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September 05, 2014 at 08:25 AM
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.
