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Industry Spotlight > Broker Dealers

Morgan Stanley Grabs Reps From Raymond James, Wells Fargo

By Janet Levaux

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Morgan Stanley (MS), which is led by James Gorman (left), said Wednesday that it hired a team from Wells Fargo and a top female producer from Raymond James Financial Services.

Cheryl Young came to Morgan Stanley in Los Gatos, Calif., from Raymond James’ independent-advisor channel. She joined Raymond James (RJF) from American Express three years ago.

The advisor now reports to Palo Alto complex manager Cira Nickerson. Young’s yearly average fees and commissions have been nearly $2.4 million, and her prior assets were $221 million.

Leon Ciobataru and Luiz Boruchowski joined Morgan Stanley Wealth Management’s Miami office from Wells Fargo (WFC). They will report to Morgan Stanley’s Miami complex manager, Kevin McCarty.

The team’s yearly production has been $1.8 million, while its assets under management have been roughly $210 million.

Morgan Stanley’s third-quarter results showed that the wirehouse firm, which previously ran its wealth-management operations under the Morgan Stanley Smith Barney brand, had 16,829 advisors as of Sept. 30. This figure is down 1% from 16,934 in the second quarter and 5% from 17,661 a year ago.

Average yearly fees and commissions (or production) per Morgan Stanley rep, though, rose 2% from the second quarter and 9% from a year ago to $790,000.

This figure falls below the $910,000 average of Merrill Lynch’s advisors, which number 16,076 (excluding those in consumer and business banking) as of Sept. 30. (Merrill’s production level, however, is down slightly from the previous quarter and last year.)

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