Industry Moves

RayJay Affiliate Adds FAs with $1.1B+ from Wells, Edward Jones, Wedbush

The seven teams of advisors collectively bring over $1.1 billion in client assets, the company says.

Concurrent — an advisor-owned partnership of independent advisors affiliated with Raymond James Financial Services — says it has added seven more advisor teams collectively bringing in more than $1.1 billion to its network.

In Lakewood Ranch, Fla., Richard Crowne and Kelly Coghlan have joined the Concurrent network from Wells Fargo Advisors, bringing close to $147 million in client assets, Concurrent says.

Wells Fargo Advisors also lost Jason Huffman in Diberville, Miss., to Concurrent, adding $36 million in client assets, Concurrent says.

In the Grosse Pointe, Mich., area, Concurrent has added John Reeber, who also comes from Wells Fargo Advisors, overseeing around $30 million, the company says.

Thacker Wealth and Retirement, comprised of Tracy Thacker, Tammy Duncan, Penney Brooks and Debra Thacker, have joined Concurrent in Owensboro, Ky., from Edward Jones, where they managed $259 million, Concurrent says.

"With access to the Raymond James platform, I’ll have access to a much broader spectrum of resources that will allow my team to offer more holistic services and spend more time focused on my clients,” Tracy Thacker says in a statement.

Edward Jones also lost Kayla Jo Teckenbrock and Jackie Rainey to existing Concurrent office Hendrickson Wealth and Retirement, in Benton, Ky., Concurrent says. The pair brings $87 million in client assets, the company says.

In Fairbanks, Ala., Concurrent has added Head Retirement & Wealth Strategies, which includes 40-year industry veteran Roark Head and fellow advisor Austin Head, along with service associate Deborah Combs, the company says. The team was previously affiliated with Wedbush Securities and brings close to $300 million, Concurrent says.

Moreover, also in Fairbanks, Wedbush lost Krista Stamper of Stamper Wealth and Retirement Group to Concurrent, the company says. Stamper is bringing close to $253 million in client assets to the firm, Concurrent says.

Wells Fargo and Edward Jones — along with Morgan Stanley — also lost advisors to Concurrent this summer.

Founded in 2016, San Diego-based Concurrent has grown its network to include close to 115 advisors overseeing more than $9.1 billion from 49 offices nationwide as of November 19, the company says.

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$920M FA Team Jumps from Merrill to UBS

Darrick Walker, David Leibowitz and Michael Muniz have joined a UBS regional group based in San Francisco.

A Pleasanton, Calif.-based three-man advisor team with $920 million in client assets has bolted Merrill Lynch for UBS, according to a UBS spokesperson.

Darrick Walker, David Leibowitz and Michael Muniz have joined a UBS regional group based in San Francisco. They had been registered at Merrill since 2010, according to their BrokerCheck records.

Before Merrill, Walker, a 26-year industry veteran, Leibowitz, a 27-year industry veteran, and Muniz, a 21-year industry veteran, worked at Morgan Stanley, CitiGroup Global Markets and other firms, according to their BrokerCheck records.

The trio is the latest hire by Erin Borger, a UBS managing director and market head for Northern California.

Earlier this year, Borger hired FAs who together produced more than $8 million per year at their prior firms, including Morgan Stanley, Ameriprise and Robert Baird, according to the UBS spokesperson.

Among Borger’s other hires this year are Jason Schlesinger, a 23-year-industry veteran from Robert Baird’s Mill Valley office north of San Francisco and Joshua Breeden, who had been at Morgan Stanley since 2009, according to the spokesperson and their BrokerCheck records.

Walker, Leibowitz, Muniz and Borger did not respond to requests for comment.

A Merrill spokesperson did not respond to a request for comment about the departures of Walker, Leibowitz and Muniz.

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Wells Fargo Loses FA to LPL

Joe Mastroianni, who managed around $120 million, has joined Gladstone Wealth Partners, an enterprise supporting LPL-affiliated advisors.

LPL Financial says it has poached a financial advisor from Wells Fargo Advisors.

Joe Mastroianni joins LPL’s broker-dealer and corporate RIA platforms and will use the firm as a custodian while aligning with Gladstone Wealth Partners, an enterprise supporting LPL-affiliated advisors, LPL says. He managed around $120 million in advisory and brokerage assets, the company says.

Mastroianni had spent 15 years with wirehouses and opted to join the independent channel for more flexibility in serving his clients, who are mostly retirees, LPL says. His new practice will be based in his hometown of Venice, Fla.

“I can now access a broad range of products to be able to deeply customize strategies to help each client’s unique financial challenges and goals. I can also work side-by-side with CPAs and attorneys to provide more comprehensive financial services,” he says in a statement.

After he gets “settled into running his new independent business,” Mastroianni plans to partner with a friend and colleague who’s already with Gladstone, LPL says.

Wells Fargo also lost an advisor who managed $180 million to Gladstone in July. And last month, Gladstone added a duo of advisors who previously managed roughly $2 billion at Morgan Stanley.

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Contact the reporter: mrozen@financialadvisoriq.com