Oregon advisers blaze their own trail

Team from Merrill Lynch that advises on $700M in assets forms RIA partnership.
MAR 18, 2014
A group of Portland, Ore.-based Bank of America Merrill Lynch veterans that advises on more than $700 million in client assets has broken away to form its own registered investment advisory firm, according to a statement issued Tuesday by the firm's platform provider. Three advisers — David Christian, Brian Hefele and Jeffrey Krum — are starting Cable Hill Partners, the new firm's investment and technology platform provider, Dynasty Financial Partners said in a statement. The advisers will be joined by three client service associates, according to the statement. Fidelity Investments will be the firm's primary custody and clearing service provider. Mr. Christian was ranked as a Barron's top adviser in Oregon for this year, according to the statement. The three advisers hold a number of credentials: two certified financial planners, two certified investment management analysts and one chartered adviser in philanthropy. Mr. Krum said the new team decided not to move to another firm that would provide an upfront payment in exchange for owning part of their business because "they then get a piece of your hide." "That didn't appeal to us because we wanted to look in our clients' eye, embrace that fiduciary role and tell them this is our firm, this is what we do for you." A spokeswoman for Bank of America Merrill Lynch, Ana Sollitto, did not immediately respond to a request for comment.

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