A Palm Seaside Gardens, Florida-based workforce managing $1 billion at Truist Financial institution decamped on Wednesday to hitch an unbiased Wells Fargo Monetary Community observe.
The workforce, which is led by advisors Mark J. Elliott, Scott R. Friedman, Darren A. Dawson, John A. Kent and his son John Henry Kent, joined Merritt Level Wealth Advisors, in response to Ross Bauer, co-founder and government chairman of the FiNet observe.
The Truist workforce produced $5.2 million in annual income and moved with two assist employees, in response to Bauer, who met the group by way of an trade recruiter a couple of 12 months in the past.
The advisors needed higher flexibility and autonomy over working their observe but in addition wanted to retain entry to banking and lending companies, which made FiNet interesting, Bauer mentioned. They’d beforehand labored at Wells’ worker channel earlier than shifting to Truist’s SunTrust predecessor in 2016, in response to registration data.
Bauer, who transferred from Wells’ worker channel to launch Merritt Level in 2019, mentioned many advisors selected to affiliate with a longtime FiNet observe moderately than launch their very own agency. They don’t have to “placed on the operator hat and take into consideration compliance and advertising and actual property and expertise and worker profit constructions,” he mentioned.
Merritt Level, like a lot of FiNet practices, is backed by serial advisory agency investor Service provider Funding Administration. Advisors who be part of obtain transition help from FiNet and may take part in a partnership program that gives fairness.
Previous to Wednesday’s transfer, Merritt Level had 24 advisors managing $four billion in property, in response to Bauer.
Elliott first registered 44 years in the past with Blinder Robinson & Co. and labored at a lot of companies earlier than becoming a member of Wells for the primary time in 2000, in response to BrokerCheck.
Friedman began with Wells predecessor Olde Low cost Corp. in 1996 and spent a couple of 12 months at Noble Worldwide Investments earlier than shifting again to Wells by way of its First Union Brokerage predecessor. Dawson, who has 27 years of expertise, began at Painewebber earlier than becoming a member of First Union in 1999, in response to BrokerCheck.
The senior Kent first registered 33 years in the past with Wells’ Prudential Securities predecessor and labored at Merrill Lynch and Citicorp earlier than shifting to Wells by the use of Wachovia in 2000. His son has a 12 months of expertise, in response to BrokerCheck.
Members of the workforce didn’t reply to requests for remark despatched by way of social media.
A Truist spokesperson additionally didn’t reply to a request for remark.