A billion-dollar advisory team, the Kellam Group, has left Truist Bank, for Rockefeller Global Family Office in Naples, Florida.
The team is led by Gordon B. Kellam, Owen M. Wilson and Matthew T. Caras and generated approximately $7 million in revenue, AdvisorHub reports.
The departure extends a recent series of advisor exits from Truist. Earlier this month, a 13-person team managing $3 billion in assets left for Captrust Financial Advisors. In September, Rockefeller recruited another Truist team in North Carolina that managed $1 billion, according to AdvisorHub.
A source familiar with the moves and a former Truist advisor attributed the departures in part to the expiration of retention loans issued around the 2019 merger involving BB&T and SunTrust. AdvisorHub reports that they also cited frustration over tiered fee increases that advisors had to implement across client accounts.
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