J.P. Morgan Advisors made a significant move by attracting a high-profile wealth management team from Merrill Lynch in Los Angeles. Led by Eric A. Gray and Lance M. Polverini, the team managed an impressive $28 billion in client assets and generated $10 million in annual revenue. Their decision to leave Merrill further reaffirms the massive movement to other competitive platforms which continues at record speed.
The team’s departure from Merrill PBIG,, where they held a prominent position in the Los Angeles market, is seen as a major loss for the firm, a top industry recruiter, Roger Gershman of The Gershman Group noted the impact on both revenue and reputation for Merrill, emphasizing the significance of this move. “My father, Norman Gershman, moved Eric from Goldman Sachs in 2000. Through the years Eric has been very satisfied with Merrill, however, in the last few years he has become very concerned about the cultural shifts, being pushed further into BOA products, while cutting his T&E, support staff, and fees.
Gray and Polverini’s track record and industry recognition, including their rankings on Forbes’ lists, further highlight their stature within the wealth management space. Their career backgrounds, with Gray having started at Goldman Sachs and Polverini at Merrill, underscore their extensive experience and expertise in the field.
If the firm can lose a $28Billion team in one day, then there’s no telling how much will follow in 2024 making it already a record of top advisors leaving the firm.
