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February 26, 2021

Merrill Loses $3-Mln Team to Rockefeller in CA, $2-Mln Group to Texas RIA

by Mason Braswell and Jake Martin
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Advisor Moves, Breakaway Center, News
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Merrill Lynch, Rockefeller Capital Management
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Advisor Moves, Breakaway Broker, Merrill Lynch, Rockefeller Capital, Vaquero
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Comments (27)
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Merrill advisors Alpesh R. Patel, Matthew Birkett and Darren Siegrist moved to Rockefeller along with client associates Hai Dang and Chris Iwamasa.
Merrill advisors (top, left to right) Alpesh R. Patel, Matthew Birkett and Darren Siegrist moved to Rockefeller along with support staff (bottom row, left to right) Hai Dang and Chris Iwamasa.

Merrill Lynch on Friday lost a team with around $1 billion in assets to Rockefeller Capital Management in Irvine, California and another team overseeing $400 million in client assets who joined a registered investment advisory firm in Dallas. 

In the larger of the moves, Alpesh R. Patel led his five-person team, including advisors Matthew Birkett and Darren Siegrist, to open a Rockefeller office in nearby Newport Beach, according to an announcement. The group, which includes “team chief operating officer” Hai Dang and client associate Chris Iwamasa, had generated a combined $3 million in revenue, according to a source familiar with their practice. 

Patel, who spent the last 11 years of his 22-year career with Merrill could not be reached for comment. He started his career at Morgan Stanley Dean Witter in 1998, moved to Wells Fargo in 2002 and joined Merrill Lynch in 2009, according to BrokerCheck. 

The team is the 46th to join Rockefeller since the family office was recapitalized with venture capital funds in 2018 and it’s at least the fourth multi-million dollar team to join from Merrill this year. 

Rockefeller last week hired a four-person Merrill team generating $2.5 million in revenue in Denver. It also landed a $2.2 million team in Chicago and a $3.3 million Florida team in January. It also last week nabbed a high-profile manager, Brett Thelander, who had overseen a Merrill private wealth region in Chicago and is expected to join in May. 

Merrill halted veteran recruiting in 2017 as it shifted focus toward driving internal growth among its existing advisor force, and a senior executive said in January that 80% of departures at the firm were from brokers who had joined Merrill from another firm implying they were frequent movers. 

Birkett started at Wells in 2005 and also joined Merrill in 2009, according to BrokerCheck. Siegrist started at Merrill in 2017, according to BrokerCheck. 

Merrill, unlike wirehouse rivals UBS Wealth Management USA and Morgan Stanley, remains a member of the Protocol for Broker Recruiting, which allows brokers to take client contact information when moving among signatory firms. Rockefeller joined the agreement in October last year, according to a site tracking registrations. 

Separately, a multi-million dollar Merrill broker in Dallas left the wirehouse world for independence to join Vaquero Private Wealth, an RIA based in the same city.

Ryan Maynard, a 19-year Merrill veteran, had managed about $400 million in assets and generated around $2 million in annual revenue prior to the move, he said in an interview from his new office. He moved along with a client associate, Taylor McClain.

Maynard’s father, Wayne, who is 71 and had been with Merrill since 1994, entered the firm’s Client Transition sunset program five years ago and fully retired from the industry this week, Ryan said. 

Neither Ryan’s move nor his father’s retirement were reflected on their BrokerCheck records, which still listed them as registered with Merrill as of Friday afternoon. A Merrill spokeswoman did not return a request for comment on either of the team’s departures. 

Vaquero was founded in 2017 by Ben Gordon, a former broker at Merrill Lynch’s Private Banking and Investing Group (now known as Merrill Lynch Private Wealth Management) for ultra-wealthy clients. 

Maynard said a common friend who knew of his interest in breaking away had introduced him to Gordon. He said he was frustrated with the “Bank of America culture” at Merrill but declined to elaborate on specifics. He’ll also be giving up his brokerage license as part of the move. 

“I wanted to feel like I’m in a place where I can make a decision unencumbered by any conflicts of interest about what the best thing to do for my client is,” Maynard said. 

Maynard chose Fidelity Investments as his primary custodian although he said he will likely custody at least some assets with BNY Mellon’s Pershing as well.

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Comments (27)
  • on Feb 26 2021, JTT says:

    This is a massive blow to Merrill and especially that Irvine office. I’m sure the team will do great with their transition and many more will follow. The beatings will continue until morale improves.

    > Reply to JTT
  • on Feb 26 2021, Bank of America Securities says:

    Merrill hates Fridays.

    > Reply to Bank of America Securities
    • on Feb 26 2021, Arnie says:

      Internet Winner

      > Reply to Arnie
  • on Feb 26 2021, Storgan Manley, Dewey, Cheatem, and Howe says:

    We hate Fridays Too. The advisory force gets it. Our jig is up.

    > Reply to Storgan Manley, Dewey, Cheatem, and Howe
  • on Feb 26 2021, Roger says:

    What is very interesting with the second team mentioned, is that the son left ML 5 years after his father took the retirement package (CTP).

    That agreement makes the inheriting advisor a free agent after the earn out, so ML’s goal of locking down FA’s only lasts several long.

    > Reply to Roger
  • on Feb 26 2021, Free says:

    Bank of America Securities:

    You said ML must hate Fridays, while so true, half of the million dollar + advisors can’t stand every day they are!

    > Reply to Free
    • on Feb 27 2021, H says:

      I believe the advisor buying out the retiring partner can also pay an amount to even leave prior to the end of the contract. Many junior partners will leave soon after the sunset deal expires because they are feee to make their choice finally and not be held to a firm because someone retired.

      > Reply to H
  • on Feb 26 2021, Bud Fox (@BudFox75414009) says:

    Gentlemen & Gentlewomen – BAC does not give a Eff… Duh

    Let the old guard and old Culture go. The Bank is numero uno, Baby! Take Comp costs down from 50 cents on the dollar to 15. Make your 200 k and call yourself a VP at the bar and BAC says the ladies will love you.

    If no new talent develops outside the Banks and they put the noose around the necks of the newbys – thus making them have challenges of leaving….

    Are you thou not entertained ? Asked like Glaidiator to the Shareholders….

    > Reply to Bud Fox (@BudFox75414009)
  • on Feb 27 2021, Dread Pirate Roberts says:

    Where are are the articles about Merrill Lynch advisors that have had there best year ever . Or all the fas that are bringing in huge accounts year after year . Or all the articles about the happy clients at Merill Clients that are thrilled about there Fas. Or the thousands of fas that started with nothing but a 4 year college degree that have become multi millionaires as advisors at Merrill .

    There is no better place to have your account if your a client. Let’s stop all this hate .

    > Reply to Dread Pirate Roberts
    • on Feb 27 2021, Derp says:

      Learn your vs. you’re. Doesn’t BoA teach basic grammar to their managers anymore?

      > Reply to Derp
    • on Feb 27 2021, Done with Merrill says:

      That question was previously asked and answered. You can keep asking the same questions because you don’t like the answers, but that doesn’t change reality.

      Reality is NOT what you portray it to be. If you persist in trying to enforce what isn’t true, it won’t end well for you.

      > Reply to Done with Merrill
    • on Feb 27 2021, Over The Bull says:

      WAIT! Hold on – Did you really ask where all of the articles are about happy Merrill advisors and happy clients? Or, the arctics about Merrill FA’s “who have had their best year ever” and their “huge accounts” and their “four-year degrees” and “being multi-millionaires”?

      Um, well…It’s a pretty simple answer – those things do not exist.

      You are not a “Merrill Advisor” – You are a Bank of America employee…And those are the bank’s ‘happy clients’… and, those ‘huge accounts’ are the bank’s huge accounts…..Do I need to go on?

      Most importantly, don’t you think if Bank of America had .0001% of any of the ‘amazing’ things you listed above, that those PR wizards over there would not have used it by now to spin any possible positivity they could to cover up the fact that Bank of America is nothing but a giant dumpster fire Puzzle Palace that is surrounded by a deep moat of water trash?

      You have to be some bozo legacy hire who needs to get their eyeballs checked – because, clearly, you cannot see the giant piles of firey garbage that is outside of your cubicle right now….

      > Reply to Over The Bull
    • on Feb 27 2021, Michelle says:

      Please go back to the 7th grade and learn the difference between “there” and “their”. You do a really good job at embarrassing yourself with such little education.

      > Reply to Michelle
      • on Feb 27 2021, Dread Pirate Roberts says:

        What is with all the anger. Why do you harbor so much hate? So you worked at a big firm and now you found a better place for you and your clients . We are all happy for you. Can’t you be respectful of others . What’s good for you may not be the best for others?

        > Reply to Dread Pirate Roberts
  • on Feb 27 2021, Advisor says:

    I got recruited from a “real wealth management firm” almost a decade ago. And I can tell you that Merrill Lynch (the Wal Mart of personal finance) prior to the Covid crisis they would constantly “micromanage” the FAs being in the office (unless you were in some sort of admin or management position then you could come and go as you please). Let that sink in for a moment…the “established producer” they would actually “track” where you logged in to prevent you working at home or God forbid your vacation home “too much”…..but the “admins” would brag about shopping, working out, or sleeping (while at work)….and now you “know” why they would never return calls. Oh, and the icing on the cake is that assistants treat the FA with an “open disdain” that is encouraged my the failed FAs that are now admins and managers.

    > Reply to Advisor
  • on Feb 27 2021, So Sad says:

    FYI- I am an advisor coming off my best year ever. MIllion dollar plus in production. I can safely say Merrill is a disaster right now. I try not to get caught up in the hate, but it’s harder and harder to work here every year.

    > Reply to So Sad
  • on Feb 28 2021, Doc Holliday says:

    The reality is that the bank BofA has completely gutted the culture of a firm that was truly one of the best. It has taken years to bring down Merrill Lynch into what is has become in the current state of Merrill. The destruction of the brand, culture and employee moral is the master plan to eventually roll it up into BofA and transition FA’s into full service bankers with base comp. There has been no money allocated to the brand over the past few years….no TV, Radio, Media spend at all as that has transitioned to ML EDGE and the focus on smaller accounts and simply leveraging the banking customers with accounts to refer into ML. This is where BofA management wants to feel like they have the power of the relationship to refer into the ML FA’s. There have been so many amazing, talented, intelligent, thoughtful and caring people that truly want to serve their clients and have a great work/life balance, however it has become clear that most advisors see the writing that the firm is no longer what it used to be and have taken the steps to transition to other platforms and firms in order to better service their clients and keep their own personal sanity. I personally have seen this playbook before in other organizations and it never works as the best people are not like some type of Drone that is plugged in “THE MATRIX”. The best will always realize what is taking place and take action. Once again, another Friday has come and a few successful and professional teams have taken their clients to a much better place in order to service their clients.

    > Reply to Doc Holliday
  • on Feb 28 2021, Bankers not Brokers says:

    What truly shows the BAC stripes is denying this exodus. Refusing to publish headcount and combining numbers with Edge. Watching wonderful advisors like you referenced leave in droves and labeling them as serial firm jumpers. Nothing could be further from the truth. These people don’t want to leave—that feel they and their clients have to.

    > Reply to Bankers not Brokers
    • on Feb 28 2021, Dread Pirate Roberts says:

      Have to tell you that the biggest issue advisor has with “Merrill” is the compliance . But extremely hard justly that more compliance is bad for the client. If you’re reading this and you a young FA just keep your head down and keep growing. We can still do more for your client here than at any other place.

      > Reply to Dread Pirate Roberts
      • on Feb 28 2021, Done with merrill says:

        You really have a wooden head. That’s simply not true that the Merrill FA can still do more for the client then at any other place…

        Merrill in fact is lagging badly….

        > Reply to Done with merrill
      • on Feb 28 2021, Advisor says:

        You have contributed to a culture that puts bureaucrats and the bank before clients, pits FA’s against a hapless management and and combative CAs and wrap “everything” in a PR, politically correct message….while constantly undermining the FA and pushing bank products to the detriment of “both”. You are “Big Brother” incarnate. Only the spoon fed FA’s who get their business “handed” to them via bank referrals are happy there. Miserable, horrible place to work……

        > Reply to Advisor
    • on Feb 28 2021, Simon says:

      That’s hilarious! Like these guys never make a move for an up-front check, it’s all about their clients. Ha!

      > Reply to Simon
    • on Feb 28 2021, Keeping it real says:

      Yeah, they have to. Just like they have to cash their check for moving and/or receive a higher payout, all for the good of their clients. Such martyrs.

      > Reply to Keeping it real
  • on Mar 1 2021, ann says:

    I don’t understand the accusation of getting paycheck to move. These advisors are all jumping to smaller firms. It’s not jumping from wire house to wire house. Wire houses still paying the best if it was just about paycheck. There is a trend. For those in denial – it’s okay. Everyone needs to justify why they do what they do. But I think if you can step back and look at the data and facts, you know what’s really going on.

    > Reply to ann
    • on Mar 2 2021, Nigel says:

      I do not think that you have your facts in order.

      > Reply to Nigel
      • on Mar 7 2021, JK says:

        The Net New Assets and Liabilities metric that is used for Merrill’s Growth Grid creates a shell game culture and conflicts of interest, full stop. If you pay off a collateralized loan with assets held at the firm, your NNAL gets hit on both sides. Know how many advisors slow walk payoffs past December 31st so they don’t lose a point off their grid? Ummm, more than not.

        That is not fiduciary standard and it pits your revenue directly against client interests. I am still shocked that they continue to get away with that. As for highest earning year, I cracked million dollar producer for the first time and walked out a week later. It broke my heart but I can’t see spending 60% of my day doing paperwork, being surveilled like I was a criminal, contemplating paying Merrll for a CTP program where I end up w no equity and don’t own my book, and… even as a million dollar producer, not being able to get a full time CA. It is tragic what has happened to what was once a venerable brand and great culture.

        > Reply to JK
  • on Mar 3 2021, Ron Edde says:

    In many ways I’m actually grateful for Merrill Lynch. Business has never been better.

    > Reply to Ron Edde

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