Bank of America has lured Morgan Stanley Smith Barney financial advisor David Massey, who previously had $1 billion in assets under management, to its Merrill Lynch brokerage in Carlsbad, Calif.
Massey, who previously had $1.2 million in annual fees and commissions, was part of On Wall Street’s annual ranking of Top 40 Advisors Under 40 in 2010. Massey came in No. 8 on the list in December, which ranks financial advisors under 40 by assets under management.
Massey has been registered with Merrill Lynch since June 20, according to records from the Financial Industry Regulatory Authority. Before that, he had been with Morgan Stanley since June 2009, and had also previously been employed at Citigroup Global Markets for more than a year and UBS Financial Services for almost eight years.
Bank of America has focused on growing its client assets as it hires new financial advisors.
The firm has grown its total number of advisors for seven straight quarters, according to a firm spokesperson, who declined to provide the total number of new hires. In particular with recruiting from independent firms last year, the firm hired 25 new financial advisors that brought in more client assets than the 36 financial advisors it lost to those same firms, Bank of America Global Wealth and Investment Management President Sallie Krawcheck said in May.