It's been far from a sleepy week for advisor recruitment, with RBC welcoming yet another billion dollar-plus powerhouse team from UBS and Raymond James' independent contractor arm still proving to be magnetic for departing Commonwealth advisors.
RBC Wealth Management has added another significant team from UBS, welcoming the six-person BLS Financial Group to its Bloomfield Hills, Michigan office.
The group, which managed more than $1.1 billion in client assets at UBS, is the latest in a series of high-profile hires from the Swiss bank this year, counting the $1.1 billion Centennial Wealth Management Group and the $1.7 billion Hudson River Wealth Management team.
The new Michigan-based team includes managing directors Jonathan Modiano, Adam Jones, and Mark Steinberg, along with Tricia Fitzsimons, Kristen Charlton, and Daniel Welsh. According to RBC’s Chicago complex director, Justin Ferdula, the addition is part of the firm’s ongoing effort to deepen its presence in the Detroit market and serve high-net-worth and ultra-high-net-worth clients.
“We are extremely pleased to welcome BLS Financial Group to our Bloomfield Hills, Michigan office, and are excited to have the expertise of Jon, Adam, Mark, Tricia, Kristen and Dan in serving our high-net-worth and ultra-high-net-worth client segments,” Ferdula said in a statement.
The BLS team describes itself as a multi-generational practice focused on delivering dependable financial advice and personalized strategies for families across generations.
Raymond James has added more experienced advisors from Commonwealth, with the latest moves happening in Maryland and Maine.
In Annapolis, Scott Robinson, founder of First Reserve Financial Services, has joined Raymond James Financial Services after managing $126 million in client assets at Commonwealth Financial Network.
Robinson, who brings nearly forty years of experience, said the move gives him “the independence to serve clients in a way that puts them first, while also providing the added benefit of a strong culture and robust resources.”
Meanwhile, in Maine, a four-advisor team from Compass Investment Management has joined RJFS. They previously managed more than $350 million in client assets.
The group, led by Gary Bragg, operates offices in Lewiston and Bangor and is supported by registered broker assistants and an office administrator. Bragg, who has more than three decades of industry experience, said Raymond James offers “the right mix of sophisticated resources and support to help them pursue their goals with confidence.”
Other members of the Maine team include Colby Dionne, Daniel Espenscheid, and Michael Nerney, each bringing diverse backgrounds in finance, technology, and client service.
All in all, Raymond James posted four Commonwealth moves this week, including a $136 million advisor in Colorado and a father-son duo who oversaw $170 million in Texas.
Elsewhere, Americana Partners in Houston said it has hired Franklin Ruben as a private wealth advisor, expanding the firm’s expertise in municipal bond strategies.
Ruben, who has more than forty years of experience in the financial services industry – his investment advisor record with the SEC shows he spent more than a decade with Avalon Investment & Advisory before its 2023 acquisition by Corient, where he was most recently affiliated – will focus on developing municipal bond portfolios and helping to build new client relationships.
“His extensive experience in fixed-income markets adds valuable expertise to our team and supports our ongoing efforts to provide thoughtful investment strategies for the families we serve,” Ron Thacker, president of Americana Partners said in a statement.
Ruben said he is “excited to join Americana Partners, a firm that shares my commitment to serving clients with integrity and professionalism.”
Meanwhile, Pallas Capital Advisors, based in Braintree, Massachusetts, has brought on Kevin Crain as strategic advisor for retirement services.
Crain, who has over forty years of experience in retirement planning, previously led retirement research at Bank of America Merrill Lynch and held senior leadership roles at Fidelity Investments and Putnam Investments. He currently serves as executive director of the Institutional Retirement Income Council and advises organizations including McKinsey and the Milken Institute.
Rich Mullen, CEO of Pallas Capital Advisors, said Crain’s expertise “enhances our ability to deliver innovative, compliant, and forward-thinking retirement plans to clients and plan sponsors.”
President James Landry added that Crain’s “decades of experience driving retirement innovation are invaluable to our mission of providing high quality 401(k) plans for clients.”
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