FUNDfire – Huge Merrill Team Breaks Away to Launch Multi-Family Office

By Danielle Verbrigghe September 9, 2015

A top team of private wealth advisors from Merrill Lynch have launched an independent registered investment advisor (RIA) firm and multi-family office with help from Dynasty Financial Partners.

Group Shot outdoors smallThe $1.4 billion group broke away from Merrill to form Omnia Family Wealth in Aventura, Fla.The new multi-family-office shop is led by partners Steven WagnerMichael Wagner and Ivan Hernandez. They are joined by director of client services Diana Torre and director of operations Cherie Cohen.

The team had previously been with the Private Banking and Investment Group (PBIG) division at Merrill Lynch since 2009. Before that they were registered at UBS, according to Financial Industry Regulatory Authority (FINRA) records.

Omnia Family Wealth focuses exclusively on ultra-high-net-worth clients.

A desire to be in a “conflict-free environment,” prompted the move, says Steven Wagner.

“Any move that we would have made to a different wirehouse we would have viewed as a lateral move,” Wagner says. “We could have gotten a huge check […]. Firms’ recruiting practices are extremely aggressive, but this is about building a business for generations to come.”

Wagner’s team decided to partner with Dynasty after considering the various other options available, Wagner says.

“We interviewed everybody in the industry. We did a lot of research,” Wagner says. “We didn’t want to give away any equity. We wanted complete control of the organization.”

Omnia Family Wealth will work with Fidelity and Pershing for custody. The firm plans to add staff and resources as necessary to continue to scale up the business, Wagner says.

“The amount of wealth in Florida and the families in Florida are significant,” Wagner says. “We’re going to be a major player in this market.”

This marks the seventh team this year to join the Dynasty network. At the end of last month Dynasty transitioned a $250 million team from Wells Fargo Advisors. Earlier this summer members of a Deutsche Bank advisor team that had overseen about $3 billion partnered with Dynasty to launch an independent RIA, In February, an $800 million Morgan Stanleyteam jumped to independence with help from Dynasty.

 

 

Receive for Insights

This field is for validation purposes and should be left unchanged.

RELATED ARTICLES

Michael Wagner Explains the Role of a Portfolio Manager to U.S. News & World Report

Michael Wagner Explains the Role of a Portfolio Manager to U.S. News & World Report

Read More
Omnia Family Wealth Recognized in Financial Advisor Magazine’s 2021 RIA Ranking

Omnia Family Wealth Recognized in Financial Advisor Magazine’s 2021 RIA Ranking

Read More
Michael Wagner on Fox Business: Warnings from the Bond Market

Michael Wagner on Fox Business: Warnings from the Bond Market

Read More
Michael Wagner Explains the Fed’s Selling of Corporate Bonds Announcement to CFO Dive

Michael Wagner Explains the Fed’s Selling of Corporate Bonds Announcement to CFO Dive

Read More
Michael Wagner Discusses Faith-Based Investing with The New York Times

Michael Wagner Discusses Faith-Based Investing with The New York Times

Read More
Michael Wagner to Speak at the 28th Annual Planned Giving Council Symposium

Michael Wagner to Speak at the 28th Annual Planned Giving Council Symposium

Read More
Michael Wagner Discusses the Increased Interest in Municipal Bonds with Bloomberg

Michael Wagner Discusses the Increased Interest in Municipal Bonds with Bloomberg

Read More
Michael Wagner on Family Wealth Report’s Wealth Talk: How To Keep Investment Emotions in Balance

Michael Wagner on Family Wealth Report’s Wealth Talk: How To Keep Investment Emotions in Balance

Read More
Michael Wagner to Receive Leadership Award from the Greater Miami Jewish Federation

Michael Wagner to Receive Leadership Award from the Greater Miami Jewish Federation

Read More
©2021 Omnia Family Wealth, All Rights Reserved.