Welcome to Financial Advisor IQ

Advisor Moves: Wells Fargo Loses Branch Manager to RBC

By Alex Padalka December 3, 2018

An 18-year veteran of the financial services industry has left Wells Fargo Advisors for RBC Wealth Management, according to RBC.

Sean Phillips has been named the new branch manager for RBC’s Walnut Creek, Calif., office, according to a press release from RBC.

Before joining RBC, Phillips oversaw multiple offices for Wells Fargo in the East Bay, RBC says. Prior to joining Wells Fargo, Phillips had been a complex director at Merrill Lynch in northwest Florida, according to the press release.

“As we continue our explosive growth in Northern California, Sean’s exceptional leadership and recruiting skills will help us attract the very best advisors in this important market,” Michael Schipper, director of the Northern California complex, says in the press release.

RBC has also lured several large producers away from Wells Fargo. In recent weeks, RBC poached a pair of Wells Fargo advisors managing $550 million in Beverly Hills, Calif., and a team managing $1.4 billion in Bloomfield Hills, Mich.

* * *

Cresset Family Office Adds Execs from Wells Fargo’s Abbot Downing and RSM

Wells Fargo’s Abbot Downing unit, which caters to the ultra high net worth, has lost executives to Cresset Family Office, Cresset says.

Tony McEahern was previously head of wealth planning for Wells Fargo’s wealth management and Abbot Downing divisions, tasked with overseeing all client segments, according to a press release from Cresset.

In his new position at Cresset, McEahern will lead wealth strategy, the company says.

Joel Alberts joins Cresset as a client advisor in Minneapolis, the company’s Midwest market headquarters, according to the press release. Alberts was a director at Abbot Downing tasked with managing client relationships and working with owners of closely-held businesses as well as assisting with wealth transfers, Cresset says.

Dan Terlep, meanwhile, joins Cresset as senior managing director of financial and tax strategy, according to the press release. He was previously a senior manager at RSM, overseeing family office restructuring, Cresset says.

Founded by private equity entrepreneurs Eric Becker and Avy Stein in 2017, Cresset now oversees $3 billion, according to the press release

* * *

Stifel Loses $225M Practice to Carson Group

A Missouri wealth management practice has switched affiliation from Stifel Nicolaus to Carson Group, Carson says.

Founded by Michael Gertsema in 2005, St. Joseph, Mo.-based Gertsema Wealth Advisors now oversees $225 million, according to a press release from Carson.

Since 2001, Gertsema has been working with a Carson Coaching executive business coach, the company says. Affiliating with Carson was a way for Gertsema to ensure succession while improving on the client experience, he says in the press release.

“Through this new partnership with Carson, we’re equipped with a stronger operational infrastructure and access to integrated technology that enables us to spend more on what matters most: providing the highest level of service for our clients,” Gertsema says in the press release. “We really wanted a solution that continued to hold the firm’s client-centric values in place for decades to come, beyond my legacy."

Gertsema’s firm is the largest practice to affiliate with Carson so far in the fourth quarter, according to the press release.

* * *