Industry Moves

LPL Nabs More FAs from Advisor Group B-D

LPL Financial continues picking off financial advisors from Advisor Group’s network of broker-dealers, adding a group of seven from SagePoint Financial, LPL says.

The latest recruits include Mike Sisco, a wealth advisor with the newly-named Paradigm Wealth Partners in Des Moines, Iowa, as well as financial advisors Sandra Larson, Steven Larson, Casey Larson, David Scott, Michael Lynch and Timothy Frey, all based in the Midwest and Texas, according to a press release from LPL.

All seven were previously registered with SagePoint, and they’re joined by Rick Yoder, LPL says. Yoder previously was with Ameriprise in Des Moines, according to his BrokerCheck profile.

Collectively, the eight advisors managed around $260 million and have joined LPL’s broker-dealer and corporate RIA platforms, LPL says.

Sisco serves as an Office of Supervisory Jurisdiction manager for the rest of the team, according to the press release. He joined the financial services industry in 2004 and registered with SagePoint in 2011, according to BrokerCheck.

“We’ve created a really wonderful collection of financial advisors who share a common goal of helping others accomplish their financial goals in an ethical, honest and empathetic way,” Sisco says in the press release. “With the move to LPL, I’m excited and hopeful to find more like-minded advisors to partner with to keep building our network.”

Earlier this month, LPL lured a pair of advisors previously overseeing $140 million at Woodbury Financial Services, another broker-dealer on the Advisor Group network. Since September, LPL has added more advisors from Woodbury and Sagepoint, as well as from Advisor Group’s two other broker-dealers — FSC Securities and Royal Alliance — and a broker-dealer on the Ladenburg Thalmann network, which Advisor Group is acquiring. LPL lost at least one advisor to SagePoint during the same period.


JPMorgan Loses Veteran FAs to First Republic

First Republic Bank has poached a team of experienced financial advisors from JPMorgan, First Republic says.

Salvatore Tiano, John Emery Smyth, Louis Ventura, Daniel Tumba join First Republic Investment Management as managing directors and wealth managers while Jason O’Brien and Gregory Saville join the firm as vice presidents and wealth managers, according to a press release from the First Republic. The Jupiter, Fla.-based team serves individuals, families, nonprofits and private family foundations, First Republic says.

Tiano has been in the financial services industry for 30 years, 29 of which he’d spent at JPMorgan, according to his BrokerCheck profile.

Smyth joined the industry in 1994 and came to JPMorgan in 2010.

Ventura has been in the industry for 45 years and spent the last 20 of them with JPMorgan.

Tumba began his industry career at JPMorgan Chase & Co. in 2007.

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O’Brien had been with JPMorgan for roughly eight of his 10 years as a registered representative and Saville started his industry career with the firm in 2015.

Tiano and Ventura were both managing directors at JPMorgan while Smyth, Tumba and O’Brien were executive directors, First Republic says. Saville was an investment associate at JPMorgan, according to the press release.

First Republic’s wealth management business also had a healthy last quarter. In the last three months of 2019, it grew its assets by 7.7%, to $151 billion, which was a 19.7% increase year over year.

The unit posted $128.4 million in revenue in the fourth quarter of 2019, a 7.3% increase over the same quarter in 2018, and $470.7 million for 2019, which was 8.5% higher than in 2018.


Stratos Wealth Advisors Adds Pittsburgh RIA

A Pittsburgh-based RIA has joined the Stratos Wealth Advisors network of independent financial advisors.

Founded by Stephen Gierl and Gary Augustine, GA Investment Management has a total of four wealth advisors and six firm operations specialists, according to a press release from Stratos Wealth Advisors, the RIA-only channel of the Stratos Wealth Network of Companies. The GA team has committed assets of $400 million, Stratos says.

Gierl joined the financial services industry in 1983, while Augustine first joined the industry in 1989, according to their BrokerCheck profiles.

“We are excited to announce this change and feel incredibly confident that we will be able to serve our clients better,” Gierl says in the press release. “By outsourcing many of our daily functions, such as compliance, billing, data reconciliation and performance reporting, we will take our dedicated client service to another level."

In June, Stratos Wealth Advisors added a four-advisor team of former Merrill Lynch lifers with committed assets of $250 million.

Founded in 2016 under the leadership of founder and CEO Jeff Concepcion, Stratos Wealth Advisors managed more than $885 million as of the end of 2019, the company says.

The Stratos Wealth Network also includes Stratos Wealth Partners, an RIA and a separate entity from LPL Financial that supports LPL-affiliated advisors. Earlier this month, a $460 million firm based in New York and Connecticut joined LPL and aligned with Stratos Wealth Partners.


Cetera Financial Institutions Names New B-D Biz Dev Head

Cetera has appointed a new executive in its business development team, the company says.

Connie Gregory has been named Cetera’s senior vice president and new head of broker-dealer business development of Cetera Financial Institutions, according to a press release from the company.

In her new role, she’ll spearhead the firm’s national recruiting among banks and credit unions and oversee business development for the firm’s community institutional directors, Cetera says.

Gregory has been the head of new business development at Cetera Financial Institutions since August 2019, according to her LinkedIn profile. She has been in the financial services industry for more than 35 years, Cetera says.

Prior to joining the company, she was senior vice-president of new business development at Cuso Finacial Services as well as Sorrento Pacific Financial, prior to which she held positions as senior vice-president of business development at Invest Financial Independent, Financial Marketing Group and Essex, according to her profile.

Connie Gregory

“Connie’s extensive industry and banking knowledge coupled with her proven track record of success in recruiting make a powerful addition to our team,” LeAnn Rummel, president and CEO of Cetera Investment Services, says in the press release. “Her leadership style aligns with Cetera’s belief in supporting growth through cross-functional collaboration and opportunities to pursue more.”

Since 2004, Gregory has also been working as a certified image consultant, “helping women and men look their best to leverage their personal image as a competitive advantage,” doing presentations on the importance of image and specializing “in sales of CAbi designer clothing,” according to LinkedIn.

CAbi is a “direct-sales women’s fashion brand specializing in workwear and weekend wear,” according to the now-defunct fashion industry news website Racked.


Mercer Advisors Names New Talent, Business Solutions Officer

Mercer Advisors has named a new chief talent and business solutions officer.

In her new role, Martine Lellis will oversee strategic projects to ramp up Mercer Advisors’ growth as well as oversee the company’s human capital, according to a press release from the firm. She will report to Dave Welling, Mercer Advisors’ CEO, the company says.

Lellis had been on a sabbatical traveling around the world from September 2019 until January, and prior to that she was the chief operating officer at the independent RIA Sullivan, Bruyette, Speros & Blayney, where she had spent 17 years, according to her LinkedIn profile. She holds the CPA license and the CFP designation, according to Mercer Advisors.

With the addition of Lellis, Mercer Advisors now has five senior female leaders on its senior management team, including its chief marketing and strategy officer, managing director, managing director of client experiences and director of human resources, all of whom have joined the company over the past two years, the firm says.

Mercer Advisors also says that close to 50% of its client advising teams are now made up of women. The firm launched its InvestHERs women’s initiative in 2018 to focus on making Mercer Advisors more appealing to women advisors as well as clients, according to the press release.

Majority-owned by private equity shops Oak Hill Capital and Genstar Capital, Denver-based Mercer Advisors has also been steadily growing its reach through acquisitions.

Earlier this year, it added a $140 million wealth management practice based in Chicago. In 2019, Mercer Advisors acquired practices in Houston, New York, California and Connecticut.

Founded in 1985, Mercer Global Advisors now has over 400 employees overseeing more than $18 billion out of nearly 50 offices around the country, according to the press release.


Goldman Sachs Exec Joins Evercore in Portfolio Manager Role

A Goldman Sachs portfolio manager has jumped ship for Evercore Wealth Management, Evercore says.

Michael Beck has been appointed Evercore’s managing director and portfolio manager, based in New York, according to a press release from the company. He reports to Jay Springer, an Evercore partner and portfolio manager, the company says.

Beck began his career as a trader at Edward Jones Investments in 2007, according to the press release. Before joining Evercore, he had been with Goldman Sachs for seven years, advising and managing portfolios for partners in the firm, financial services executives, family offices, foundations and endowments, Evercore says.

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Evercore also recently appointed a new CEO. Chris Zander, who had been with the firm since 2008, took over from Jeff Maurer effective January 2. Maurer had been Evercore Wealth Management’s CEO since its launch in 2008.

Evercore Wealth Management managed $8.5 billion as of the end of September from offices in New York, San Francisco, Minneapolis, and Palm Beach and Tampa in Florida, the company says.