Skip to Main Content
SUBMIT A TIP RECEIVE DAILY NEWS
Menu AdvisorHub
  • News
      • Latest News
          • Businessman reading financial advisor newsThis Week’s Top 5: Merrill Targets Seasoned Brokers in Key Markets, J.P. Morgan Advisors Replaces CEO, and More
          • Pay cutFocus Financial Cuts Exec Comp, CEO Pay Falls 16.6%
          • James Gorman, Chairman and CEO Morgan StanleyMorgan Stanley Net New Assets Hit Record $105 Billion in First Quarter
          • Financial Advisors LeavingRockefeller Lures $2.2-Million Merrill Team in Michigan
        • Close
      • Advisor Moves
          • Financial Advisors LeavingRockefeller Lures $2.2-Million Merrill Team in Michigan
          • Two Financial AdvisorsUBS Hires $3-Million J.P. Morgan Advisors Duo in NYC
          • Advisor MovesD.A. Davidson Nabs $2.6-Mln Truist Team in Virginia
          • J.P. MorganJPMorgan Seeks TRO Against Bank Broker Who Joined Wells Fargo
        • Close
      • Enforcement
          • Advisor FraudSEC Charges RIA with Pro Athlete Niche for Ripping Off Clients
          • advisor-diy-tools-772×485Ex-Jones Broker Suspended for Attempting DIY Settlement with Client
          • Advisor GuiltyEx-Merrill Broker in Chicago Pleads Guilty to $3-Mln Fraud
          • J.P. MorganFinra Fines, Suspends Ex-J.P. Morgan Broker Fired over Unauthorized Trades
        • Close
      • Markets
        • `Nothing Safer Than Cash’: Tech Rout Puts Silicon Valley on Edge
        • ‘Any News Is Bad News’ as Earnings Fail to Save Equity Bulls
        • ‘50 Cent’ Profited From Volatility Jump, Wells Fargo Says
        • ‘Beaten Down’ ETF Is a Way to Play Inverted Curve, BofA Says
        • Close
      • Opinion
          • Opinion-How-Will-The-Coronavirus-Affect-The-Stock-Market-Opinion: Coronavirus – What Advisors Need to Know
          • opinion-investors-conquered-fees-next-up-is-their-own-behaviorOpinion: Investors Conquered Fees but Not Their Own Behavior
          • Investor-Confidence-In-Stocks-Rightly-Declines-Opinion-772x485Investor Confidence in Stocks Rightly Declines: Opinion
          • Opinion-Schwabs-Zero-Commission-Decision-Challenges-Its-Ria-ClientsOpinion: Schwab’s Zero Commission Decision Challenges Its RIA Clients
        • Close
      • Fintech News
          • Fintech Cryptocurrency ClearingFintech Firm Apex Clearing Agrees to Go Public Via SPAC
          • System outageMerrill Systems Hiccuped on Thursday as Stocks Slid
          • 7 dollar rolls‘The Rock’ Invests in Finance App Acorns, and New Users Get $7
          • TraderHigh-Frequency Traders Love Business With Robinhood
        • Close
      • From the Publisher
          • Welcome to AdvisorHub RIA-772×485Welcome to AdvisorHub RIA
          • 2021 PredictionsFrom the Publisher: Sirianni’s Predictions for 2021
          • Josh Rogers – 772×485Seven Questions with Tony Sirianni: Josh Rogers, Founder and CEO, Arete Wealth
          • Phil Hildebrandt — 772×485Seven Questions with Tony Sirianni: Phil Hildebrandt, Principal, CEO of Segall Bryant & Hamill
          • Christian Hyldahl, President of Varium Investment Partners-772×485An AdvisorHub Interview with Christian Hyldahl, President of Varium Investment Partners
          • John Peluso – 772×485Timely interview with John Peluso and AdvisorHub CEO Tony Sirianni
          • Louis Dworsky Coronacrash Interview-772×485Coronacrash Update: Hayden Royal’s Louis Dworsky & Tony Sirianni
          • Stratos_Jeff pic.jpg-772×485Coronacrash Update: Stratos Wealth Partners’ Jeff Concepcion & Tony Sirianni
        • Close
    • Close
  • Deals & Comp
  • Recruiting Wire
  • Breakaway Center
  • Resources
    • resources-home-menuResources Home
    • PRACTICE MANAGEMENT RESOURCESPractice Management Resources
    • Transition ResourcesTransition Resources
    • Fintech ResourcesFintech Resources
    • menu fintechFintech Product Directory
    • Menu-Institute-772×485Institute
    • Boutique Wealth AdvisorsBoutique
    • EventsEvents
    • Asset Manager Hub
    • Close
  • AdvisorHub TV
  • Podcasts
  • RIA Center
  • Virtual Summit
close X
November 6, 2020

Merrill Hires Veteran Manager from Rival to Oversee a Connecticut Market

by Mason Braswell
|
Advisor Moves, News
|
Merrill Lynch, Wells Fargo
|
Comments (7)
Share This
SUBMIT A TIP
Sharon Perhac
Sharon Perhac, a 35-year industry veteran, has been named head of Merrill's Hartford, Conn., market.

Merrill Lynch, which has been rotating experienced advisors and appointing training program graduates to fill field management roles, reached into a rival firm this week to fill a vacancy in Connecticut.

Sharon Perhac, who has been a registered rep for 35 years, has left Wells Fargo Advisors to oversee Merrill’s Hartford market. She most recently oversaw Wells branches in five eastern Connecticut cities and has “extensive experience in our industry in both branch and product solutions management,” according to an internal memo from Bill Lorenz, head of Merrill Wealth Management’s Northeast division.

Lorenz touted Perhac’s credentials as both an advisor—she began her career in 1983 at Smith Barney—and manager. After nine years with Smith Barney, she moved to Morgan Stanley Dean Witter where she spent 20 years in asset management, retirement product and services and national sales, including in its investment consulting group.

“Sharon joins Merrill Lynch Wealth Management with extensive experience in our industry in both branch and product solutions management,” Lorenz said, noting as well her “nine years in production.”

Merrill last week promoted Courtnney McCarthy, a recent graduate of its “market executive leadership academy” who had no direct experience as an advisor, to manage the Providence, R.I.-based branches of its Coastal New England market.

Lorenz’ memo did not mention Perhac’s predecessor, but thanked the local management team  in Hartford for filling in during what he called a “several-weeks” search.

Merrill in 2016 appointed Shamus O’Rourke to manage its Hartford complex, which it said had 135 advisors at the time. O’Rourke, a 26-year industry veteran who remains registered with Merrill, according to BrokerCheck, did not return a request for comment.

A Merrill spokesman said he could not immediately comment on the changes.

Merrill, Morgan Stanley and other large firms in recent years have been responding to an exodus of managers to independent firms and early retirement by moving experienced insiders regionally and locally.

Merrill has filled holes in Texas, California and Florida, among other regions, with interstate shifts.

Last month, it elevated a local advisor in Dallas, Robert Robles III, to manage its Galleria branch in the city. Merrill also named Steve Alch, a market manager in Florida, to oversee its entire Southeast Division—one of six geographic divisions whose heads report directly to Merrill Lynch Wealth President Andy Sieg.

Perhac, whose BrokerCheck record as of Friday morning did not reflect her shift from Wells Fargo, did not immediately return a request for comment on her reasons for moving. She had been with Wells since November 2012.

Wells has been trying to replace thousands of advisors who have left in the past three years following disclosure of the company’s fake-account banking scandals. In the last few days it gave its managers a new tool to fill empty desks—elevated recruiting bonuses for top-producing advisors that can reach 340% of their trailing-12 month production if they hit asset targets within three years.

Like this article? Let AdvisorHub come to you!  Sign up

Share This
Comments (7)
  • on Nov 7 2020, Not Roger says:

    By the end of this year Edge’s profitability will exceed legacy ML Wealth Management profitability. This is why BofA doesn’t care about the exodus of traditional ML advisors- not all of them are going to leave, and the wallet share gain of selling clients bank products offsets the production loss from portfolio management. Lets be honest, the game plan is pretty transparent. The only reason long term ML FAs stay is fear or laziness, but its their decision to be miserable.

    > Reply to Not Roger
    • on Nov 7 2020, Dovey says:

      Edge will have greater $ profits or % profits? Big difference. One of the ways the bank has made edge appear more profitable is to place all costs on FA side and let edge piggyback ie use the research, Tech, trading desks, and investment products.

      > Reply to Dovey
      • on Nov 8 2020, Not Roger says:

        $ Profits. But, as you correctly point out, the home office in any corporation will assign costs based on the narrative they are trying to drive….and the case of BofA, one thing we clearly know is that Edge is their future for the mass affluent.

        > Reply to Not Roger
  • on Nov 9 2020, BofAanon says:

    Summation of the previous 7 comments. BofA = Unhappiness. I left there 3 years ago. Before I left all the middle managers(complex, compliance, sales, growth, can’t remember who all thought they were my boss but you get the point) were always running around saying things like “we are the best at this” , “we are five years ahead of everyone on this” , “it’s not us making all these changes it’s the regulators” , “every firm is doing what we are doing”. I didn’t believe it and when I looked around I found it to be inaccurate. I’m curious if they are still saying the same stuff. By the time I left I truly felt it was a culture of dishonesty and manipulation.

    > Reply to BofAanon

Leave a Reply Cancel reply

Tony Sirianni Podcast Banner

CORONACRASH NEWS

  • Fed to End Covid-19 Capital Break It Gave Wall Street Banks

    Fed to End Covid-19 Capital Break It Gave Wall Street Banks

    Mar 19, 2021
  • Credit Suisse Replaces U.S. Exec, Halts Bonuses as Clients Fume

    Credit Suisse Replaces U.S. Exec, Halts Bonuses as Clients Fume

    Mar 18, 2021
  • Firing of Billion-Dollar Broker Sends Warning on Work-from-Home Compliance

    Firing of Billion-Dollar Broker Sends Warning on Work-from-Home Compliance

    Mar 12, 2021
  • Big U.S. Banks’ Vows to Halt Job Cuts End as Virus Endures

    Big U.S. Banks’ Vows to Halt Job Cuts End as Virus Endures

    Feb 26, 2021
  • Raymond James Executive: We’re Open to Flexible Work Arrangements for Advisors

    Raymond James Executive: We’re Open to Flexible Work Arrangements for Advisors

    Feb 25, 2021

NEWS

  • This Week’s Top 5: Merrill Targets Seasoned Brokers in Key Markets, J.P. Morgan Advisors Replaces CEO, and More

    This Week’s Top 5: Merrill Targets Seasoned Brokers in Key Markets, J.P. Morgan Advisors Replaces CEO, and More

    Apr 17, 2021
  • Focus Financial Cuts Exec Comp, CEO Pay Falls 16.6%

    Focus Financial Cuts Exec Comp, CEO Pay Falls 16.6%

    Apr 16, 2021
  • Morgan Stanley Net New Assets Hit Record $105 Billion in First Quarter

    Morgan Stanley Net New Assets Hit Record $105 Billion in First Quarter

    Apr 16, 2021
  • Rockefeller Lures $2.2-Million Merrill Team in Michigan

    Rockefeller Lures $2.2-Million Merrill Team in Michigan

    Apr 16, 2021
  • Morgan Stanley Burned by $911 Million Hit on Archegos Blowup

    Morgan Stanley Burned by $911 Million Hit on Archegos Blowup

    Apr 16, 2021

Recruiting Winners: 2020 Year in Review

FINANCIAL INDUSTRY PODCASTS

AllIndependence
The must listen-to podcast for financial advisors by Tony Sirianni. Guests to include:
-Ron Kruszewski
-Shirl Penney
-Penny Pennington
-Eric Clarke
and many more
Incisive conversations focused on helping investors navigate the ever-changing global market landscape
Michael Kitces and Carl Richards discuss financial advising topics.
The “new advice value stack,” and how firms can use it to help maximize their own value propositions for their clients.
Interviews and insights for advisors curious about switching to a new broker dealer.
The Brighthouse Financial Insights Panel is a group of leading, independent experts providing powerful insights into the big challenges facing you and your clients.
Powering Independence Podcast, insights and ideas for RIAs, presented by Dynasty Financial Partners. A podcast dedicated to presenting fresh ideas and best practices for the wealth management industry.
As an industry expert, Frank LaRosa provides guidance and advice on a host of topics from recruiting and transitions, succession planning, practice management, M&A and more.
Our goal is to unlock the challenges to reveal the opportunities and what it means to provide advice in the 21st century.
Go behind the scenes with registered investment advisors and other related independent business model experts
As a nationally recognized recruiter and consultant to financial advisors, Mindy Diamond has unmatched experience in introducing advisors to the independent space.
The must listen-to podcast for investors, venture capitalists and financial advisors, with Tony Sirianni and Paul Dietrich.
An Introduction to Independence: 5 Key Episodes to Jumpstart Your Knowledgebase
Jay is an investment strategist, CERTIFIED FINANCIAL PLANNER™ and business consultant to financial advisors.
We interview top financial advisors and visionary voices to bring you the strategies, tips, and tools you need to make a difference in people’s lives.
A financial literacy and commentary show that features a number of investors, financial experts, professional athletes, business owners and more.
Join Sound Financial Group CEO Paul Adams and President Cory Shepherd every week, as they help you Design and Build a Good Life™.
The Kuderna Podcast, focusing on wealth in it's original meaning- a state of well being.
Timeless wisdom, actionable information you can use right now to make smarter investment decisions.
Made for and dedicated to those folks serious about their financial plan.
Suzanne Siracuse asks the questions nobody else asks, as influencers and interviewer collide in her new and truly unique podcast series The Big Reveal.
Our webcast is dedicated to helping our viewers get real insights by avoiding the cognitive dissonance of today’s media outlets and biased editorial filters.

Latest News 
Advisor Moves 
Enforcement 
Opinion 
  • About Us
  • Contact Us
  • Advertise
  • Events
  • Careers

 get our newsletter

Industry focused content and breaking news.

SIGN UP

Contact Us

EMAIL US
1707 Post Oak Blvd.
#484
Houston, TX 77056

© 2021 AdvisorHub
  • |Terms of Use
  • |Privacy Policy
  • |Advertise
  • |Careers
  • Facebook
  • Linkedin
  • Twitter

Back to top