Recruiting activity across the wealth management industry remains brisk, with several firms announcing significant advisor hires in recent days. Merrill, Raymond James, UBS, and Prime Capital Financial have all added experienced advisors, collectively overseeing approximately $1.2 billion in client assets. These moves highlight the competitive landscape for talent as firms seek to expand their footprint in key markets.
Merrill bolsters New York and South Florida teams
Merrill has recruited two advisor teams from Morgan Stanley and Wells Fargo, adding a combined $770 million in client assets. In New York, Michael Scotto and Michael Chong, who previously managed about $530 million at Morgan Stanley, have joined Merrill's Park Avenue market, led by market executive Joe Doonan. They are joined by senior relationship manager Douglas Badstein and registered client associate Louis Aldorasi. Scotto brings 25 years of industry experience, having started on the floor of the New York Stock Exchange, while Chong has 17 years in the business, beginning at Edward Jones before moving to Morgan Stanley.
In South Florida, Jeff Chanin has left Wells Fargo to join Merrill's Boca Raton office, which is led by senior resident director Scott Kauffman and operates within the Florida Tropics market under market executive Jason Edelmann. Chanin, with more than three decades in the industry, oversees approximately $240 million in client assets and is joined by registered client associate Tara Mirjah. These hires follow Merrill's recent legal settlement regarding cash sweep practices, which has not dampened its recruiting efforts.
Raymond James adds Montana duo in independent channel
Raymond James has recruited Arlis Ortman and Sean Pahut, who previously managed about $180 million at LPL Financial, to its independent advisor channel. The pair operate as Montana Wealth Management from offices in Great Falls and Bozeman, Montana, serving a client base that includes business owners, families, individuals, retirees, and those with sudden wealth. Theresa Schnetz, Western division director at Raymond James Financial Services, announced the move. Ortman spent nine years at his previous firm, while Pahut has 28 years in financial services and spent the last five at his prior firm.
"Raymond James' leadership has built a culture that supports advisors while keeping client service at the center," said Ortman. "That combination of experienced guidance, practical resources, and a service-minded approach provides a strong foundation as we continue serving clients' best interests." The Montana move comes just days after Raymond James announced a new model portfolio offering for high-net-worth clients, and follows other recent team additions at the firm.
UBS expands on Cape Cod
Michelle Ferguson has left Edward Jones to join UBS as a financial advisor in Hyannis, Massachusetts. A 20-year veteran of the financial services industry, Ferguson's experience includes earlier roles at Bank of America and Sovereign Bank. Born in the Philippines, she joins the UBS Greater New England market, led by regional director Chris DiMuria, market executive James Ducey, and market director Bryan Collins. "Michelle has dedicated her career to helping clients navigate life's biggest financial decisions, while also giving back to the community she calls home," said Collins. "We are thrilled to welcome her to UBS." This hire follows UBS's recent expansion on the West Coast, where it added a former Merrill Lynch duo serving Silicon Valley executives.
Prime Capital hires from Edelman Financial Engines
Overland Park, Kansas-based Prime Capital Financial has hired Emil Ben-David as a wealth advisor. Ben-David has more than 15 years of experience advising individuals and families on investment management, retirement, tax, estate, and insurance planning. His most recent role was director of financial planning at a large registered investment advisor, according to the announcement. "Emil has a strong sense of responsibility to his clients, which is reflected in the fiduciary approach he brings to his work," said Prime Capital CEO Glenn Spencer. "He understands how financial decisions connect across a client's broader plan, and that perspective will be valuable to our team."
The flurry of moves underscores the ongoing competition for experienced advisors across both wirehouse and independent channels. As firms like Wells Fargo FiNet and LPL also continue to attract talent, the recruiting environment shows no signs of slowing.
