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February 04, 2013 at 09:30 AM
Morgan Stanley (MS) said Monday that it recruited four advisors from rivals with $434 million in client assets, while the independent broker-dealer Commonwealth attracted nine reps from its largest competitor with some $255 million.
Calvin Mason recently joined the Morgan Stanley Wealth Management office in Pueblo, Colo., from Wells Fargo (WFC). Mason has had yearly fees and commissions of more than $1.4 million and total client assets of $144 million.
The Sheresky/Samsen Group—including Steven Sheresky, Jeffrey Sheresky and Jeffrey Samsen—moved to Morgan Stanley in Midtown Manhattan from JPMorgan Chase (JPM). The team had prior assets of about $290 million.
All three advisors joined Bear Stearns Private Client Services in the mid-1980s, before it became JPMorgan Securities. They now report to complex manager Ben Firestein.
Commonwealth Financial Network says three teams formerly affiliated with LPL Financial (LPLA) are now working with the privately held independent broker-dealer: Ellis & Ellis Investment Management of LaGrange, Ga.; Ingargiola Wealth Management Group of Dunmore, Pa.; and Cornerstone Investment Group of Pikeville, Ky. The shift of the nine advisors to Commonwealth was announced last week.
“Ellis & Ellis Investment Management, Ingargiola Wealth Management Group and Cornerstone Investment Group are industry leaders who share our strong cultural values and client-centric business model,” said Andrew Daniels, Commonwealth’s managing principal of field development (left), in a press release. “We welcome each firm to Commonwealth and look forward to being a supportive partner to them as they enhance their practices and achieve their strategic growth objectives.”
The team of Ellis & Ellis is led by the father and son Robert and Will Ellis. It includes six advisors, who oversee more than $150 million in total client assets.
