Merrill Lynch Swaps Billion-Dollar Businesses, Commonwealth Brings On $750 Million Ryan Financial Group And LPL Supports $4.4 Billion Commerce Financial Advisors
Deputy Managing Editor,
Wealth Solutions Report
This edition of the Weekly Recruitment Roundup covers different billion-dollar businesses leaving and joining Merrill Lynch. We also recap LPL Financial’s deal to support the $4.4 billion Commerce Financial Advisors and Commonwealth Financial Network recruiting the nearly $750 million Ryan Financial Group from Lincoln Financial Group.
1. Merrill Lynch Wins Team From Citi, Loses Billion-Dollar Advisor To Morgan Stanley
A team of four advisors serving clients in New York and Connecticut left Citi Private Bank for Merrill Lynch, and an advisor serving clients in the New York metro area left Merrill Lynch for Morgan Stanley, according to Finra’s BrokerCheck website.
The four advisors who joined Merrill – Frank Falco, John Huber, Kevin Condon and Alexandra Maksimow – oversee approximately $1 billion in client assets, according to an article on Nasdaq.com. The advisor joining Morgan Stanley – Roei Gigi – also oversees approximately $1 billion in assets under management (AUM), according to Forbes.
Falco leads the former Citi team and was registered there for 22 years, Huber for 15 years, Condon for eight years and Maksimow for six years. Gigi was registered with Merrill Lynch for 22 years and served his entire professional career there, ultimately becoming a Senior Resident Director and Managing Director, until joining Morgan Stanley.
To learn more, view the Nasdaq.com article here and the Forbes profile here.
2. Commonwealth Recruits $750 Million Ryan Financial Group in Minnesota
Ryan Financial Group, an eight-person team based in Hibbing and White Bear Lake, Minnesota, joined Commonwealth Financial Network from Lincoln Financial Group. The independent employee-owned firm oversees nearly $750 million in client assets.
The advisory team consists of its Chairman, Jack Ryan, along with John Ryan III, Greg Stalsberg, Tony Wilson and Ryan Wahlund. In addition to wealth management, the team provides retirement plan consulting services including plan design, investment policy development and maintenance as well as employee/participant education.
“The resources at our disposal blew us away,” Stalsberg, Ryan’s CIO, said in the press release. “Commonwealth’s advanced planning, strategic retirement solutions and investment research teams bring a new level of depth to what we can offer. Commonwealth shares our same values and vision and cares about our clients and us, not the bottom line. That’s a rare combination in this industry that will help us succeed as we evolve and grow our business.”
To learn more, view the press release here.
3. LPL’s Institution Services To Support $4.4 Billion Commerce Financial Advisors
LPL Financial struck a deal with Commerce Bank, a subsidiary of Commerce Bancshares, for LPL’s Institution Services platform to assume support for Commerce Financial Advisors, which has nearly 30 advisors and approximately $4.4 billion in brokerage and advisory assets.
St. Louis-based Commerce Financial Advisors provides investment strategies including custom portfolios and managed accounts, IRAs and annuities, life insurance and estate planning, as well as succession planning and employee benefits solutions for small business. Its advisors are based in Missouri, Illinois, Kansas, Oklahoma and Colorado. Commerce Bancshares is a publicly traded holding company with $32.6 billion in assets.
“Commerce Financial Advisors has always been focused on helping our clients meet their financial goals through a tailored investment strategy, and LPL is the right partner to help us meet and exceed our client’s investment goals,” John Handy, CEO of Commerce Trust, said in the press release. “LPL’s integrated wealth management platform and focus on user experience will provide tremendous value to our advisors and allow them to deliver an advanced service experience to our clients.”
To learn more, view the press release here.
Chris Latham, Deputy Managing Editor at Wealth Solutions Report, can be reached at clatham@wealthsolutionsreport.com
