An RBC Wealth Management team producing $7.2 million in annual revenue jumped to Wells Fargo Advisors in Greenwich, Connecticut, on Monday, according to a spokesperson for the hiring firm.
The Sheresky Samsen Group, which managed $1.7 billion in assets, is led by brothers Steven R. and Jeffrey L. Sheresky as well as Jeffrey C. Samsen, according to the spokesperson. They joined Wells with junior broker Kenneth Sheresky, who is Steven’s son, and support staff Jeannine Barlotta and Stanley Weeks.
They report to Wells’ Metro North Market Leader Anthony Arico, the spokesperson said.
“Our platform combines sophisticated technology with a high-touch, client-centric experience, and we’re excited to welcome them as they tap into our on-the-ground resources for their next phase of growth,” Arico said in a statement.
The move is the latest in a series of billion-dollar hires for Wells, which has touted its multi-channel approach and offered top-of-market hiring bonuses. It last week added a $5.2 million Truist team to its independent channel and in May landed a nearly $19-million Morgan Stanley team.
The Sheresky brothers started their careers with J.P. Morgan Securities in 1985 and worked at Morgan Stanley before joining RBC in 2020, according to BrokerCheck. Samsen started with J.P. Morgan in 1986 and followed the same path as the Shereskys.
Steven Sharesky and Samsen started a legal battle against Morgan Stanley along with some other former brokers who claimed that the firm unlawfully withheld their deferred compensation when they moved to a competitor. A putative class action claim in which they were plaintiffs was remanded to arbitration where their case is expected to be heard this year, according to an October report.
Sheresky alleged Morgan Stanley owes him $200,000 in deferred compensation, and Samsen claimed he is owed more than $50,000, according to court filings.
As part of that case, Sheresky, Samsen and another broker sued the federal government and Department of Labor officials over allegations that it exceeded its regulatory authority in an opinion in favor of Morgan Stanley’s legal defense of its deferred compensation plan. Sheresky and Samsen earlier this month filed a motion to dismiss their claims against the DOL.
Morgan Stanley has prevailed against many of the brokers whose claims hinged on the argument that the deferral programs qualified as a retirement plan rather than a bonus program.
Members of the team did not respond to requests for comment sent through social media.
An RBC spokesperson also did not respond to a request for comment.
They definitely left for the superior platform, technology, and $30 million. I can’t decide which one was most important?
No way they got that much to move! Come back to reality wirehouse chump.
Serial jumpers. Couldn’t even wait 6 years before cashing another check. Hope this one was worth it…
Jealous much?