Morgan Stanley (MS) said Tuesday that it recruited three advisors from rival wirehouse firms with a total of $3.7 million in yearly fees and commissions, while Janney Montgomery Scott announced early Tuesday that its advisors have been joined by a team formerly with Stephens.
Arthur Levine moved to Morgan Stanley Wealth Management’s office in Ridgewood, N.J., from Wells Fargo Advisors (WFC). Levine, who has had 12-month production of more than $2.4 million, now reports to branch manager Peter Christou.
The senior Coleman now reports to Cynthia Newman, the complex manager in Pasadena, and Coleman Jr. is reporting to Seattle complex manager Alex Burlingame. The father-son team has combined production of more than $1.3 million and prior client assets of $161 million.
Philadelphia-based Janney said 34-year industry veteran W.G. Simms Oliphant Jr., and 17-year industry veteran Christopher Smith are now part of its Columbia, S.C., branch office. The two advisors, who were previously with Little Rock, Ark.-based Stephens, collectively oversee about $155 million in client assets.
They are being joined by assistant Julie Boulware to form the S.C. Asset Advisors.
“Simms and Chris make a great addition to our Columbia office, as their success through the years has been defined by the way they serve their clients and the community,” said Jerry Lombard, president of the firm’s Private Client Group, in a press release.
“Like many senior advisors who have joined Janney, Simms and Chris had many choices but, after conducting their due diligence, the team was drawn to our financial strength, our client-centric support, our advanced technology and our ability to deliver all the resources needed to serve their clients,” added Lombard.
Before his seven years with Stephens, Oliphant worked for Legg Mason from 2001 until 2005, when the firm transferred its business to Citigroup (C). He was with Wachovia for seven years before transitioning to Legg Mason.
“Along with moving Southeast Regional Manager Andy Kistler to our Charlotte, N.C., office, we have made efforts to share our story with like-minded advisors throughout the Southeast region and look forward to welcoming more top-tier advisors in the coming months,” Lombard explained.
Janney currently has 735 advisors and some $58 billion in client assets under management.
Read Recruiting Roundup: Morgan Stanley, Janney Lure Reps on AdvisorOne.