A Los Angeles-based advisor managing $1.9 billion in consumer property is becoming a member of Merrill Non-public Wealth Administration from Raymond James, the wirehouse introduced immediately.
Micah Scheinberg will be a part of Merrill as a managing director in Los Angeles and as part of the agency’s Mountain West Non-public Wealth market underneath the supervision of regional managing director Jeff Wooden.Â
In line with FINRA data, Scheinberg joined the trade in 1994 at Montgomery Securities for lower than a 12 months, earlier than becoming a member of Goldman Sachs for a five-year stint, adopted by 13 years at Deutsche Financial institution whereas based mostly in Los Angeles.
In 2013, he joined Raymond James. In line with a profile on that agency’s website, Scheinberg was a managing director at Alex. Brown, a division of the agency, the place he structured “diversified portfolios by means of asset allocation research, threat evaluation and efficiency monitoring.”Â
In line with Raymond James, he specialised in discussing threat and return methods attributable to his expertise with different investments (together with non-public fairness and hedge funds). In line with Merrill, Scheinberg has “in depth expertise” working with ultra-high-net-worth purchasers.
Scheinberg’s transfer to Merrill was unveiled the identical week the wirehouse launched its first-quarter earnings, touting year-over-year income boosts whereas claiming that the agency was well-prepared for the financial uncertainty within the wake of President Donald Trump’s collection of tariff bulletins (and a brewing U.S./China commerce battle).Â
Merrill Wealth Co-President Eric Schimpf stated the market volatility confirmed the agency’s “funding self-discipline and portfolio fundamentals work.”
Concurrent Funding Advisors, a Tampa-based hybrid RIA that was previously an workplace of supervisory jurisdiction with Raymond James, added six new groups (and 17 advisors) in the course of the first quarter. The additions totaled about $2.1 billion in managed property and boosted the agency’s whole property underneath advisement above $10 billion.
The groups embrace Crownmark Wealth Advisors, a Ga.-based duo of Sean Foote and Stephen Welch, who joined from Morgan Stanley. The staff works with companies, company executives, entrepreneurs, skilled athletes and entertainers, and stated Concurrent’s platform will assist help their institutional consulting and high-net-worth enterprise strains.
The New Jersey-based Cornerstone Non-public Wealth contains Brett Hina and Daniel Lesneski, who joined from UBS. Arky & Miller Monetary Group is predicated in North Carolina and joined the agency from Cambridge, whereas the Tennessee-based Heart Avenue opted to maneuver to Concurrent from Wells Fargo.
The Colorado-based Valenta Capital Administration and Texas-based Tutelas Monetary are opting to affix present Concurrent associate corporations. Valenta will affiliate with Legacy Non-public Wealth Companions, persevering with to function underneath its personal model. The Tutelas staff will be a part of with Wealth Companions Alliance, additionally based mostly in Texas.
A number of corporations are selecting Goldman Sachs Custody Options. Concurrent lately added GSCS as a custody choice, together with Constancy, Charles Schwab and Purshe Kaplan Sterling.
Concurrent was based in 2017 as a tech and providers platform for impartial advisors. In 2021, Service provider Funding Administration took a minority, non-controlling curiosity within the agency. In 2023, the agency restructured as a multicustodial, hybrid RIA.
