Close Close

Industry Spotlight > Broker Dealers

Recruiting Roundup: FAs Join Morgan Stanley, Depart for Baird

Your article was successfully shared with the contacts you provided.

The movement of advisors is picking up as spring approaches, with teams moving in and out of the wirehouse firms, as well as over to smaller broker-dealers.

For instance, Morgan Stanley (MS) said last week that it recently recruited a team from Merrill Lynch with about $1.3 million in yearly fees and commissions.

Nikesh Kadakia, Joseph Pastore and Kirk Snyder joined Morgan Stanley in El Segundo, Calif., from Bank of America-Merrill. The team now reports to branch manager David Fahey.

Meanwhile, five advisors with about $500 million in client assets have left Morgan Stanley and Wells Fargo (WFC) to join employee-owned Baird.  

The Lipe Group in Charlotte, N.C., for instance, moved to Baird with roughly $250 million in assets; it includes advisors Joseph and John Lipe.

In Lake Norman, N.C., Kevin Phillips moved to Baird with about $105 million in assets from Wells Fargo.

And the Glenn Group of Portland, Maine, came to Baird from Wells with about $145 million in assets. The team includes advisors Robert Glenn and Chad Schumann.

Janney Recruits

Janney Montgomery Scott said Monday that it nabbed David E. Grice in Asheville, N.C. The former Merrill advisor is helping the firm open a new branch office in Hendersonville, N.C., and a satellite office in Asheville.

Grice oversees more than $100 million in client assets.

“David is a highly regarded advisor and a valued addition to the Janney team,” said Jerry Lombard, president of the firm’s Private Client Group, in a statement.

“He has built a strong practice by focusing on and meeting the needs of his clients, and like the many top-tier advisors who find themselves migrating to Janney, he was attracted to our strong, stable reputation and client-centric philosophy, as well as our ability to provide the same resources as a larger shop, but with more accessible support,” Lombard said.

Earlier this month, Janney recruited John Kline from UBS (UBS) to its Raleigh, N.C., office. Kline, a 20-year veteran, oversees about $180 million in assets.

“John’s long and accomplished career is proof of his commitment to exceeding the expectations of his clients,” said Lombard in a press release. “With the wealth of knowledge and experience he brings to our Raleigh office, unquestionably, he is a tremendous addition to the Janney team and to our Southeast region—a region which we believe continues to present a significant opportunity for growth.”


© 2024 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.