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Morgan Stanley, Raymond James Add $1M-Plus Reps, Team

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The recruiting frenzy slowed down a bit in late August, with very few firms announcing new financial advisors.

Among the few reps making moves were Michael Torpey and Charles Malamut, who left Bank of America-Merrill Lynch (BAC) to join Morgan Stanley’s (MS) Northfield, New Jersey, office.

The team has yearly fees and commissions of nearly $3.5 million and has overseen about $1.1 billion in client assets. Torpey and Malamut now report to Chris Shaw, Morgan Stanley’s complex manager for Southern New Jersey.   

In Westport, Connecticut, Jon Garofolo moved to Morgan Stanley on Aug. 29 from JPMorgan Chase (JPM). His yearly production is $1.5 million, while his prior assets were $175 million.

The advisor will be supervised by branch manager Patrick Tiani.

Raymond James’ (RJF) independent channel added a group from Wells Fargo Advisor’s Financial Network (WFC) in Lakeland, Florida.

Kenneth Compton, Susan Buchanon, Carl Salvato and Aileen Aqui jointly managed about $170 million in assets and had yearly production of $1.2 million.

The team operates as Compton & Associates.

‘The flexibility within the Raymond James model is truly a boon to a business owner, as it lets you do the work you need to do and take care of your clients,” said Compton, branch manager, in a press release.

Compton began his financial services career at Smith Barney in 1998 and later worked at Citigroup and Wells Fargo. Buchanon began her career more than 26 years ago at E.F. Hutton and worked at Smith Barney for 16 years and at Wachovia/Wells Fargo for eight.

Salvato has been in the financial industry since 1975; he was a senior vice president and portfolio manager for 15 years with EDMP Inc., before joining Wells Fargo Advisors in 2008.

Aqui began her career as the operations manager for a Florida-based money management firm and has been a financial advisor for more than 12 years, including worked at Citigroup.

Baird, HighTower News

Baird said Wednesday that it added industry veteran James W. McGuire as a senior vice president and branch manager of its Philadelphia wealth management office. McGuire moved to Baird from Wells Fargo.

He has more than 20 years of industry experience and was previously with the A.G. Edwards and Wachovia Securities firms. In addition to managing the office, he will serve clients as a financial advisor.

“Baird is very fortunate that Jim will be leading our wealth management business in the Philadelphia area,” said Bill Johnson, regional director for Baird’s Private Wealth Management group, in a press release. “His rich history in our industry, his record of accomplishment in every endeavor, and his values-driven philosophy towards client-first results will all contribute to our future success in Philadelphia.”

Also joining Baird is Christopher J. Coburn, an advisor in the firm’s Denver wealth management office. Coburn worked for RBC Capital Markets, where he had been a financial advisor since 2005 with some $150 million in assets under management.

HighTower  said Tuesday that Wolf-Collins Wealth Management has joined the partnership as its 46th team. William B. Wolf and Ethan Collins are based in Red Bank, N.J., where they currently manage $440 million in assets; the duo previously worked for Merrill Lynch.

“HighTower gives independent advisors the resources to fuel the growth of their practices …,” said Michael Parker, HighTower’s national director of enterprise development, in a statement. “For an established team like Wolf-Collins, this means more time to nurture and expand client relationships while planning their ongoing success.”

Previously, Wolf and Collins were senior members of Merrill Lynch’s Barth/Wolf/Collins Group.

“HighTower offers all the benefits of independence coupled with the support of a leading partnership comprised of some of the nation’s most distinguished financial advisors,” said Wolf, in a press release. “HighTower’s mission is straightforward, and is fully aligned with our own: put the clients’ interests first.”