Wirehouse Advisors in Florida, L.A. Jump to ‘Boutiques’ Rockefeller, Alex. Brown
The financial advisor merry-go-round has picked up speed in the waning days of this extraordinary year, notwithstanding Covid-19 recruiting constraints, with moves to and from wirehouse, “boutique” and independent firms.
Zapoleon was on a team with her father that managed about $800 million and that produced more than $3 million in the past year at Wells Fargo Advisors, but she spent the first 22 years of her 23-year career at Morgan Stanley and its Smith Barney predecessor. Her 77-year-old father, Jeffrey Zapoleon, who joined Wells with her last year after three decades at Morgan Stanley, is expected to rejoin her at Rockefeller early next year.
Wells discharged him in August for allegedly misrepresenting himself in a service-center call in an attempt to help an octogenarian client establish online bill-paying tied to her bank account, according to his BrokerCheck history. He declined to comment on his plans, but confirmed the incident, saying that he did not consider his action blameworthy. Wells also discharged Tremaglio over the incident, according to her BrokerCheck history.
Samantha Zapoleon declined to comment.
Mark J. Pomerantz, another Morgan Stanley veteran who had spent his entire brokerage career of just under 40 years with the firm in Santa Monica, CA, left at the end of November to join the Alex. Brown division of Raymond James & Associates. Pomerantz, a managing director in Alex. Brown’s 11-advisor office in Century City, managed more than $658 million for individuals, businesses and small pension plans, the company said.
Pomerantz’ move was motivated by constraints the wirehouse has put in recent years on servicing overseas clients and other compliance restrictions on his practice, said a person familiar with his move. He did not respond to a request for comment, and a Morgan Stanley spokeswoman declined to comment.
He is the 19th advisor Alex. Brown has recruited this year, according to Raymond James, which acquired the high-net-worth wealth unit from Deutsche Bank in 2016. They included three who joined in Philadelphia in August who had been managing about $500 million at Wells Fargo Advisors.
The Los Angeles office that Pomerantz joined lost its only other managing director last week when Andrew Hutcheson left to become a producing branch manager at Wedbush Securities in its Los Angeles headquarters. Hutcheson, who joined Alex. Brown from UBS three years ago, specializes in executive compensation and retirement planning, according to Wedbush.
In another yearend shuffle at Alex. Brown, three advisors in New York City who were managing $1.2 billion in client assets left last Wednesday to join J.P. Morgan Advisors. They are Vassilios “Bill” Grous and Steven Grill—who each have 35 years of brokerage experience and have been Barron’s-ranked for the past five years—and 16-year veteran Alexander Christon, according to J.P. Morgan.
Morgan Stanley, for its part, said that it recruited a five-person team near Philadelphia that had been working with $13 billion of “institutional” assets at UBS. Led by David S. Eisen and Charles E. Sessa, Jr.— who had been with UBS and, in Eisen’s case, its Kidder, Peabody predecessor for all of their respective 30- and 14-year careers—the Barron’s-ranked team are part of Morgan Stanley’s Graystone Consulting business.
On the flip side, LPL Financial on Thursday said that its Gladstone Wealth Partners “enterprise/office of supervisory jurisdiction” affiliate, reached into Morgan Stanley to hire the mother-son team of Paulette and Beaux Treguboff in Glendale, AZ. They had been managing about $150 million in advisory and brokerage assets, according to LPL.
Paulette Treguboff had worked for her entire 24-year career at wirehouses, including Smith Barney and UBS PaineWebber, and her son had been with her at Morgan Stanley for his 12-year career.
“LPL and Gladstone support our choices and do not interfere with how we can most effectively serve our clients and run our business,” Paulette said in a prepared statement.