October 28, 2021
(Left to proper) Bart McNabb, Julie Perrella, Adam Johnson, Mark Johnson, Carrie Orvik of The Johnson Group left Merrill Lynch on Thursday for RBC Wealth Administration-U.S. within the Minneapolis space.
RBC Wealth Administration-U.S. on Thursday nabbed a Merrill Lynch Wealth Administration staff managing $565 million in shopper belongings within the Minneapolis suburb of Wayzata, Minnesota, in accordance with an announcement.
The three-advisor staff, referred to as the Johnson Group, is led by 29-year business veteran Mark L. Johnson, and in addition consists of his son, Adam M. Johnson, and William B. “Bart” McNabb, together with shopper associates Carrie Orvik and Julie Perrella. Their strikes weren’t but mirrored on their BrokerCheck stories, which indicated they’d labored out of Merrill’s workplace in Bloomington, Minnesota, one other Minneapolis suburb.
The staff didn’t reply to a request for touch upon their transfer, and a spokeswoman for RBC declined to supply their manufacturing.
“We consider we will proceed offering our shoppers with all of the merchandise and choices of a big, world establishment however with a small-firm tradition,” Mark Johnson, who ranked 15th on Forbes’ 2021 record of “Greatest-in-State” wealth advisors, stated in a ready assertion.
The elder Johnson had managed $406 million in belongings, in accordance with Forbes, which the RBC spokeswoman stated mirrored solely the dealer’s particular person AUM.
Mark Johnson began at Morgan Stanley in 1992 and had joined Merrill in 2013, in accordance with his BrokerCheck report. His son Adam additionally began at Morgan Stanley, in 2016, and joined Merrill the next yr, in accordance with the database.
McNabb, a 14-year dealer, began at Morgan Stanley in 2007 and in addition made the 2013 transfer to Merrill, in accordance with his BrokerCheck report.
“Mark and the staff are extremely regarded within the business and amongst shoppers for his or her considerate, high-touch method and excellent shopper service,” Minneapolis advanced director Mark Gherity, who beforehand ran Morgan Stanley’s Minnesota/Dakotas advanced and had joined RBC in Could, stated in a ready assertion.
The RBC spokeswoman didn’t instantly reply to a query on whether or not Johnson’s staff had labored below Gherity whereas at Morgan Stanley.
Spokespeople for Merrill didn’t return a request for touch upon the departure.
One other father-son staff managing $500 million-plus in belongings additionally made the Merrill-to-RBC leap in August. That staff, led by 42-year Merrill lifer, John Birkhauser, and his son Ryan, together with a 3rd advisor, Tabitha Kenney, joined RBC’s Lake Forest, Illinois department north of Chicago.
Merrill this month stated its aggressive advisor attrition slowed within the third quarter to a 3.9% price, in-line with historic averages 4%. The attrition price had reached about 5% within the second quarter. A senior govt on the agency stated {that a} development of frequent movers who had joined Merrill from one other broker-dealer and have been transferring once more to a competitor had slowed during the last three months.
Merrill Wealth President Andy Sieg additionally in August unveiled a two-month-long marketing campaign referred to as “Mission Thunder” to handle widespread considerations among the many “thundering herd.” Sieg acknowledged in a name with brokers this week that this system couldn’t deal with each single grievance however stated it was a “downpayment” from the agency on its intentions to pay attention and reply to its gross sales pressure.
Sieg, when rolling out Merrill brokers’ compensation for 2022 this week, emphasised the few adjustments in acknowledgement of the numerous adjustments lately and defended a controversial 3% haircut that was launched in 2019 as being a standard characteristic in lots of compensation plans throughout the business.