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Industry Spotlight > Broker Dealers

Wedbush Nabs Morgan Stanley FA

By Janet Levaux

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Wedbush Securities, an independent broker-dealer, said it hired a veteran advisor from Morgan Stanley (MS) on Tuesday.

Richard Wright, who has more than 25 years of industry experience, will be a senior vice president of investments and an estate-planning consultant for the Los Angeles-based firm. 

According to Wedbush, Wright will continue to serve his clients nationwide and will reporting to Roc Willis, senior vice president and manager of the independent firm’s San Diego County operations.

“Richard prides himself on understanding the priorities of his clients and their families, and then finding the best solutions for their financial goals,” said Wesley Long, executive vice president and head of private client services for Wedbush, in a statement/ “We are pleased to welcome him as we continue to grow our team of Wedbush Financial Advisors.”

Wedbush now includes 400-plus financial advisors who work out of more than 100 offices nationwide. The group aims to expand to 700 advisers over the next five years, with the ultimate objective of reaching 1,000 FAs, according to a recent Reuters report.

In mid-September, Wedbush added Tina Huyler to its Private Client Services Group as vice president, investments. She is a 20-year industry veteran and will continue to serve clients in Colorado and surrounding regions.

On Wednesday, Morgan Stanley said it grabbed a team from Wells Fargo and a top female producer from Raymond James Financial Services.

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.

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