Merrill loses $ 3 million team to Rockefeller in California, and $ 2 million group to Texas RIA
February 26, 2021
Councilors Merrill (top, left to right) Alpesh R. Patel, Matthew Birkett and Darren Siegrist have moved to Rockefeller with support staff (bottom row, left to right) Hai Dang and Chris Iwamasa.
Merrill Lynch on Friday lost a team with around $ 1 billion in assets to Rockefeller Capital Management in Irvine, Calif., And another team overseeing $ 400 million in assets from clients who joined a consulting firm in investment registered in Dallas.
In the biggest of the moves, Alpesh R. Patel led his team of five, including advisers Matthew Birkett and Darren Siegrist, to open a Rockefeller office near Newport Beach, according to an announcement. The group, which includes “team chief operating officer” Hai Dang and client partner Chris Iwamasa, had combined revenue of $ 3 million, according to a source close to their practice.
Patel, who spent the last 11 years of his 22-year career with Merrill, could not be reached for comment. He started his career at Morgan Stanley Dean Witter in 1998, moved to Wells Fargo in 2002 and joined Merrill Lynch in 2009, according to BrokerCheck.
The team is the 46th to join Rockefeller since the family office was recapitalized with venture capital funds in 2018 and is at least the fourth multi-million dollar team to join from Merrill this year.
Rockefeller last week hired a Merrill team of four generating $ 2.5 million in revenue in Denver. He also landed a Chicago $ 2.2 million team and one $ 3.3 million Florida team in January. He also caught a top manager last week, Brett thelander, who had overseen a Merrill privately held area in Chicago and is expected to join it in May.
Merrill halted recruiting veterans in 2017 as she focused on organic growth of her existing advisor force, and a senior executive said in January that 80% of the firm’s departures were from brokers who had joined Merrill d ‘another company, which implies that they move frequently. .
Birkett started at Wells in 2005 and also joined Merrill in 2009, according to BrokerCheck. Siegrist started at Merrill in 2017, according to BrokerCheck.
Merrill, unlike its Wirehouse rivals UBS Wealth Management USA and Morgan Stanley, remains a member of the Protocol for Broker Recruiting, which allows brokers to take client contact details as they travel between signatory firms. Rockefeller joined the deal in October last year, according to a to place follow-up of registrations.
Separately, a multi-million dollar Merrill broker in Dallas left the independence wire world to join Vaquero Private Wealth, an RIA based in the same city.
Ryan Maynard, a 19-year Merrill veteran, had managed around $ 400 million in assets and generated around $ 2 million in annual revenue before the move, he said in an interview from his new office. He moved with a client associate, Taylor McClain.
Maynard’s father Wayne, who is 71 and had worked at Merrill since 1994, joined the company’s customer transition program five years ago and pulled out of the industry completely this week, Ryan said.
Neither Ryan’s move nor his father’s retirement were reflected in their BrokerCheck records, which still showed them as registered with Merrill on Friday afternoon. A spokeswoman for Merrill did not return a request for comment on either of the team’s departures.
Vaquero was founded in 2017 by Ben Gordon, a former broker in Merrill Lynch’s Private Banking and Investing Group (now known as Merrill Lynch Private Wealth Management) for ultra-wealthy clients.
Maynard said a mutual friend who knew his interest in breaking up introduced him to Gordon. He said he was frustrated with the “Bank of America culture” at Merrill, but declined to give details. He will also give up his brokerage license as part of the move.
“I wanted to feel like I was in a place where I can make a decision without being hampered by conflicts of interest over the best thing to do for my client,” Maynard said.
Maynard chose Fidelity Investments as the lead custodian, although he said he would likely keep at least some assets with BNY Mellon’s Pershing.