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Rockefeller Lands Another Flagship Team; Nets More Than $3B In Assets

Rockefeller continues its dominating ways at the top end of the wealth management recruiting arena.  Since Greg Fleming’s arrival over two years ago, the exclusive wealth management company has set their sights on wirehouse teams that claim to have better than a half-billion in assets under management. Fleming has added 84 teams so far, 23 this year alone, with very competitive economic packages.

Today, Rockefeller announced the arrival of Marie and Shawn Moore. The $5M team ranked #42 on Forbes’ list of top women advisors and in Texas, ranked #1 with almost $500M in AUM. According to FINRA’S BrokerCheck, Marie was a Morgan Stanely lifer includes predecessor firms like Lehman Brothers and Smith Barney.

Last week, Rockefeller has added more than $2B+ in client assets spread across three different teams. Two from UBS and one from Merrill Lynch.

Bob Fink and John McMahon made the move with a $1B in client assets under management and better than $5M in annual revenue. Bob, started with Merrill in 1996 and ranked #44 on Forbes’ list of the top northern California wealth advisors. Both he and McMahon has been registered with Merrill for 39 years without a single customer complaint or negatives mark as shown by their BrokerCheck records. The team will be a part of Rockefeller’s northwest division, and work under by Brian Riley, who was also a former Merrill Lynch private wealth manager.

From UBS joined Jason Zilveti in Scottsdale, AZ with $2M in annual revenue and $400M in client assets. As well as Francis Amsler and Marc Laborde in Houston, TX adding $800M in client assets under management and another $4M in annual revenue. They make up the third private wealth group in the Houston branch.

To say Rockefeller is on a role doesn’t quite get it done. Right now, they are the wealth management ‘belle of the ball’ and everyone wants a dance.

 

Rockefeller Keeps Winning Big Team ‘Bake Off’s’ – We Tell You Why

The Rockefeller name burst on to the scene in earnest when Greg Fleming left Morgan Stanley and was announced as the firm’s leader. The two names resonated across the wealth management spectrum, as did the whispers of the deep and heavy pockets Rockefeller was rumored (and of course confirmed) to be armed with at the time. The two (Fleming and Rockefeller) seemed to be well suited as a pair, and that has unquestionably been the case.

Besides Mr. Fleming’s resume’ and presence at the firm, what is it that continues to draw the largest of wirehouse firms to the name? We’ve spoken to a number of advisors and the answer seems to be three-fold, and once explained, somewhat obvious. Take a look at what we’ve been hearing throughout 2020 and judge for yourself:

  1. Branding still matters, and the Rockefeller name resonates.Given the movement to both the RIA and independent space over the past decade (and there is no doubt that it has moved at scale and continued its momentum) one would think that a new entrant to the ‘full-service space would struggle. Case in point, FieldPoint Private, a firm with well-heeled management and a wirehouse like set up. The divergence between the two can initially be chalked up to branding. The Rockefeller name emits incredible gravitas and history. It is instantly recognizable in every corner of finance and wealth management. Nearly every advisor is aware of the who/what/where of Rockefeller, while most have no idea who FPP is. The name, the brand still matters in this business.
  2. Greg Fleming continues to keep the firm ‘up-market’.The commitment to essentially focus on large wirehouse teams has paid off in a big way. Each and every hire gets a resounding chorus of praise from the wealth management press and the Rockefeller story is told again. This was the initial HighTower model that started off well, but was too quickly discarded – principally because HighTower wasn’t capitalized to the extent that Rockefeller is and will continue to be. HighTower abandoned the strategy and ended up with three different platforms and payout structures; effectively abandoning the branding story it had built. Rockefeller and Greg Fleming have stayed committed to the script.
  3. Advisors that have joined the firm and are deep into due diligence and evaluation tell us that Rockefeller’s tech and the platform are second to none.In an age where advisors are more closely tied to their laptops and mobile devices rather than their desktops to service clients, the tech at the firm that they join is incredibly important. Every single advisor that has had any depth of contact with the firm has extolled their commitment to technology. The term ‘ease of use’ comes up often when the conversation turns to tech with respect to Rockefeller.

The themes here are heavily weighted toward branding. If you are a team of size at UBS, Merrill, Morgan or Wells you are aware of Rockefeller and have either been watching them closely or are engaged in evaluating them as a potential landing spot. Their deal is robust and they know it. Their brand is robust and they know it. That institutional level of confidence is appealing to Barron’s/Forbes types of advisors. They want to be around winners – and Greg Fleming is just that.

He’s also closer. When Rockefeller is involved in competitive recruitment, they usually win.

“This business is mostly based on ‘do I like that guy’…” – Roger Sterling, Mad Men.