Rockefeller remains on a recruiting tear as it launches new locations and lands massive teams from what should be considered rivals now, like UBS, Merrill, Morgan Stanley, and Wells Fargo. The latest trade has Rockefeller landing another big team in Texas for the second straight weekend. As you may recall we predicted this streak and are aware that it will continue: Rockefeller Set To Win Big Over The Next Three Weeks
The details of their latest hall read like this: Rockefeller Capital Management on Friday landed a three-broker team headed by Shay Scruggs, that generated $5 million in revenue. The group, which includes junior partners Kevin Wright and Trenton Hollas, who have four and five years of experience respectively, oversaw $500 million in AUM.
The group will be part of a cadre of advisors in Houston that are set to open up another flagship office for Rockefeller in Texas. Rockefeller continues to expect to add more and bigger teams in both Houston and Dallas, respectively.
There continues to be a strong drumbeat for three issues that make Rockefeller intriguing. The name itself, Greg Fleming’s leadership, and the tech platform they seem to have nearly perfected. Every single contact we have with anyone engaged with Rockefeller mentions those three points. Everyone.
Recruiting in wealth management is as hot as it has ever been right now. Deals are sky-high if you are a ‘Tier 1’ advisor or team. Competition is absolutely fierce across several levels of the wealth management spectrum.
As an example, what could a $4M team at Merrill Lynch expect to be able to demand from the recruiting market place right now? Assuming they laid their fleece out to Wells Fargo, Morgan Stanley, UBS, Rockefeller, and First Republic? At a minimum the package would ring the bell at $12M; and maximum with deferred matched and back ends met (wait for it…) $20M. In other words, a team situated like that should expect no less than a bidding war and not a penny less than $15M. Yes, the recruiting landscape is on fire.
And Rockefeller is as hot as any name.
