RBC Wealth Management has attracted a $400 million, Connecticut-based team from Morgan Stanley, one of several advisor transitions in the past several days.
The Smalley Girardi Group is based in Westport, Conn., and includes Richard Smalley and Ali Girardi. Both are first 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, starting 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 attracted The Paradigm Group, a $693 million nine-person team, to its new branch in Cincinnati from Morgan Stanley.
Meanwhile, a four-person Colorado based team with about $205 million in managed assets made the jump 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 (particularly helping teachers manage their retirement) throughout the northern part of the state.
According to Goodwin, the firm built its business through referrals and working with the next generation of existing clients. However, they were attracted by LPL’s tech platform, which allows clients to have one spot to access all of their information.
Last month, LPL acquired The Investment Center, an N.J.-based firm with about $9 billion in brokerage and advisory assets. It intends to close and convert the firm by the first half of 2025.
However, the firm was rocked earlier this month when the Board fired CEO Dan Arnold for making statements to employees that violated LPL’s Code of Conduct. LPL Managing Director Rich Steinmeier has been named permanent CEO.
Additionally, a Georgia-based advisor with $130 million in assets is moving from Edward Jones to Raymond James’ independent advisor 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 and generational planning. Carroll joined the industry at Edward Jones in 2019 and said he was moving to Raymond James for its “culture,” among other attributes.
“To truly serve our clients, robust back-office support and innovative technology are essential, and Raymond James excels in both areas, ensuring we deliver a high level of service and expertise,” he said.
