Close Close

Technology > Investment Platforms > Turnkey Asset Management

Wells Fargo Adds $3.5M Morgan Stanley Team

Your article was successfully shared with the contacts you provided.

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.

Team member Rosenberg’s yearly production is $617,000, his assets are $94 million, and he’s been in the business for 11 years. Dillon’s trailing-12-months fees and commissions are $542,000; she manages about $86 million and is a 28-year industry veteran.

As of Sept. 30, Wells Fargo Advisors had about 15,200 branded FAs vs. 17,300 at Morgan Stanley Smith Barney and 16,700 at Bank of America-Merrill Lynch (BAC). UBS Americas (UBS) includes some 6,900 advisors.

Other recent MSSB departures include Philip Holbert and Richard Nigro, who joined Baird in mid-November with a combined $180 million in assets under management. In early November, Raymond James Financial Services (RJF) attracted a Morgan Stanley team in Pennsylvania with annual production of roughly $1.15 million and client assets of about $155 million to its independent channel.


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.