had been overseeing $150 million in client assets and was generating $1.5 million in revenue at UBS, Frick said. The advisor will work out of a new office for Gladstone in Princeton, New Jersey.
In search of a higher payout and stronger customer support, Hall had been exploring his options for some time and was introduced to Gladstone through a third-party recruiter about three months ago, according to Frick, a former Morgan Stanley complex manager in Philadelphia who joined Gladstone in December.
A spokesman at UBS did not immediately return a request for comment.
In joining the independent firm’s new “partnership” channel, Hall will keep about 80% of revenue he produces—less than what he could have received as a direct affiliate of LPL. The payout is well above the sub-50% of fees and commissions he was receiving at the wirehouse, but, as is typical of independent firms, Hall will be picking up a much higher percentage of his operating expenses.
Hall also received “transition assistance” from LPL in the form of an “all-in” signing bonus of around 40 basis points of assets under management, tied in part to hitting some deferred goals, Frick said.
Hall was not available for comment, according to the Gladstone executive.
Bedminster, New Jersey-based Gladstone currently has 62 advisors in 34 offices. Earlier this month, it hired the $3.5-million team from UBS of Jamie L. Baraldi and Bryan Michael Dein in Mt. Laurel, New Jersey.
Separately, LPL, Ameriprise Financial and Raymond James Financial Services also announced new affiliated broker relationships in recent days.
LPL said Monday that it has attracted Edward Charton, who had been managing around $500 million of brokerage, advisory and retirement plan assets at independent broker-dealer Kestra Financial Partners, to run his Encinco, Calif.-based advisory business as an independent contractor.
Charton, who switched on June 26, is a veteran insurance broker who has worked with insurance firm-affiliated and other independent broker-dealers since 1984, according to his BrokerCheck history. He joined LPL from Kestra with his son, Chad, who has more than 15 years of insurance experience, according to LPL. They had been affiliated with Kestra’s FMS Financial Partners, a benefits-plan-focused firm that uses the platform of Kestra’s NFP Insurance Services.
Ameriprise said Monday that Doug Sehres, a San Antonio, Texas, broker who was overseeing about $80 million of customer assets at independent broker-dealer Securian Financial Services, joined its employee channel on June 7. He began his brokerage career in 2008 with Securian, according to his BrokerCheck history.
Raymond James last week said that it lured a six-person team led by former Merrill Lynch brokers Lee S. Henderson and George Hutter to its independent channel in mid-June. The New Orleans-based Henderson Hutter Group had been managing $372 million at Merrill, according to Raymond James.
Henderson began his securities career in January 2004 at Smith Barney, and moved to Merrill Lynch in early 2010 after his former firm was acquired by Morgan Stanley, according to his BrokerCheck history.
Hutter had a similar career path, entering the securities industry as a broker with Smith Barney in 2008 and joining Merrill in February 2010.