Truist, U.S. Bank and PNC lost four large advisor teams in four weeks

Truist, U.S. Bank and PNC each lost an advisor team with a reported book of $2 billion or more in the four weeks to Oct. 30, and Truist lost a second team.

The four bank teams went to LPL Financial twice, Captrust Financial Advisors and Rockefeller Global Family Office, with reported books from $1.2 billion to $3 billion. Captrust added the 13-person Hoge-Barrett Group from Truist Investment Services, with a reported $3 billion book, according to InvestmentNews. LPL added the HighWater Wealth breakaway from U.S. Bank at a reported $2.4 billion, according to The DI Wire. AltsWire reported that the two-person Align Private Wealth team, with $2 billion, left PNC Private Bank for LPL's platform. Rockefeller added the seven-person Kellam Group from Truist at a reported $1.2 billion, according to AdvisorHub. Book sizes are as reported and unverified, and they are not net flows. Terms were not disclosed.

For bank advisors weighing a move, this small sample shows large books going to LPL's broker-dealer-supported platform or to an advisory firm, with Truist's two teams split between them. LPL also lost a team in the same four weeks: ICG next, a 22-person team reported at $2.3 billion, moved to Osaic, according to IREI, the Osaic newsroom and Private Wealth Daily.

Citizens Private Wealth added Webber Wealth Partners from Comerica Bank at a reported $1.2 billion and Bradley Wealth Partners from Citi Private Alternatives at a reported $880 million, according to WealthManagement.com. They were two of 11 advisor moves logged this week by Private Wealth Daily's Moves Wire, down from 23 the week before. The tally counts moves, not people or assets.

Moves to RIAs and independent firms fell to three this week, from 13 in each of the weeks of Oct. 2 and Oct. 9, then six and four. Two of the three were the Citizens teams. The third was Joseph Kilner's three-person team, which joined Apella Wealth with a reported $332 million book, according to PLANADVISER. Wirehouses had no arrivals this week.

The largest move of the four weeks was a Houston team leaving Raymond James for Janney Montgomery Scott, reported at $3.5 billion by WealthManagement.com and at $3.3 billion by AdvisorHub. The other move that did not involve a bank was the Doyle and Loughman Wealth Management breakaway from Wells Fargo Advisors Financial Network to Carson Group, at a reported $1.76 billion, according to The DI Wire. With ICG next, that makes seven distinct teams, four of them from banks.

Private Wealth Daily counted 117 deals in its coverage this week, 68 announced and 49 closed, against a four-week average of 182.5. Announced deals have fallen every week since 168 in the week of Oct. 2, to 123, 106, 99 and now 68. Closings fell from 163 to 49 over the same stretch. The count includes real estate and other private-market deals as well as wealth deals, so it tracks reported deal flow rather than RIA transactions alone.

The wealth firms among the top acquirers over 12 weeks were Hightower and Wealth Enhancement, with seven deals each, and Apella Wealth with five. Of the 2,734 deals counted over that period, 269, or 9.8%, named a private-equity sponsor among the parties. That share likely understates sponsor involvement, because it counts only deals where coverage named one.