Rockefeller Capital Management’s recruiting engine hummed on Friday as the firm nabbed two private wealth teams with around $3 million in revenue each.
In Chicago, Rockefeller nabbed two brokers who generated around $3 million in revenue and had been part of Morgan Stanley’s private wealth group serving ultra-wealthy customers, according to a source familiar with the moves. Ronald S. Ventura and Elias Stambolis had managed around $1 billion in client assets.
They were sold in part on Rockefeller’s family office services, including easier access to wealth strategist experts who help with advanced estate planning and wealth preservation. Each of those groups of strategists serve 12 advisory teams at Rockefeller compared to peers at wirehouses who may serve several hundred teams, the source said.
Ventura, the lead advisor, started his career at Merrill in 1997 and joined Morgan Stanley in 2011, according to BrokerCheck. He had specialist designations in family wealth, lending and equity compensation, according to his former website.
Stambolis started his career at Morgan Stanley in 2017.
They moved along with client associates Debra Willson and Jackson Wildermuth.
At Morgan Stanley, they were called the 227 Family Wealth Management Group, and the team included a third advisor, John F. “Jack” Ball. Ball, who is registered in Louisville, Kentucky, remains with Morgan Stanley, according to BrokerCheck.
Ball, who spent his 24-year career with Morgan Stanley, did not return a request for comment.
A spokesperson for Morgan Stanley declined comment.
In Hartford, Connecticut, Rockefeller nabbed a 28-year Merrill Lynch lifer who produced $3.2 million in annual revenue, according to the source.
Private wealth advisor Edward J. Wahlberg managed $500 million in client assets at Merrill, according to the source. He joined on Friday along with client associates Steve Szeligowski, Pamela King, Ashley Volage and Renee Moreau, the person said.
Wahlberg, who first registered as a broker in 1996 with Merrill, did not immediately respond to a request for comment sent through social media.
A spokesperson for Merrill did not immediately respond to a request for comment.
Since Rockefeller branched out from its family office roots in 2018 by hiring wirehouse veterans, it has grown to around 150 teams, according to the source. It managed $122 billion in assets as of December 31, according to prior announcements.
Rockefeller has frequently targeted Merrill and Morgan Stanley. It earlier this month hired a $4.5 million team from Morgan Stanley in North Carolina. Rockefeller in January landed a 26-person team led by Merrill lifers that managed $5 billion in client assets in Grand Rapids, Michigan.
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Broker joined J.P. Morgan from Merrill Lynch in 2018, according to registration records.
Great wins for Rockefeller here. The firm continues to prove it can go toe-to-toe with Merrill and Morgan Stanley. Notably, advisors almost never leave Rockefeller for either of those two companies.
Merrill and Morgan Stanley are on a lower tier. These teams are moving up with an invitation to Rockefeller.
Along with a big check! Oh another disgruntled head hunter I suppose.
Retired with a monthly check from CTP or ALFA or whatever. Oh another grumpy old man I suppose.
Well Ron, wouldn’t you think that no Rockefeller FAs leaving for wirehouses has more to do with the current incarnation of rockfeller being about 4 years old? All the advisors there just fled the wirehouses and significant outstanding balances on their recruiting notes. If Rockefeller exists in 10-15 years (it probably won’t as they will likely sell it), then I’m sure you will see plenty of these advisors teams hitting the bid one last time.
You are correct. Along with Ron’s only interest of spreading the goo. Just another disgruntled head hunter.
Of course I can’t be sure, but I rather doubt that Ron is disgruntled. He’s moved about 10% of my former company, so I suspect he’s pretty happy.
It’s actually 6 years old
James, I understand your point, and you could be right. In the meantime, I think it has more to do with the perception that Rockefeller is a better place for higher-end advisors to ply their craft than either Morgan Stanley or Merrill Lynch.
Well Ron – full disclosure, our team left MS in 2016, but I’d wager MS still massively out recruits the Rock. Look when FRC imploded, MS got way more of the FRC advisors than Rockefeller did. Even RBC picked up more FRC people than Rockefeller. It was a good Friday for Rockefeller, but you’re jumping to some hyperbolic conclusions.
Well Ron – full disclosure, our team left MS in 2016, but I’d wager MS still massively out recruits the Rock. Look when FRC imploded, MS got way more of the FRC advisors than Rockefeller did. Even RBC picked up more FRC people than Rockefeller. It was a good Friday for Rockefeller, but you’re jumping to some hyperbolic conclusions. But I’ll agree that BAML is a disaster.
I think Ron is the brother of Ace Ventura, Pet Detective.
Isn’t that mark Wahlberg dad?
The funny thing is BofA employee advisors who work for the Merrill division (of BofA) still refer to themselves as Merrill Lynch FAs. That name perished back in the 2008 debacle. Coming up on 20 years now.
Yup. My Ex wife works for Merrill in the Silicon Valley. Still answers the phone “Merrill Lynch” always will. Name on the building still says “Merrill Lynch” and this is in the heart of Silicon Valley in an iconic “KQED” building…… Vivik who is an FA is a terrible FA, and you don’t want to deal with him… you reading this Vivik?? Stop talking smack about my exwife. Just stop