RBC Wealth Management has pulled a $400 million Connecticut-based team from Morgan Stanley, one of several adviser transitions in recent days.
The Smalley Girardi Group is based in Westport, Conn., and includes Richard Smalley and Ali Girardi. Both are senior vice presidents and financial advisors, while Girardi also works as a portfolio manager.
According to FINRA records, Smalley has more than 35 years in the industry, beginning with a brief stint at Citicorp in 1988 (followed by a longer one with Lebenthal & Co.). In 1998, he moved to Morgan Stanley for four years before joining Citigroup, but returned to Morgan Stanley six years later, where he stayed before the RBC move. Girardi joined Citigroup in 1998 before moving to Morgan Stanley in 2009.
In August, RBC pulled the Paradigm Groupa $693 million nine-person team at its new Cincinnati branch from Morgan Stanley.
Meanwhile, a Colorado-based four-person team with about $205 million in assets under management made the switch to LPL Financial from Cambridge Investment Research this week, according to the independent broker/dealer.
Randy Petrilli, Matt Goodwin, Travis Whitaker and Jeff McWhorter make up Goodwin Petrilli Financial, founded by Matt's father, Harry Goodwin, in 1992. He retired last year after more than 30 years in the industry. The firm works with individuals, families and businesses (especially helping teachers manage retirement) throughout the upstate.
According to Goodwin, the firm built its business through referrals and working with the next generation of existing clients. However, they were drawn to LPL's technology platform, which allows customers to have one place to access all of their information.
last month, LPL acquired the Investment Centera NJ-based firm with approximately $9 billion in brokerage and advisory assets. It aims to close and convert the firm by the first half of 2025.
However, the firm was shocked earlier this month when The board adjourned CEO Dan Arnold for statements to employees who violated LPL's Code of Conduct. LPL Managing Director Rich Steinmeier has been named permanent executive director.
Additionally, a Georgia-based adviser with $130 million in assets is moving from Edward Jones to Raymond James' independent adviser channel, according to the latter firm.
Craig Caroll will join the already established CoWealth Advisors, which is based in Newnan, Ga., about 40 miles outside of Atlanta. The firm specializes in personalized retirement management, estate planning and generation. Carroll joined the industry at Edward Jones in 2019 and said he was going to Raymond James for its “culture,” among other attributes.
“To truly serve our clients, strong back office support and innovative technology are essential, and Raymond James excels in both areas, ensuring we provide a high level of service and expertise,” said he.