Recent industry movement and recruitment activity.
Five new hires into J.P. Morgan private bank in New York City include UBS and Citi defectors, and Dynasty Financial Partners’ former chief investment officer.
The three-broker Los Angeles-based team, which had managed $700 million in client assets, has reassembled at LPL Financial’s fledgling channel for wirehouse breakaways.
Merrill’s president, on a quarterly pre-recorded call to brokers, singled out “competitive” attrition as an area “needing focus from leadership,” also noting that it was “higher this quarter than we’d like to see.”
Mike Crotty, who had joined Morgan Stanley’s Smith Barney predecessor in 2007, moved to rival UBS last week, but not before giving some clients a heads-up he was leaving, the wirehouse claims in a suit.
The St. Louis firm scored veteran hires from Merrill and Wells in the Las Vegas area and Newport Beach, Calif. Wells, meanwhile, hired from Stifel a $2 million-producing duo from an Austin, Texas suburb.
Chad Goodchild and Jacob Schlict, who had spent their entire brokerage careers with Merrill Lynch, left the wirehouse to start their own New York RIA through TruClarity Wealth Advisors.
The three-banker team left to relink with former J.P. Morgan Private Bank CEO Kelly Coffey at City National, an RBC-owned firm.
Christine Leong Connors, who in 2012 assumed leadership of Northern California for J.P. Morgan’s private bank, left to “pursue outside opportunities,” a memo said.
The Wells team, led by 47-year industry vet Larry Boggs, is the eighth group to join LPL’s Strategic Wealth Services since the channel’s launch last April.
Wells duo had managed $780 million and said the move was a “natural fit” since they already ran their own balance sheet each month under the quasi-independent Profit Formula unit.
The group is led by Kevin E. McGuire, who had helmed the private bank’s Colorado Technology Vertical and Boulder Team from Denver.