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April 20, 2016 at 01:46 AM
Merrill Lynch Wealth Management says it has recruited nine advisors with more than $1.5 billion in combined client assets, seven of whom joined it from rival Morgan Stanley.
In Jericho, Long Island, John Gatto, Kenneth Gatto, and Matthew Hughes moved to Merrill from Morgan Stanley. The Gatto Hughes Group have manage client assets of about $675 million and had yearly fees and commissions of $5.3 million.
Marc Karstaedt, also previously with Morgan Stanley, joined Merrill in its Rockefeller Center office in Manhattan; he manages assets of some $147 million and had production last year of $812,400.
In Pasadena, California, Scott Uffelman was recruited by Merrill from Morgan Stanley; he has managed $185 million in client assets and had yearly fees and commissions $831,800 in production. Mark French and Kevin Parrill, from UBS, joined in Plano, Texas, with combined client assets of $239 million and production of almost $2 million. And in Boca Raton, Florida, Morgan alums Kirsten Tuzzo and Blaine Minton joined with client assets of $287 million and production of $2.6 million.
(All asset and production figures were provided by Merrill Lynch.)
Raymond James’ News
Raymond James welcomed teams formerly employed by UBS and Morgan Stanley to its traditional employee broker-dealer, Raymond James & Associates.
Hameline Wealth Management of Raymond James includes advisors Joseph Hameline, Jr.; Joseph Hameline, III; and Erikson Hameline, formerly with UBS, in South Burlington, Vermont. At UBS, they managed total assets of $260 million and had annual fees and commissions in excess of $2.3 million.
“We’ve worked together as a team, helping our clients with financial planning for decades,” Joe Hameline III said in a statement.
“We do a lot of work with insurance companies and their employee retirement plans, so moving to a firm focused on financial planning and putting clients first was very important to us,” he explained.
Advisors Kristy McGee and Jennifer Dayoub moved to Raymond James in El Paso, where they now operate as Heritage Premier Financial Services of Raymond James. The team, previously with Morgan Stanley, manage some $110 million in client assets and have nearly $1 million in annual production.
Last week, Steward Partners Global Advisory, an independent partnership of reps affiliated with Raymond James, said Michael Sauerborn joined the group from Merrill Lynch. Sauerborn, who managed over $325 million in client assets and made some $1.35 million in annual fees and commissions at Merrill, moved to Steward’s flagship New York office one month after Eric Beiley came on board from Morgan Stanley.
