Proving that advisory competition is still strong, Merrill Lynch has hired a Morgan Stanley Smith Barney advisor duo with $377.8 million in client assets, and lost two other teams to other wirehouse firms.
Merrill Lynch Wealth Management hired a two-member veteran Morgan Stanley Smith Barney team with $377.8 million in client assets under management and $5.02 million in annual fees and commissions. That team, including Andrew Cappello and Christie Roberts-named the Cappello Group-join the firm in Tampa, Fla. Cappello served at Morgan Stanley for 30 years, while Roberts was at the firm for 28 years. They have been registered with Merrill Lynch since July 13, according to their public registration records with the Financial Industry Regulatory Authority.
At the same time, two advisor teams have left Merrill Lynch for UBS Wealth Management Americas and Morgan Stanley.
Advisors Bradley Anderson, Michael Clancy and Steven Burch join UBS in Lake Oswego, Ore., from Merrill Lynch. They have been registered with the firm since June 18, according to their FINRA registration records, and report to branch manager Antonel Urdes. Anderson had been registered with Merrill Lynch for nearly 33 years. Clancy joined Merrill Lynch in 2008 and Burch subsequently joined in 2009, both from Morgan Stanley.
Separately, advisors Maria Fruciano, Connor McKinney and Matthew Zaft join Morgan Stanley Smith Barney's Washington, D.C., K Street office from Merrill Lynch. They have been registered with the firm since August 1, and report to complex director Michael Maurer.
Fruciano served at Merrill Lynch for five years, following a 10-month stint at UBS and one year at Merrill Lynch, according to her FINRA registration records. McKinney was with Merrill Lynch for one year. Zaft served at the firm for seven years following time at Wachovia Securities and Prudential Securities.
Merrill Lynch and Morgan Stanley each have more than 16,000 financial advisors. UBS said its U.S. wealth management division advisor force totaled 7,021 as of the second quarter.