$250-Mln Ameriprise Team Goes to RBC, $100-Mln Morgan Stanley Broker to Sanctuary
An Ameriprise Financial Services employee channel team in Long Island that was managing more than $250 million of customer assets has left for RBC Wealth Management-U.S., where they will be working out of new geographies, a spokeswoman for the Canadian bank-owned wealth management firm confirmed.
At RBC, Matalon will move to Boca Raton, Fla., to open a new office, along with advisor Christopher Loria and client associate Christine Henry. Two other advisors on the team—Tim Hilton and William “Cain” Stranges—have moved into RBC’s midtown Manhattan office. They are reporting to complex director John Moran, while Matalaon and Loria will work under West Palm Beach, Fla., complex manager Kirstin Turner.
The brokers, who joined RBC on Aug. 15, did not return calls for comment on the reasons for their move from Ameriprise’s employee channel nor on whether they will operate autonomously from each other under the new arrangement.
Chase Grosse, a fifth broker on Matalon’s team in Melville, N.Y., remains with Ameriprise.
Matalon has a clean BrokerCheck record, aside from a pending customer complaint filed in June by a customer claiming he made unsuitable recommendations in 2012 to buy a variable annuity and a non-traded real estate investment trust.
An Amerirprise spokeswoman declined to comment on the departures.
Sanctuary Wealth, an independent broker-dealer in Indianapolis managed primarily by alumnae of Merrill Lynch, has drawn from Morgan Stanley Wealth Management for its latest hire.
Matthew C. Meline, who had been overseeing around $100 million in assets in Des Moines, Iowa, opened a new business called PrairieFire Wealth Planning in that city on Friday, Sanctuary said in a news release. He is the seventh big-firm “breakaway” to join since Sanctuary’s founding as an offshoot of Noyes Group in 2018, it said. The brokers oversee about $8 billion of customer assets.
Meline, a 20-year industry veteran who has been with Morgan Stanley and its Smith Barney predecessor since October 2008, could not be reached for comment. Patrick Willer, who was on his MPZ Group team, remains with Morgan Stanley, according to his website. (A third name partner, Zach Marsh, left in 2017 to start a registered investment advisory firm in Des Moines called Calibrate Wealth, according to his LinkedIn profile.)
Meline began his brokerage career in 1999 at PFIC Securities Corp. in 1999, shifted to Wells Fargo in 2001 and joined Morgan Stanley predecessor Smith Barney in 2008, according to BrokerCheck.