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Technology > Investment Platforms > Turnkey Asset Management

Morgan Stanley Adds 9 Merrill, Wells & JPMorgan Advisors

By Janet Levaux

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Less than a week after sharing the news that it had nabbed four advisors from rivals with about $3.7 million in yearly fees and commissions and more than $425 million in client assets under management., Morgan Stanley (MS) said late Monday that it just successfully recruited nine more advisors with about $9.2 million in annual production and over $765 million in client assets from Merrill Lynch (BAC), Wells Fargo (WF) and JPMorgan (JPM).

Plus, the firm – which is led by James Gorman (above) — says it recruited 10 FAs from UBS (UBS) since March 1 with about $7.8 million in production and some $660 million in client assets. The ex-UBS reps include several teams and individuals with over $1 million in trailing-12-month fees and commissions.

Latest Recruits

One team joining from Bank of America-Merrill includes Gaston Abello and Felix Jaimovich. They are based in Aventura, Fla., and report to complex manager Bill Van Scoyoc. They have total production of $2.1 million and prior assets of $165 million.

Also moving to Morgan Stanley from Merrill are Robert Iocco and Francis Ciocari of Blue Bell, Penn. Their combined fees and commissions are $1.6 million, while their prior assets are over $200 million.

William Seabrook and Kathleen Chiappone joined Morgan Stanley in Orlando from Wells Fargo. The team now reports to branch manager Derek Tangeman. Its combined production is roughly $1.8 million.

Coming over from JPMorgan are Paul D. Emrick, Troy Hottenstein and Scott Holland. They are now reporting to complex manager Rick Frick in downtown Philadelphia. The team’s total yearly fees and commissions are $3.7 million, and its prior assets are $400 million.

In the fourth quarter, Morgan Stanley said it had 16,780 advisors, down 29 reps from the prior quarter and off 4% from last year’s tally of 17,512. Average annualized revenue per rep, though, was $824,000, an improvement of 4% from the prior quarter and 13% from last year.

“Morgan Stanley may have its technology challenges, but the fact is that it has a broad-based platform of fee-based services and a pretty hefty recruiting war chest,” said Mark Elweig, head of the executive-search consulting group Mark Elzweig Company in New York, in an interview last week, with AdvisorOne. “Also, advisors who like the wirehouse model have only one of four firms from which to choose. Depending upon where they’ve worked before, the actual number of choices is even fewer” still.

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