A Merrill Lynch team managing more than $150 million in client assets is leaving the firm to partner with two long-tenured advisors at Janney Montgomery Scott with the intent of providing them with a succession plan, and taking over their clients when they retire.
Senior Vice President Noah Doyle and Vice President Charles Princiotto both worked at Merrill Lynch for more than five years. They are bringing with them Sean Martin, their associate at the broker/dealer, and joining two Janney advisors, Stanley Hochhauser and Alice Coraggio, who manage slightly more than $200 million. The team will form the new Battery Park Financial Partners at Janney Montgomery Scott.
“The move is totally about the relationships we’ve built with Stanley and Alice at Janney,” Princiotto said during a call Friday, taking a break from contacting clients, notifying them of the change and the reasons behind it. In addition to seeing an opportunity to better serve their clients, it's also about ensuring the new firm has a succession plan in place and a growth strategy for the younger advisors. For Hochhauser and Coraggio, the move helps them answer the questions around who will take care of their clients when they retire?
“For decades I have enjoyed what I do. And with retirement being a future reality, our multi-generational team is now in place to provide a succession structure as we continue to help our clients preserve their legacy and provide for future generations,” Hochhauser said about the new group.