Waddell & Reed has completed building its national recruiting team with the appointment of Armand Alaverdian.
Alaverdian, who’s the third advisor acquisition leader at the firm, will serve as regional director of advisor acquisition for the Western region, according to a press release from Waddell & Reed.
He joins Steve Bielke, regional director of the Central region, and Mark Hovanic, regional director of the Eastern region, both of whom Wadell & Reed appointed in the last quarter of 2019, the company says.
Alaverdian previously served as market director of the firm’s offices in the Los Angeles area, according to his LinkedIn profile. He joined the financial services industry in 1999 and came to Waddell & Reed in 2000, according to his BrokerCheck profile.
Alaverdian’s appointment is part of a broader effort at Waddell & Reed to grow the firm by luring experienced financial advisors, Shawn Mihal, president of Waddell & Reed, says in the press release. The company is also focusing on advisor retention through increased compensation, among other measures, Waddell & Reed says. The firm currently pays out up to 94% of production, according to the press release.
Bielke came to Waddell & Reed from Wells Fargo in October, when the company signaled a new recruiting push. Since the end of September, Waddell & Reed has also nabbed advisors from PNC Investments and Commerce Brokerage Services but lost a pair of advisors to Raymond James.
Founded in 1937, Waddell & Reed is a financial planning services subsidiary of Waddell & Reed Financial, while managed close to $70 billion as of the end of September, the company says.