By Andrew Welsch

Last week was a busy one for Merrill Lynch. The wealth management company hired a Raymond James Financial advisor who oversaw $1.9 billion in client assets and lost three advisor teams to Morgan Stanley and Rockefeller Global Family Office, the wealth management division of Rockefeller Capital Management.

Advisor Micah Scheinberg joined Merrill Lynch in Los Angeles as a managing director. Scheinberg started his career in 1994, according to BrokerCheck, a public database maintained by industry self-regulatory organization Finra. Scheinberg had worked at Raymond James since 2016. He previously worked at Deutsche Bank and Goldman Sachs. He is ranked among Barron's Top 1,200 Financial Advisors for 2025.

But the other moves were all people leaving the big firm. The departing advisors oversaw several billion dollars worth of assets, although some clients would likely remain with the firm. A representative for Merrill Lynch declined to comment on the departures.

In Cincinnati, Merrill lost the Sprenkle Stacy Wealth Management Group to Morgan Stanley. The group includes advisors Chris Sprenkle, Ben Stacy, Anthony Duggan, and Brian Delany. The team oversees $2 billion in assets and generates $6.3 million in annual revenue, according to a person familiar with the matter. They provide corporate retirement benefits and wealth management to institutional clients and families.

Rockefeller recruited two Chicago-based Merrill teams that oversaw a combined $1.5 billion in assets, according to Forbes. Rathi Wealth Partners is led by advisor Raj Rathi, and includes Dean Turner, Stacey Specht, John Clayton Bowers, and Patrick Gawne. Rathi had worked at Merrill since 2014, according to BrokerCheck.

The second team to leave, Singh Wealth Partners, is led by Kanwar Singh, and includes Steve Coleman, Chandra Federle, Krishna Vege, and Savannah Neal. Singh had been registered with Merrill since 2014, according to BrokerCheck.

Rockefeller said the new hires expanded its presence in Chicago where it now fields 10 teams. Rockefeller has been recruiting advisors with large assets under management since it launched its wealth management unit in 2018. The firm has its origins in the family office of oil tycoon John D. Rockefeller.

A fourth team left Merrill last week for Stifel Financial, which said the recruits oversaw nearly $3 billion in client assets.

Write to Andrew Welsch at andrew.welsch@barrons.com

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April 21, 2025 13:03 ET (17:03 GMT)

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