Advisors continue to switch firms, despite the generally upbeat mood of investors and the markets, which can often act as a drag on recruiting and transitioning reps.
Arturo Castelo Lopez, Jennifer Sierra and Marion Tettke joined Morgan Stanley’s office in Miami from UBS. The team now reports to complex manager Kevin McCarty. It has combined yearly fees and commissions of about $3.5 million and has managed client assets of $375 million.
Ricardo Kent joined Morgan Stanley’s office in Plantation, Fla. (near Fort Lauderdale), from Wells Fargo, where he now reports to both branch manager Giovanni Renteria and complex manager Billy Van Scoyoc.
Kent’s annual production level has been over $1 million, while his client assets recently have totaled $100 million.
Two ex-Morgan Stanley financial advisors are forming the Old Dominion Group in Janney Montgomery Scott’s Washington, D.C., office, the broker-dealer said Tuesday.
“Robert and Michael have built a strong, client-centric practice, which will be instrumental as we continue to look for growth opportunities in the DC-metro area,” said Jerry Lombard, president of the Janney’s Private Client Group, in a press release. “The Old Dominion Group was initially attracted to Janney because of our flexible and accessible environment, and I am pleased that they see working with the firm as an opportunity to further strengthen their practice.”
Benson was an advisor with Morgan Stanley for the past four years. He worked with Citigroup from 2006 until 2009 and spent 21 years with Legg Mason before that post. The team has about $142 million in client assets under management and $700,000 in yearly fees and commissions.
“While Janney already has a well-established presence in this area, we’ve remained focused on expanding strategically within our existing footprint to provide our clients superior service in convenient locations,” added Lombard.
Janney currently has 730 advisors and some $58 billion in client assets under management. Its Washington D.C. branch is led by branch manager Jeff Smith.
UBS, Baird Recruiting
On Wednesday, UBS said it recruited Stephen Fish, formerly of Hilliard Lyons, in Kenwood, Ohio, which is near Cincinnati. The veteran advisor, who’s been in the industery for more than 25 years, has annual production of $3.4 million and client assets of $475 million.
Last week, Baird announced that veteran financial advisor Paul Donnelly moved to its Chicago Private Wealth Management office from William Blair & Co. Donnelly manages about $200 million in assets.
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