Rockefeller Lures Two Florida Teams with $9.8 Mln Revenue
Rockefeller has expanded its brokerage business in the Sunshine State and on Friday hired two teams who had been generating a combined $9.8 million in annual revenue at Morgan Stanley and Merrill Lynch in Boca Raton.
In the other move in the same city, Rockefeller hired the DBT group, which includes 40-year career Merrill lifer John Marshall Duane III, Christopher M. Bell and Thomas C. Tabor as well as two client associates. The group had been generating around $3.3 million in fees and commissions from $600 million in client assets, according to the source.
Friday’s round of hiring in Boca came a day after Rockefeller hired a Merrill team in Chicago that is led by Richard Bergman and that had $2.2 million in annual revenue. They bring to 44 the number of teams that the New York firm has hired since its recapitalization in 2018 under Viking Global Investors. Company executives have said it aims to grow to around 200 advisor teams by 2025.
“We’re excited to welcome our new teams aboard and to continue building off the robust pace of business growth set in 2020,” Chris Randazzo, president of Private Wealth Management for Rockefeller Capital Management, said in a prepared statement.
Rockefeller, which added 26 teams last year, in December added its second team in Boca Raton, a $3 million practice led by Samantha Zapoleon.
Neither of the teams on Friday could immediately be reached for comment on their shift.
Nelson Faro started his brokerage career at Prudential Securities in 1984, moved to UBS Wealth Management USA in 1994, and joined Morgan Stanley in 2009, according to his BrokerCheck record. Forrest began his career at UBS in 2000, and Kyle started at UBS in 2007. Baum started at Morgan Stanley in 2011.
Bell started at Merrill in 2007, and spent four months in 2008 at Morgan Keegan before returning to Merrill the same year, according to BrokerCheck. Tabor started at Merrill in 2015.