People moves
Wells Fargo
The US banking giant has named Barry Sommers as chief executive of wealth and investment management (WIM).
Sommers will have responsibility for the company’s delivery of wealth management, investment, and retirement products and services to clients through its US-based businesses, including Wells Fargo Advisors, Private Wealth Management — comprised of The Private Bank and Abbot Downing — and Wells Fargo Asset Management.
Until April 2019, Sommers was chief executive of wealth management at JPMorgan Chase, where he was responsible for its private bank and brokerage businesses.
Jonathan Weiss, chief executive of corporate and investment banking at Wells Fargo, will continue to lead WIM until Sommers officially begins his new role.
Addepar
The wealth management technology platform has named Ruchir Swarup as chief technology officer.
Swarup joins Addepar after serving for 19 years as managing director at BlackRock.
Bernstein Private Wealth Management
The AllianceBernstein subsidiary has appointed Kristen Dalton as a managing director, joining the leadership team in its New York City office.
Prior to joining the firm, Dalton served as vice president and head of family law advisory at BNY Mellon Wealth Management.
Pitcairn
The family office has named Bruce Stewart as managing director of client investment strategy.
Stewart brings over 25 years of family office and investment experience to the firm.
Before joining Pitcairn, he served as managing director and chief investment officer of the family office group at BNY Mellon.
First Bank
Richard Ryffel has been hired as the bank’s director of wealth management.
He will be responsible for managing First Bank’s high net worth practice.
Ryffel previously served as Missouri market manager for JP Morgan Private Bank.
Fiduciary Trust Company
The wealth adviser and investment management firm has expanded its client service team with the hiring of Emily
Griset as a vice president and investment officer.
Griset joins Fiduciary Trust from Citi Private Bank, where she served as director, wealth planner.
US Bank
Beth Lawlor recently joined US Bank as president of private wealth management.
Most recently, she worked at UBS, where she served as the managing director and head of national field engagement and sales of wealth management banking and lending.
Advisor Group
The network of independent wealth management firms, and member firm Royal Alliance Associates have hired financial adviser Peter Hatzakos.
Hatzakos, a New Jersey-based financial adviser with $90m (£72.7m, €80.4m) in total client assets, is joining through one of Royal Alliance’s Affiliated Advisors.
He has served clients for nearly two decades and specialises in financial planning, investment advisory services and retirement planning.
Potomac Financial Group (PFG)
The Maryland-based wealth firm has hired financial planner Jeremy Dvorak to the company’s advisory team.
Dvorak joins PFG with over 15 years of experience as a financial planner, having previously served as a Raymond James independent financial adviser.
He will continue operating from his Ellicott City, Maryland office.
Raymond James
The advice firm has named Stephen Sullivan as south Florida complex manager.
As complex manager, Sullivan will oversee branches throughout the south Florida market and lead recruitment, retention and support for advisers across Palm Beach County, Broward County, Dade County and Monroe County.
He is based out of Miami, Florida.
Sullivan joined from UBS, where he served as managing director and market leader of the Coral Gables international branch.
Also, Raymond James has hired financial advisers Joseph Anderson, Matthew Lyman, Jeffrey Smith, Heather Bolster and Tyler Christian Anderl, and senior registered client service associates Heather Bloom and Christopher Dallenbach.
Together the team of seven operates as Coeur Private Wealth Management of Raymond James in Coeur d’Alene, Idaho.
They join from Bank of America’s Merrill Lynch, where the advisers managed over $525m in client assets.
RBC Wealth Management
The wealth manager has hired Greg Wells to join its Rockville branch.
Wells joins from Wells Fargo and manages approximately $260m in client assets.
Also joining with Wells is senior investment associate Mei Chow.
M&A
The Mather Group
The wealth management firm has acquired Resource Advisory Services, a Knoxville-based business with $116m in assets under management.
The Resource Advisory Services deal marks TMG’s sixth acquisition in the last 18 months, and third of 2020, bringing their total AUM to over $3.9bn.
Resource Advisory Services provides clients with financial planning and portfolio management.
The financial terms of the deal were not disclosed.
Lion Street
The wealth firm has announced its subsidiaries Passerelle Partners and Midnight Financial Group are joining forces.
Led by Fernando Pou and Christopher Daniels, the merger unifies the team under the Passerelle Partners brand.
The firm caters to all segments of the life insurance planning market, which includes both partnering with professional advisers and working directly with private clients.
Passerelle Partners has offices in Miami, Charlotte and Austin.
The financial terms of the deal were not disclosed.
