$1.1 Billion Team Joins Atria Wealth Solutions Subsidiary, Cadaret Grant

Former Signature Bank Team Goes Independent With American Investment Planners, One Of Cadaret Grant’s Largest Branches

Janeesa Hollingshead, Contributing Editor, Wealth Solutions Report

Financial advisors Edwin Milner, Laura Palacios and Jason Kurz have joined American Investment Planners (AIP), a Jericho, New York-based branch of Cadaret Grant, an independent broker-dealer and part of the Atria Wealth Solutions network. The trio, previously with Flagstar Bank (formerly Signature Bank), collectively manages approximately $1.1 billion in total client assets.

With AIP they will operate as an independent wealth management team providing comprehensive financial planning, retirement and private wealth management services to high-net-worth individuals, businesses and foundations, according to the company’s release.

Citing both client feedback and recent bank industry difficulties as giving impetus to the move, Palacios, Senior Financial Advisor and Executive Vice President, also counted Atria’s flexible business model and elevated capabilities as major considerations, saying, “Through Atria, Cadaret Grant and AIP will provide us with unparalleled services, solutions and technologies that go far beyond anything we have seen and will help us to create an exceptional experience for our clients.”

Atria: Poised To Capture Advisors On The Move

Atria leadership attributes its ongoing recruiting successes to the firm’s value proposition, as well as its commitment to investing in innovative solutions that better connect end clients with their financial professionals. Award-winning technologies that build efficiencies and scale continue to resonate with growth-oriented financial professionals from both the independent and employee channels who are considering a change in firms.

Doug Ketterer, CEO & Founding Partner, Atria Wealth Solutions

“Whether it is products, technologies or how they affiliate with us, it comes down to choice,” said Doug Ketterer, CEO and Founding Partner of Atria, in a statement. “I believe that was one of the key drivers for Ed, Laura and Jason – they were able to see all of the options we offer and determined which solutions would work best in their practice. Our approach to a genuine partnership is based on offering the choice to support their respective business model for the long term.”

Multiple industry recruiters see significant recruiting growth opportunities for independent wealth management firms vis-à-vis financial advisors who serve high net worth clients of banks and are concerned about recent turmoil impacting this segment of the financial services sector.

A third-party financial advisor recruiter who states they are in “increasingly frequent discussions” with high net worth-focused financial advisors who are bank-based, speaking on the condition of anonymity, said, “The Silicon Valley Bank issues have surfaced, for the first time in many years, serious questions among bank-based financial advisors as to whether they are better off going independent. Financial advisors with larger businesses in this segment of the industry are at the top end of what could be a seismic shift in the weeks and months to come.”

Janeesa Hollingshead, Contributing Editor at Wealth Solutions Report, can be reached at editor@wealthsolutionsreport.com.

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