Advisor moves continued at a strong clip to round out June, as teams that had been managing books of over $1 billion jumped to new firms, and two acquisitive registered investment advisors brought on advisors managing assets in the range of $350 million.
Citizens Continues NYC, Wealth Push with $1.5B AUM Team
Citizens Financial Group, the Providence, R.I.-based parent of Citizens Bank with about $220 billion in assets, is continuing a push to expand its wealth management services in New York City by acquiring a three-person advisory team that had collectively managed $1.5 billion in assets for ultra-high-net-worth individuals, families and businesses.
According to BrokerCheck, Vincenzo Iannucci, Daniel Menton and Adam Waldman are joining Citizens from Flagstar Advisors, a banking competitor.
The trio will add to Citizens’ push to expand its wealth management presence in the tri-state metro area, which it started in 2022 by acquiring HSBC’s east coast branches and New Jersey-based Investors Bank.
Citizens has been expanding in wealth ever since it started gaining advisors stemming from the collapse of First Republic Bank in 2023, which was bought by J.P. Morgan Wealth Management, which in turn had defectors.
“This strategic move not only fortifies our nationwide wealth acceleration efforts but also brings immense benefits to our New York clients,” Tom Metzger, head of private wealth advisors, said in a statement. “As we continue to build a world-class wealth management business, New York has been a key market where we were determined to expand.”
The bank’s private wealth division does financial planning, investment management, deposits and lending, estate and trust planning, insurance and asset protection, alternative investing and tax planning and preparation. The NYC-based team will use a referral network from Citizens Commercial Bank and Private Bank, which has 174 branches in the area.
RBC Snags NY-Team From UBS, Which Had Been Managing $1.1B
RBC Wealth Management, the New York-headquartered wirehouse division of the Toronto-based bank, has poached The Centennial Wealth Management Group advisor team away from UBS.
The nine-member team based in Purchase, N.Y., managed about $1.1 billion in client assets at UBS. It is led by financial advisors and managing directors Glenn Bianco and Michael Daly, and includes advisors George Kanas, Marisa Bianco, Marc Colamaria and support staff.
The advisors will continue their work with high-net-worth individuals, professional athletes, medical professionals, entrepreneurs and business executives.
Merit Acquires $365M Midwest RIA, Creating 7th Wisconsin Office
Merit Financial Advisors, the nearly $16 billion in assets Atlanta-based RIA, has acquired Whitefish Bay, Wis.-based AMP Wealth Management.
The deal for AMP adds $365 million in client assets to Merit’s total and marks its seventh office in Wisconsin.
AMP was founded in 1994 and is led by Jerome Mahalick. He is also a prosthodontist who started his financial practice serving dentists before expanding to individuals and small businesses. Three team members will join him.
AMP also has an individualized dividend stock strategy that Merit will incorporate into its investment platform for us by other advisors.
“Joining forces with Merit allows us to align with a larger firm that shares our values while gaining access to the resources and support we need to better serve our clients,” Mahalick said in a statement. “We’re also eager to bring our investment strategies to a broader platform.”
Dynasty RIA DayMark Enters Florida by Recruiting FiNet and Janney Advisors
Daymark Wealth Partners, a $3.8 billion Dynasty platform RIA based in Cincinnati, has gained a foothold in the popular RIA market of Florida with the acquisition of a team of advisors that had previously managed a combined $350 million in client assets.
The new team will be led by Steve and Emily Rowe, who have offices in Fort Lauderdale and Stuart, Fla. The Rowes, who are father and daughter, were previously with Wells Fargo FiNet. They are also teaming up with Victoria Ricker, formerly of Janney Montgomery.
The move “establishes our foothold in one of the nation’s most coveted and dynamic wealth management markets,” DayMark co-founder and Managing Partner Mike Quin said in a statement.
Steve Rowe said in a statement that the move “fundamentally transforms how we serve our clients,” and daughter Emily added that “operating as full-time fiduciaries allows us to deliver higher-quality advice that truly serves our clients’ best interests.”
DayMark is a member of the Dynasty Financial Partners Network.
#Citizens #RBC #Lure #Teams #Merit #DayMark #Expand #Deals