Slideshows

Advisors on the Move: Morgan Stanley Loses Advisors to Raymond James and Wells Fargo

Advisors on the Move: Morgan Stanley Loses Advisors to Raymond James and Wells Fargo Advisors on the Move: Morgan Stanley Loses Advisors to Raymond James and Wells Fargo

UBS and Morgan Stanley shook up their executive ranks, while Morgan lost several advisors managing more than $700 million in assets to Wells Fargo, Raymond James and independent firm Steward Partners. Click through our slideshow to read about the latest moves, recruitments and promotions.

Raymond James Lands Wirehouse Advisor Raymond James Lands Wirehouse Advisor

A Morgan Stanley advisor who managed more than $360 million in client assets joins Raymond James & Associates.

Stephen Besse moves to Raymond James’ Walnut Creek, Calif. office.

Read more: Raymond James Picks Up $1.35 Million Advisor

Wells Fargo Grabs Former Morgan Stanley Advisor Team

The Lev Sher Group has left Morgan Stanley, where the team managed $236 million in client assets, to join Wells Fargo Advisors.

The Woodbury N.Y.–based team includes advisors Norman Lev, Glen Sher and Michael Jeshiva, and client associates Roberta Lev and Helen Cardona.

Read more: Morgan Stanley Loses Two Advisors Teams With More than $400M AUM

Raymond James Recruits Team With More Than $280 Million in AUM

Raymond James & Associates lured away a Merrill Lynch team that managed more than $280 million in client assets while at the wirehouse.

Advisors Jeffery Tomaszewski and Gary Rigby generated about $1.6 million in annual revenue while at Merrill Lynch.


Read more: Raymond James Recruits $1.6M Wirehouse Team

Morgan Stanley Appoints New Head of Private Wealth Management

Morgan Stanley is shaking up its executive ranks. Eric Benedict, an 18-year industry veteran, will head private wealth management at the wirehouse, which serves ultra-high-net-worth clients.

Read more: Morgan Stanley Appoints New Head of Private Wealth Management

UBS Reshuffles the Executive Deck

UBS brought in former Morgan Stanley executive Paul Hatch to become group managing director and head of advice and solutions, in addition to shifting some responsibilities among its upper management, a move that brass says will bring executives closer to UBS advisors.

Bob Mulholland, head of UBS Wealth Management Americas Client Advisory Group, says grabbing Hatch is a "real coup" for UBS.

Read more: UBS Shakes Up Executive Ranks

Steward Partners Picks Up Two Morgan Stanley Advisors

Advisors Joe Wong and Rodger Friedman left Morgan Stanley to join Steward Partners Global Advisory, an independent firm founded last year by several former Morgan Stanley managers.

Wong and Friedman managed more than $170 million in assets and generated about $1.5 million in annual revenue while at the wirehouse.

Read more: Morgan Stanley Loses Two Advisors Teams With More than $400M AUM

Image: Joe Wong and Rodger Friedman

Three Wirehouse Advisors Join Forces With Raymond James

Former Wells Fargo advisors James Tharin and Clint Sorenson and former UBS advisor Robert Leggett have formed Emerald Asset Management, an RIA, which is affiliating with Raymond James' Investment Advisors division.

The partners considered some of the bigger custodians, like Fidelity, Charles Schwab and Pershing, Sorenson says, but were attracted to Raymond James' technology platform and its increased focus on RIAs. "They seem to have more full service than the other custodians," says Sorenson of Raymond James IAD. "We thought it was a good cultural fit."

Prior to joining forces with Raymond James, the trio collectively managed more than $200 million in client assets; they had combined annual revenue in excess of $1.9 million.

Read more: Raymond James' Custodian Group Picks Up New RIA

UBS and Morgan Stanley shook up their executive ranks, while Morgan lost several advisors managing more than $700 million in assets to Wells Fargo, Raymond James and independent firm Steward Partners. Click through our slideshow to read about the latest moves, recruitments and promotions.

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