People Moves

Summary Of Moves In Global Wealth Management – October 2022

Editorial Staff 3 January 2023


North America
Nicolet National Bank, the operating entity of New York-listed Nicolet Bankshares, appointed Barry Martzahl as managing director of its wealth management business. Martzahl, a 37-year industry veteran, has advised individuals and families, corporate retirement plans, and endowments and foundations. His son Eric, who has also joined the Nicolet Wealth Management Team, has eight years of experience and is a Certified Financial Planner.

Focus Financial Partners, the US-based wealth management partnership, announced that a Louisiana-based advisor, Paul Guidry, had joined one of Focus’s partner firms, Summit Financial Wealth Advisors. Guidry, who has more than 20 years of experience of providing wealth management services to individuals and families, specializes in financial planning and investment management. 

Fiduciary Trust International appointed William Y Yun as a senior advisor, who returned to the firm he first joined in 1992. He was a portfolio manager for eight years before rising to executive vice president running the firm’s global equity division. Now Yun is concentrating on growing business in South Florida. Based in Palm Beach, Yun has a 30-year tenure with Fiduciary Trust International and its parent company, Franklin Templeton. 

Among other roles, Yun served as president of Fiduciary Trust International from 2000 until 2005, during which time he helped the firm to rebuild following the 9/11 attacks.Yun, who has been a member of Fiduciary Trust International’s board of directors since 2000, subsequently served in various roles at Franklin Templeton including president of Franklin Templeton Institutional, president of Franklin Templeton’s Alternatives business, and most recently with Franklin Templeton Investment Solutions as head of advisory and wealth strategy.

Maria Asuncion Aramburuzabala appointed Goldman Sachs’ Rudolfo Perez to take over her role at the top of her family office. The family office, Trasalia Capital, which is based in Mexico City, focuses on areas such as venture capital and private equity. Her family business, Cervecería Modelo, is renowned for brands including Corona. Perez, who has been co-head of Goldman Sachs’ Mexico operations since 2017, has worked in investment banking for 23 years.

Truist Wealth brought in Carroll Swenson as regional managing director and 14 new teammates with a combined AuM of $2 billion to the Virginia marketplace.

Separately, Nancy Mitchel and her team, which manages $590 million in client assets, joined Truist Wealth teammates Jim Mills and Colby Murphy to form The Mills, Murphy, Mitchel Group of Truist Investment Services, in Virginia. The joiners included: Kim Anderson, center trust advisor; Paul Carder, investment manager; Kathy Clay, financial consultant; Kelly Cook, wealth advisor; Catrina Crowe, advice and planning strategist; Danielle Daye, center trust advisor; Chris Johnson, senior trust advisor; Patrick Johnson, wealth advisor; Diondra Lee, fiduciary support specialist; Richard McNeil, wealth advisor; Nancy Mitchel, financial advisor; Laura Setliff, client service associate; Lorraine Smith, wealth support specialist; Alyssa Stafford, center trust advisor; Brooke Tiller, wealth advisor; Justin Trent, senior trust advisor; and Michael Walhfeldt, center trust advisor.

Sanctuary Wealth welcomed Valorous Advisors, led by its founder Christopher D Cervantes. Based in Plano, Texas, the team was previously with Merrill Lynch as Cervantes Group & Associates, advising on about $564 million with a specialty in retirement plan consulting.

Cervantes joined Merrill Lynch in 1999 after graduating from Baylor University, rising to managing director, wealth management advisor, defined contribution investment consultant. Joining him were Cervantes’ former Merrill teammates senior wealth planner Tracey A Gledhill and relationship manager Larry Jackson. 

Ameriprise Financial added two advisors to its branch channel with $375 million in combined client assets. The advisors were Chad Villagomez (formerly of Wells Fargo in Wayzata, Minnesota) and John DeMarco (formerly of Wells Fargo in Orland Park, Illinois). Villagomez was joined by Greg Siers, registered practice associate. 

Private Advisor Group named president Frank Smith as its new CEO, in a planned transition from Robert “R.J.” Moore, 60, who has served as CEO since November 2020. Before joining Private Advisor Group, Smith was director of investment solutions at CUNA Mutual Group. Smith spent 13 years as a leader at LPL Financial in business development, enterprise relationship management and consulting for the RIA solutions division. Moore, who joined Private Advisor Group in 2020, hired Smith in 2021 and promoted him to president in April 2022.

Raymond James welcomed financial advisor Mike Glennon to Pinnacle Asset Management, a business that is affiliated with the Raymond James Financial Institutions Division. Glennon, who previously managed about $133 million in client assets at Truist, provides financial guidance to a diverse range of clients, from individuals and families to businesses. With more than 17 years’ financial sector experience, most recently at Truist, Glennon was an advisor and private real estate investor at Merrill Lynch and a NASDAQ trading manager for Fidelity.

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