A Southern California RIA will roughly double its assets under management with the arrival of a former Morgan Stanley team that managed about $740 million in assets.

The arrival of the Cypress Group also raises the number of advisors to 16 for Integrated Wealth Management, in Palm Springs, Calif.

Integrated Wealth CEO Jim Casey concedes that the big splash is somewhat out of character for his firm.

"We've had a more subtle plan in the past of bringing on advisors who wanted to have a different opportunity," says Casey, who was the only advisor at the RIA until 2009. "This helps us continue to grow our footprint. And it's a validation that advisors like the Cypress team and their clients trust us."

SCOUTING FOR MORE

The Cypress Group consists of seven advisors: Mark Thatcher, Shad F. Lamm, Chris Risenmay, Ross Biesinger, David Thatcher, Clark Penney and Marc Koven.

And these may not be the last ripples that Integrated Wealth Management makes in the recruiting waters, as Casey says he is scouting for more recruits. "We're looking at other teams and locations," he acknowledges. "We're selective, but there are definitely people that we are interested in talking to."

With the exception of Koven, all of the Cypress Group advisors worked at Merrill Lynch before jumping ship to Morgan Stanley in 2008, according to FINRA documents. Koven started his financial services career at Morgan Stanley in 2005.

Four client services representatives are also moving with the Cypress Group.

Integrated Wealth Management is affiliated with Purshe Kaplan Sterling, an Albany, N.Y., broker-dealer that has both employee and RIA channels.

Founded two decades ago, Integrated Wealth Management now has offices in Palm Springs, Palm Desert and Newport Beach, Calif., as well as Boise, Idaho, and Anchorage, Alaska.

 

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