Rockefeller Lands $4.5-Mln Alex. Brown Broker in Texas
Rockefeller Capital has recruited a $4.5 million producer in Texas and a $1.5 million broker in Georgia, bringing to 14 the number of teams that have joined its private wealth group in this pandemic-scarred year.
Frankfort, who joined Alex. Brown predecessor Deutsche Bank Securities in 2011 after stints at Morgan Stanley, Goldman Sachs and Merrill Lynch, could not immediately be reached for comment. He had been managing $600 million in assets for high-net-worth clients that include an array of Major League baseball and pro basketball players, according to one of the sources.
He will be Rockefeller’s first advisor in Houston, but will temporarily be managed from Dallas, where the New York-based firm hired a Merrill Lynch team in November.
Rockefeller, the former family office of John D. Rockefeller’s heirs, has expanded since former Merrill and Morgan Stanley wealth head Greg Fleming became CEO two years ago. It has primarily tapped wirehouse advisors, and now has more than 50 mostly multi-million-dollar producers in New York, Atlanta, San Francisco, Los Angeles and suburban Philadelphia.
In addition to hiring Frankfort ahead of the Memorial Day weekend, Rockefeller on Friday hired Brian Lusink from Morgan Stanley in Atlanta. He is a solo practitioner who generated around $1.5 million in annual revenue in the previous 12 months on around $300 million of client assets, said one of the sources.
Lusink spent all but a month of his 26-year brokerage career with Morgan Stanley and its Smith Barney predecessor, according to his BrokerCheck history. He is at least the ninth Atlanta advisor hired this year at Rockefeller by Michael Outlaw, a former southeast regional head of Morgan Stanley’s private banking group. He joined Fleming’s management team in 2018.
Frankfort, the Texas recruit, was hired by Michael Armondo, a former Merrill Lynch complex manager who joined Rockefeller last year.
Despite the work-from-home strictures of the coronavirus crisis that have slowed down recruiting since March, recruiters have said that technology and skeleton “landing” crews are helping to overcome transition obstacles. Raymond James has landed several teams in recent weeks, and RBC Wealth Management-U.S. earlier this week hired a veteran J.P. Morgan Securities team in New York that managed $650 million of client assets.
A spokesperson for Raymond James did not immediately return a request for comment on Frankfort’s departure.
—Jed Horowitz contributed to this story.