A Los Angeles-based advisor managing $1.9 billion in client assets is joining Merrill Private Wealth Management from Raymond James, the wirehouse announced today.
Micah Scheinberg will join Merrill as a managing director in Los Angeles and as a part of the firm’s Mountain West Private Wealth market under the supervision of regional managing director Jeff Wood.
According to FINRA records, Scheinberg joined the industry in 1994 at Montgomery Securities for less than a year, before joining Goldman Sachs for a five-year stint, followed by 13 years at Deutsche Bank while based in Los Angeles.
In 2013, he joined Raymond James. According to a profile on that firm’s site, Scheinberg was a managing director at Alex. Brown, a division of the firm, where he structured “diversified portfolios through asset allocation studies, risk analysis and performance monitoring.”
According to Raymond James, he specialized in discussing risk and return strategies due to his experience with alternative investments (including private equity and hedge funds). According to Merrill, Scheinberg has “extensive experience” working with ultra-high-net-worth clients.
Scheinberg’s move to Merrill was unveiled the same week the wirehouse released its first-quarter earnings, touting year-over-year revenue boosts while claiming that the firm was well-prepared for the economic uncertainty in the wake of President Donald Trump’s series of tariff announcements (and a brewing U.S./China trade war).
Merrill Wealth Co-President Eric Schimpf said the market volatility showed the firm’s “investment discipline and portfolio fundamentals work.”
Concurrent Investment Advisors, a Tampa-based hybrid RIA that was formerly an office of supervisory jurisdiction with Raymond James, added six new teams (and 17 advisors) during the first quarter. The additions totaled about $2.1 billion in managed assets and boosted the firm’s total assets under advisement above $10 billion.
The teams include Crownmark Wealth Advisors, a Ga.-based duo of Sean Foote and Stephen Welch, who joined from Morgan Stanley. The team works with businesses, corporate executives, entrepreneurs, professional athletes and entertainers, and said Concurrent’s platform will help support their institutional consulting and high-net-worth business lines.
The New Jersey-based Cornerstone Private Wealth includes Brett Hina and Daniel Lesneski, who joined from UBS. Arky & Miller Financial Group is based in North Carolina and joined the firm from Cambridge, while the Tennessee-based Center Street opted to move to Concurrent from Wells Fargo.
The Colorado-based Valenta Capital Management and Texas-based Tutelas Financial are opting to join existing Concurrent partner firms. Valenta will affiliate with Legacy Private Wealth Partners, continuing to operate under its own brand. The Tutelas team will join with Wealth Partners Alliance, also based in Texas.
Several firms are choosing Goldman Sachs Custody Solutions. Concurrent recently added GSCS as a custody option, along with Fidelity, Charles Schwab and Purshe Kaplan Sterling.
Concurrent was founded in 2017 as a tech and services platform for independent advisors. In 2021, Merchant Investment Management took a minority, non-controlling interest in the firm. In 2023, the firm restructured as a multicustodial, hybrid RIA.