Raymond James and Beacon Pointe Advisors introduced vital acquisitions. Raymond James lured a staff totaling almost $1 billion from Merrill Lynch, whereas Beacon Pointe Advisors added two advisory groups totaling $613 million in shopper property.
In response to Raymond James, advisors Adam Ours, John Koch and Padma Jambunath are becoming a member of the agency’s worker advisor channel designed for wirehouse breakaways from Merrill, the place they managed about $995 million in shopper property.
The staff will probably be based mostly in Cleveland and consists of senior shopper relationship supervisor Jeffrey Danzinger, senior registered shopper relationship affiliate Sasha Delic-Milanovic and senior shopper service affiliate Betsy Margolin.
Ours has greater than 20 years of expertise, starting his profession at Northwestern Mutual Investments earlier than shifting to Merrill for 18 years; amongst different credentials, he holds the Sports activities & Leisure Accredited Wealth Administration Advisor designation.Â
Jambunath was born and raised in India and labored in Asia and Europe earlier than shifting to the USA in 2009. In response to SEC data, she labored at Morgan Stanley earlier than registering with Merrill in 2017.
Koch entered the business in 1993 at Lehman Brothers in San Francisco and spent greater than 15 years at Merrill Lynch, based mostly in Cleveland. Throughout that point, he was a gross sales supervisor, workplace director, advisor and senior vice chairman, working with shoppers on asset allocation and various investments, amongst different specialties. In an announcement concerning the deal, Koch praised Raymond James’ analysis, know-how platforms and funding choices.
“At Raymond James, we’ve discovered a stability of dimension, scale and a deep give attention to relationships that elevates our means to serve shoppers,” Koch stated.
In October, Raymond James lured two groups from Merrill Lynch, every totaling greater than $1 billion in managed property. The agency recruited a Williamsville, N.Y.-based staff of 5 advisors managing over $1 billion to its worker advisor channel, and one week later, a Texas-based staff overseeing $1.3 billion made the identical leap.
The agency introduced earlier this yr that present CFO Paul Shoukry will succeed CEO Paul Reilly as head of the corporate on Feb. 20, 2025, a part of a broader “multi-year succession planning course of.” The agency additionally promoted Tom Walrond to guide Raymond James & Associates, the agency’s worker advisor channel.
Beacon Pointe Makes Strikes in Dallas, Boston
In separate information, Beacon Pointe’s additions in Dallas and Boston enhance the agency’s property underneath advisement to roughly $40 billion.Â
Artemis Monetary Advisors is a Boston-based fee-only wealth staff with $350 million in AUM, whereas the $263 million WhiteRock Administration is a family-owned staff and is Beacon Pointe’s seventh Texas acquisition (and Beacon Pointe’s seventh acquisition nationwide this yr).
CEO Leigh Bivings based Artemis throughout the 2008 monetary disaster. In response to the agency’s website, it has 4 employees members and works with about 70 shoppers, a lot of whom are financially unbiased ladies, together with retirees, prosperous ladies, physicians and younger professionals.Â
In response to Beacon Pointe President Matt Cooper, the agency (one of many nation’s most distinguished female-founded RIAs) now has ladies main markets, together with Boston, Chicago, New York, Philadelphia, Dallas, Orlando and Southern California. Artemis will work with Beacon Pointe’s different Boston-based workplace in Waltham to serve shoppers within the metropolis and all through New England.
WhiteRock is led by President and CIO David Gurun and 4 employees members. It really works with shoppers on funding administration and tax, property and retirement planning. Beacon Pointe CEO and founder Shannon Eusey stated the agency provides to the “density of the booming Dallas-Fort Value market that continues to be a key space of progress for Beacon Pointe.”
In October, the Southern California-based Beacon Pointe acquired Landmark Wealth Administration Group, a $1 billion RIA with workplaces in Minnesota, Wisconsin, and California. Landmark was based in 1977 and was led by companions John Underwood, Gary Tangwall and Todd Gillingham, and included 33 different staff members.
Beacon Pointe has greater than 580 workers in 64 workplaces nationwide. Earlier this month, the agency introduced it had employed former Osaic chief monetary officer Jon Frojen as its new CFO. Frojen changed John Grey, who had moved into the chief accounting position at Beacon Pointe.
In 2021, the agency offered a stake in its enterprise to the non-public fairness agency KKR.
