February 4, 2013

Morgan Stanley Adds 4 Wells, JPMorgan Reps; Commonwealth Grabs 9 LPL Advisors

The reps are expected to bring over more than $430 million to the wirehouse, with more than $250 million coming over to the independent broker-dealer

Morgan Stanley (MS) said Monday that it recruited four advisors from rivals with $434 million in client assets, while the independent broker-dealer Commonwealth attracted nine reps from its largest competitor with some $255 million.

Calvin Mason recently joined the Morgan Stanley Wealth Management office in Pueblo, Colo., from Wells Fargo (WFC). Mason has had yearly fees and commissions of more than $1.4 million and total client assets of $144 million.

The Sheresky/Samsen Group—including Steven Sheresky, Jeffrey Sheresky and Jeffrey Samsen—moved to Morgan Stanley in Midtown Manhattan from JPMorgan Chase (JPM). The team had prior assets of about $290 million.

All three advisors joined Bear Stearns Private Client Services in the mid-1980s, before it became JPMorgan Securities. They now report to complex manager Ben Firestein.

Commonwealth Financial Network says three teams formerly affiliated with LPL Financial (LPLA) are now working with the privately held independent broker-dealer: Ellis & Ellis Investment Management of LaGrange, Ga.; Ingargiola Wealth Management Group of Dunmore, Pa.; and Cornerstone Investment Group of Pikeville, Ky. The shift of the nine advisors to Commonwealth was announced last week.

Andrew Daniels“Ellis & Ellis Investment Management, Ingargiola Wealth Management Group and Cornerstone Investment Group are industry leaders who share our strong cultural values and client-centric business model,” said Andrew Daniels, Commonwealth’s managing principal of field development (left), in a press release. “We welcome each firm to Commonwealth and look forward to being a supportive partner to them as they enhance their practices and achieve their strategic growth objectives.”

The team of Ellis & Ellis is led by the father and son Robert and Will Ellis. It includes six advisors, who oversee more than $150 million in total client assets.

“The business philosophy of Ellis & Ellis mirrors Commonwealth’s in the sense that we, too, operate by a client-forward philosophy,” said Will Ellis, in a statement. “Our team is a cohesive group of motivated and ambitious individuals who act with integrity. We saw the same characteristics, and sense of care and personalized attention, from the moment we engaged in a dialogue with Commonwealth.”

Ingargiola is headed by Lou Ingargiola and Sean McAndrew. The team oversees about $70 million in total client assets.

“Our advance and preserve strategy has proven to be a successful business model for us and helps set us apart from others in our industry,” said Ingargiola, in a statement. “Our clients are assured that their goals are our goals, too. Partnering with Commonwealth, who shares the same client-forward approach, will enhance our brand and allow us to continue to follow the vision and mission of our practice.”

Cornerstone Investment Group is led by Ronnie Spence and focuses on serving clients who work in the natural resources industry. He has about $35 million in client assets under management.

“Commonwealth is the perfect match for my needs, as I sought a truly independent firm that offered not only an open architecture of products and services, but also the tailored support and advanced and integrated technology to easily implement strategies for my clients,” said Spence, in a press release. “These benefits will grant me more time to focus on the single most important factor for the success of my practice—my clients.”

Commonwealth has more than 1,500 reps in its network and corporate offices in Waltham, Mass., and San Diego.

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