As Morgan Stanley Smith Barney continues to streamline its financial advisor force with more possible cuts ahead, the firm has hired three new advisors from Charles Schwab and UBS.
In San Francisco, Morgan Stanley Smith Barney has hired Charles Schwab financial advisor Peter Chen. Chen previously had $1.57 million in fees and commissions and $170 million in assets under management. He has been registered with the firm since June 6, according to the Financial Industry Regulatory Authority, and reports to Branch Manager John Delahaye.
In Coral Gables, Fla., financial advisor Esteban Formoso joins the firm from UBS. Formoso previously had $1.24 million in fees and commissions and $83 million in assets under management. Formoso has been registered with Morgan Stanley Smith Barney since June 10, according to FINRA, and reports to Complex Manager Kevin McCarty.
In Boca Raton, Fla., Morgan Stanley Smith Barney has hired UBS financial advisor Arturo Perret-Gentil. He previously had $1.69 million in fees and commissions and $107 million in assets under management. Perret-Gentil reports to Branch Manager Luis Rangel.
The new hires come as Morgan Stanley Smith Barney plans to continue to cut low-producing members of its force into the second quarter, a spokesperson for the firm confirmed to On Wall Street earlier this month. Those plans come after the firm cut about 300 low-producing financial advisors and trainees in the first quarter, bringing its total count to 17,800. Additional cuts could bring Morgan Stanley Smith Barney’s financial advisor count below its previous target range of 17,500 to 18,500, the spokesperson said this month.