Recruitment Roundup: UBS, Cetera, Raymond James, WEG And More

Chris Latham, Managing Editor, Wealth Solutions Report

UBS Recruits From J.P. Morgan, Raymond James Onboards 7 Advisors, Cetera Adds 5 Advisors, WEG Acquires 3 Firms, Wedbush Hires Dallas-Area Head And Thurston Springer Hires Former Wells Fargo Leader To Spur Growth

This edition of the Weekly Recruitment Roundup covers UBS recruiting advisor Andrea Freiman from J.P. Morgan Private Bank, Raymond James bringing on seven advisors collectively overseeing approximately $900 million, Cetera adding five advisors collectively overseeing approximately $828 million, Wealth Enhancement Group acquiring three firms in December that reflect over $800 million in new assets, Wedbush hiring Rebecca Hern from Merrill Lynch to head the Dallas area and Thurston Springer hiring former Wells Fargo executive John Peluso to catalyze its growth.

Advisor Transactions

1. UBS Recruits Andrea Freiman From J.P. Morgan Private Bank

Andrea Freiman, Financial Advisor, UBS
Andrea Freiman, Financial Advisor, UBS

UBS Private Wealth Management recruited Andrea Freiman from J.P. Morgan Private Bank, where she was a senior banker serving ultra-high net worth families in the U.S. and Latin America. Freiman spent over a decade at J.P. Morgan. She began her career as an analyst at UBS.

Freiman becomes a financial advisor in the UBS Miami market and its Coral Gables office, joining Integra Partners led by Vicente Del Rio, Brian Beraha and Horacio Aguirre. The team, which joined UBS in 2021 from J.P. Morgan, oversees more than $6 billion in client assets. With its Credit Suisse acquisition, UBS manages approximately $5.5 trillion of invested assets.

“On behalf of UBS, we’re excited to welcome Andrea to the firm,” said Brad Rosenberg, Miami Market Director at UBS Private Wealth Management. “We continue to focus on recruiting and retaining the most talented financial advisors in the industry. We believe we have the strongest platform for Private Wealth Advisors in the Americas, and with our suite of ultra-high net worth capabilities, advisors like Andrea can deliver the full power of UBS to clients.”

2. Raymond James Recruits 7 Advisors Overseeing $900 Million

Edward Sudzina, Western Gulf Regional Director, Raymond James & Associates
Edward Sudzina, Western Gulf Regional Director, Raymond James & Associates

Raymond James announced four series of recruitments in December reflecting seven advisors and approximately $900 million in client assets. The company has total client assets of approximately $1.24 trillion as of Oct. 31.

For the firm’s employee advisor channel, Keith Bryant, Christopher Bryant and Carissa Henderson joined in Denver; Pam Mitchell joined in Naples, Florida; and Vijay Baxter joined in Aventura, Florida. For the firm’s independent advisor channel, Sheridan O’Connor joined in Durham, North Carolina; and Michael Kennedy joined in Winter Haven, Florida.

“Attracting experienced, highly talented advisor teams who share our core principles and client-first mantra remains a priority as we look to the year ahead,” said Edward Sudzina, Western Gulf Regional Director for Raymond James & Associates. “Keith, Chris, Carissa and their team are a welcome addition to Raymond James, and we’re excited to see them continue their track record of success with the enhanced support and resources the firm offers.”

3. Cetera Recruits 5 Advisors Overseeing $828 Million

Ron Krueger, President, Cetera Financial Specialists
Ron Krueger, President, Cetera Financial Specialists

Cetera Financial Group recruited five advisors in December who collectively manage approximately $828 million in client assets. Cetera has more than 9,000 financial professionals oversees approximately $374 billion in assets under administration and $145 billion in assets under management (AUM), as of Sept. 25.

Chico, California-based advisor Peter Bell joined Cetera Advisor Networks via Summit Financial Networks. Tampa, Florida-based Karen Jones joined Cetera Investors. Wheaton, Illinois-based Bill Schumann joined Cetera Financial Specialists. Nicholas Bair joined Cetera Advisors via Wilde Wealth Management Group in Surprise, Arizona. And Kathryn Duclo joined Cetera Advisor Networks via BAR Financial outside San Francisco.

“Bill’s recruitment provides yet another example of Cetera Financial Specialists’ ability to attract high-caliber financial professionals,” said Ron Krueger, President of Cetera Financial Specialists. “We pride ourselves on our family culture with high-touch support and resources that help financial professionals through all stages of their business lifecycle.”

Mergers & Acquisitions

4. WEG Acquires 3 Firms Representing Over $800 Million

Jeff Dekko, CEO, Wealth Enhancement Group
Jeff Dekko, CEO, Wealth Enhancement Group

Wealth Enhancement Group (WEG) acquired three firms in December representing over $800 million in client assets, and 17 acquisitions in 2023 representing over $5.8 billion. WEG serves more than 55,000 households across 100 offices and has over $72.2 billion in client assets.

Eric Wilson leads Foundational Wealth Advisory, a hybrid RIA in Macon, Georgia. Bill Borders and Brent Mason lead Landmark Financial Advisors, an RIA in Bowling Green, Kentucky. And J. Christopher Boyd leads Asset Management Resources, an RIA in Hyannis, Massachusetts. WEG’s previous 2023 acquisitions included Eden Prairie, Minnesota-based Retirement Advisory Group; Dubuque, Iowa-based Heacock & Jones Financial Services; and Wayzata and Hutchinson, Minnesota-based New Era Financial Advisors.

“We are excited to welcome the excellent team of financial professionals at Foundational Wealth Advisory to Wealth Enhancement Group,” said Jeff Dekko, CEO of Wealth Enhancement Group. “Eric and his team understand the significance of taking a collaborative approach to financial planning, and their extensive knowledge and experience will help us grow together. On behalf of our entire organization, I warmly welcome Eric and the Foundational Wealth Advisory team members.”

Promotions & People Moves

5. Wedbush Hires Rebecca Hern From Merrill Lynch To Lead Dallas Area

Rebecca Hern, SVP, Investments and Financial Consultant in Charge, Wedbush
Rebecca Hern, SVP, Investments and Financial Consultant in Charge, Wedbush

Wedbush Securities hired Rebecca Hern as Senior Vice President, Investments and Financial Consultant in Charge, leading the company’s footprint and growth in the greater Dallas area. She specializes in serving divorced or widowed women and has worked as a personal banker. Hern has nearly 15 years of financial services experience.

She previously worked at Merrill Lynch, WesBanco Bank, PNC Bank, UBS and Fifth Third Bank. Wedbush – which has 100 registered offices and nearly 900 professionals – provides wealth management, investment banking and capital markets, as well as clearing and execution services. The firm’s advisory channels include W-2 employees, independent contractors and RIAs.

“Joining Wedbush is a natural evolution for me, offering flexibility to deliver exemplary service while enjoying the benefits of working in my hometown,” said Rebecca Hern, Senior Vice President, Investments and Financial Consultant in Charge. “Working here allows me the space to tend to my connections, foster personal and professional growth, and have the creative freedom to cultivate something meaningful.”

6. Thurston Springer Recruits Former Wells Fargo Executive John Peluso

John Peluso, EVP and Partner, Thurston Springer
John Peluso, EVP and Partner, Thurston Springer

Indianapolis-based Thurston Springer Financial hired John Peluso as an Executive Vice President and Partner. He will focus on strategy, brand and capability awareness, advisor experience and business growth. Thurston Springer provides financial planning, investment management, insurance and retirement services. It has nearly $1.4 billion in AUM, according to its December SEC ADV filing.

Peluso has over 35 years of industry experience. He previously served as an executive at Wells Fargo Advisors, where he was President of its First Clearing custody and trade execution unit and earlier led its independent broker dealer FiNet. Peluso briefly worked as an independent strategic advisor after leaving Wells Fargo.

“I look forward to leveraging the expertise I’ve gained over my career helping financial advisors, business owners, principals and RIAs to run and grow efficiently,” Peluso posted on LinkedIn. “It’s exciting to sit on the other side of the table with a focus on strategy, brand and capability awareness, advisor experience and all things related to growth. We are a firm with a strong past and even brighter future.”

Chris Latham, Managing Editor at Wealth Solutions Report, can be reached at clatham@wealthsolutionsreport.com

Total
0
Shares
Related Posts

Sign Up for Our Newsletters

Sign Up for Our Newsletters