Merrill Broker with $230-Mln Book Joins Snowden in Philadelphia

by AdvisorHub Staff | November 13, 2023

New York-based hybrid firm Snowden Lane Partners nabbed a Merrill Lynch broker with $230 million in client assets, according to an announcement on Monday.

William H. “Trey” Jones III joined Snowden in Philadelphia after a decade at Merrill, where he had worked at a branch in Wilmington, Delaware, according to BrokerCheck. Jones began his career in an operations role and became a broker in 2017 after graduating from the wirehouse’s training program, according to the announcement.

A Snowden spokesperson said he could not immediately comment on Jones’ revenue. As of Monday, Jones’ BrokerCheck still reflected his registration with Merrill.

With Monday’s hire, Snowden, which was founded in 2011 by former Merrill executives, has recruited brokers who had managed over $1 billion combined at their prior firms so far this year. It last year added 13 brokers with $2.4 billion in total assets, and in 2021, it recruited 10 brokers managing $1.5 billion, according to an announcement in January.

Snowden, which is majority owned by private equity firm Estancia Capital Partners, manages over $10 billion in client assets. It took out a $100 million line of credit this year to fuel its recruiting efforts. The firm, which custodies with Pershing Advisors Solutions and Schwab Advisor Services, has 78 advisors in 13 offices, according to the announcement.

A steady stream of Merrill brokers have left the thundering herd in recent years, including a group managing $700 million who joined UBS last week.