As multi-year retention deals at the wirehouse firms wind down this month, movement between the major firms has been ramping up. On Wednesday, Wells Fargo Advisors (WFC) said a team from Morgan Stanley Smith Barney (MS) with roughly $3.5 million in annual fees and commissions and about $550 million in assets under management had joined it in the greater New York area.
The RDM/Dillon Group of Melville, N.Y., signed on with Morgan Stanley on Friday and now reports to Christopher Davis, the Long Island market manager for Wells Fargo Advisors. Its members include industry veterans Richard Ranieri, David Roberts, Michael Rosenberg and Tonia Dillon.
Ranieri has yearly production of $1.16 million and AUM of about $180 million; he has been in the industry for 28 years. Roberts’ earns annual fees and commissions of $1.17 million, has assets under management of $185 million and 19 years in the industry.