Non-wirehouse employee firms won 15 of 38 $1B-plus team moves

Employee firms outside the four wirehouses captured 15 of the 38 teams managing at least $1 billion that changed firms from July 23 to Oct. 22, according to an analysis by Winthrop & Co. reported by WealthManagement.com. Those 15 moves accounted for at least $33.2 billion in reported assets, and the full 38 totaled at least $78 billion.

The wirehouse channel took six of those teams and at least $19.5 billion, and independent RIAs took six with $9.7 billion. Independent broker/dealers added six with at least $8.1 billion, and Winthrop breaks out Rockefeller Capital Management separately at three moves and at least $4.2 billion. Raymond James was the top winner with four teams and $8.7 billion, followed by RBC with four and $5.5 billion; Merrill took three worth at least $15.4 billion.

For advisors weighing a move, the count is a destination ranking rather than a comparison of payouts. The RIA moves included Blue Horizon Equity, launched on Cetera Financial's Blueprint RIA platform with more than $3.5 billion in assets under administration and almost 50 advisors, and Reeg Private Wealth, a former Baird team with more than $1.4 billion in client assets that joined Xcelsior Advisor Partners.

Robert Noe Jr., co-founder and CEO of Winthrop, said the firm is starting to see more large teams funnel into the independent RIA channel. Winthrop compiled the analysis from moves reported in trade publications or announced by the firm the team joined.