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September 17, 2013 at 10:18 AM
Morgan Stanley (MS) has a new regional manager for its private wealth business in the Northwest, while Raymond James (RJF) has a new director for its independent channel operations in the central states.
Late Monday, Doug Ketterer, Morgan Stanley’s head of field and private wealth management, announced that Wendi Eckardt will lead the private wealth operations for the wirehouse in the Northwest. “Wendi joins us from UBS, where for the past eight years she has led that firm’s effort in the ultrahigh-net-worth market in Northern California,” Ketterer explained in a memo.
Morgan Stanley’s private-wealth business focuses on ultrahigh-net worth clients, who generally have at least $10 million in investable assets.
Eckardt began her career in financial services at Morgan Stanley in 1992. She was with UBS from 2005 to 2013.
(In late August, Morgan Stanley added nine advisors from rival firms with about $10 million in yearly fees & commissions, as well as more than $1.8 billion in total client assets.)
Meanwhile, Raymond James says that Kirk Bell has been promoted to director for the Central U.S. for its independent channel, Raymond James Financial Services. Bell replaces David Patchen, who was asked to lead the firm’s private-client group education and practice management efforts in mid-August.
“After interviewing numerous qualified candidates, I am very pleased to promote Kirk to this important role,” said Scott Curtis, president of RJFS, in a press release. “Kirk consistently receives positive feedback from the many financial advisors he supports and is highly regarded by those with whom he interacts.”
Bell began his work in the business at Merrill Lynch and joined Raymond James in 2000.
“I am extremely excited to be given such a great opportunity,” Bell said in a statement. “I have supported the Central Region for more than eight years, and I am looking forward to building upon an already solid foundation.”
Bell is now responsible for risk management and supervision, branch manager and advisor relationship management, recruiting and practice management coaching in 12 states with more than 450 advisors in 217 branches. These reps are expected to produce some $175 million in revenues this fiscal year.
In early September, Raymond James said it recruited three advisors doing business as the Portland Harbor Group in Maine from Morgan Stanley. They joined Raymond James’ employee-advisor channel this summer with more than $500 million in client assets and some $3.4 million in annual fees & commissions.
It also added recently advisor Stephen Valelly to the employee channel as a senior vice president of investments in Dallas. Valelly comes to Raymond James from Jefferies & Co., where he managed more than $100 million in client assets.
