Major Merrill Advisor in NJ Jumps After 18 Years as Trader and Broker
After spending 22 of his 27 years in the securities industry with Merrill Lynch, John F. Parisi walked from the Bank of America-owned firm’s Short Hills, New Jersey, branch on Thursday to join an independent “family office.”
Parisi, whose Merrill website promotes him as professional golfer Annika Sorenstam’s financial advisor, was calling clients Friday from the offices of Oliver Luxe Assets, a Gladstone, NJ-based investment advisor set up in 2014 by a pair of former UBS Financial Services brokers, according to regulatory filings.
Parisi left Merrill with fellow broker David Gray and a client associate, a person in his former office confirmed. A third broker in the group, John Del Mauro, remains at Merrill. Parisi did not return requests for comment but his wife confirmed his move in a phone call and expressed confidence that “he will do quite well.”
Parisi spent the first decade of his career as an institutional bond trader with Merrill and Lehman Brothers in London and New York, according to his Merrill website, and set up as a retail broker in 1998 with what would become Merrill’s private banking and investment group for wealthy clients. He managed $532 million of client assets, helping him rank No. 30 of New Jersey’s Top 48 advisors in Barron’s 2016 listings, and has an unblemished BrokerCheck record. He has been on the Barron’s “top” list for the last five years.
“John is a good guy, and very intense,” said the former head of a Merrill bond desk who declined to be identified because he recently joined a rival wirehouse to set up his own brokerage practice. He said he was unaware of Parisi’s decision, but said many of his former colleagues have lost loyalty to Merrill under its Bank of America parentage.
Merrill spokespersons did not return requests for comment, and Short Hills branch manager Jim Hughes declined to comment.
Oliver Luxxe, which operates out of Bedminster, NJ, was founded two years ago by neither an Oliver nor a Luxxe but by Brad Jacobson and Jim R. Lynch, who had respectively previously worked at UBS in Florham Park, NJ, and Reno, Nev., according to their BrokerCheck records. Jacobson also did a five-year stint at Merrill’s Short Hills branch from 2003 to 2008.
Oliver Luxxe, which uses Bank of New York’s Pershing Advisor Solutions as its custodian, is the “House built for you not the Bank, all the power of a wirehouse, all the freedom to serve you first,” according to its .
Merrill last week hired a longtime UBS Financial Services broker in New Jersey after two weeks earlier losing a $2 million team to UBS across the Hudson River in New York City.