Deputy Managing Editor,
Wealth Solutions Report
Raymond James Recruits $250 Million Team From Edward Jones, Atria Adds $600 Million UBS Team, Hightower Invests in $1.2 Billion Highland, $4 Billion Moran Wealth Management Leaves Wells Fargo
Our second Weekly Recruitment Roundup captures deal flow from a wide range of advisory practices. Raymond James recruited North Rim Financial Group to its independent channel from Edward Jones. Atria Wealth Solutions added advisors from UBS to an OSJ affiliated with its Cadaret Grant & Co. subsidiary. Hightower made a strategic investment in Highland Private Wealth Management. And Moran Wealth Management broke away from Wells Fargo.
1. Raymond James Recruits North Rim Financial Group From Edward Jones
Saint George, Utah-based advisors Samuel Bates, Darin Frandsen and Adam Fluckiger joined the independent channel of Raymond James. Their North Rim Financial Group previously managed more than $250 million in client assets at Edward Jones.
Along with client service managers Sara Bingham, Tabatha Ghramm, Michele Platt and Sheri Hamilton, the team provides holistic financial planning services. Bates and Fluckiger began their wealth management careers with Edward Jones in 2011. Frandsen had been with Edward Jones for 14 years.
“Our practice needed a strong partner as we help our clients navigate complex investment situations in ever-changing market conditions,” Frandsen said in the press release. “The size, scope and financial stability of Raymond James offers that ideal partnership while also aligning with our client-focused values.”
To learn more, view the press release here.
2. Atria Wealth Solutions Adds UBS Advisors to Cadaret Grant & Co.-Affiliated OSJ
Birmingham, Mich.-based advisors Anthony Mona and Joseph Mansoor joined Atria Wealth Solutions via the Spartan Wealth Management OSJ affiliated with its Cadaret Grant & Co. subsidiary. Mona and Mansoor, who came from UBS, manage more than $600 million in client assets.
New York-based Atria has six broker-dealer subsidiaries and over $100 billion in assets under administration (AUA). Cadaret Grant & Co. has more than 700 independent financial professionals nationwide. Spartan Wealth Management, founded in 2018, now has $1.2 billion in AUA. Prior to UBS, Mona worked at Morgan Stanley and Mansoor worked at J.P. Morgan Chase & Co.
“Having spent decades as an advisor at leading wirehouse firms, it became clear that independence was a better path for our business and our clients,” Mona said in the press release. “The technology, service and support structure, and management team at Atria made Cadaret Grant the clear choice for us as we searched for a premium wealth management experience.”
To learn more, view the press release here.
3. Hightower Makes Strategic Investment in Highland Private Wealth Management
Hightower made a strategic investment in Bellevue, Wash.-based Highland Private Wealth Management, a team of five advisors and 18 employees that oversees $1.2 billion in assets for high-net-worth clients.
Highland was founded in 1999 by John Christianson, CEO, who is the author of “The Wealth Creator’s Playbook” and also founded the Wealth Confidant training program for financial advisors as well as the JC Christianson Inc. wealth and life coaching process. Chicago-based Hightower has approximately $132.6 billion in AUA across 131 advisory businesses nationwide.
“Our strategic partnership with Hightower – which includes access to institutional-level value-added services, operational scale and support – is a key step in advancing how we serve our clients and grow our business,” Christianson said in the press release. “The partnership enables us to retain our entrepreneurial spirit and autonomy, which has been central to our success.”
To learn more, view the press release here.
4. Moran Wealth Management Breaks Away From Wells Fargo To Establish RIA
Naples, Fla.-based Moran Wealth Management broke away from Wells Fargo Advisors to establish an RIA with $4 billion in assets under management. The 36-employee team is led by Thomas Moran, who joined Wells Fargo in 1984.
BNY Mellon’s Pershing will provide clearing and custody services for the new RIA, which serves clients with investment and portfolio management, individual and corporate retirement planning, as well as tax-efficient estate planning and charitable giving strategies.
“A driving factor in our decision to become an independent RIA has been our team’s unrelenting commitment to act in the best interests of our clients,” Donald Drury, President of Moran Wealth Management, said in the press release. “The MWM team has a keen focus on client experience, balanced by a combination of cutting-edge technology and financial planning solutions, and deep expertise.”
driving factor
To learn more, view the press release here.
Chris Latham, Deputy Managing Editor at Wealth Solutions Report, can be reached at clatham@wealthsolutionsreport.com
