Morgan Stanley Smith Barney has expanded its financial advisor force with the addition of a UBS financial advisor team in New York and a Bank of America Merrill Lynch team in Newport Beach, Calif.
In New York, Morgan Stanley Smith Barney has added the PC Wealth Management team to its Park Central branch. The team was previously with UBS, where they generated $6.4 million in combined fees and commissions, according to a source familiar with the team.
That team includes financial advisors Michael Paesano, Jeffrey Cadan, Richard Perkins and Matthew Hayford. They have been registered with Morgan Stanley Smith Barney since May 2, according to FINRA records. The team also includes financial advisor associate Tricia Kinane-Goodwin, marketing associate Stefanie Tushin and client service associates Celia Gorbatovsky and Lindsey Paesano. They report to branch manager David Turetzky.
In Newport Beach, Calif., Morgan Stanley Smith Barney has hired Merrill Lynch financial advisor team David Runstrom and Eric Noyes. The team has been registered with Morgan Stanley Smith Barney since March 25, according to FINRA records. They previously had combined fees and commissions of $3.3 million and assets under management of $332 million.
The new hires come after Morgan Stanley Smith Barney reported in its first quarter earnings last month that its financial advisor ranks had dipped to 17,800. The attrition was in line with the firm’s previously reported plans to cut 200 to 300 low producing advisors and trainees. Morgan Stanley Smith Barney’s net revenue rose to $3.4 billion for the first quarter, up from $3.1 billion for the previous year, due to higher commissions and asset-based revenue.