Podcast Center
Video Center
Webcasts
Resource Center
Events
February 12, 2015 at 09:19 AM
Merrill Lynch (BAC) says it has picked up both a team in Los Angeles and an advisor in the New York area from Morgan Stanley (MS). On a combined basis, these additions should bring Bank of America Merrill Lynch some $6.7 million in new yearly fees and commissions, as well as $1.4 billion in client assets.
Meanwhile, Stratos Wealth – a hybrid RIA that trades with LPL Financial (LPLA) – recruited a team from Morgan Stanley and a rep from Wells Fargo (WFC) to its partnership with roughly $300 million in combined client assets.
Private wealth advisor Bruce C. Munster recently left Morgan Stanley to join Merrill’s Private Banking and Investment Group; they are based in Century City, California, and have more than $1.2 billion of client assets under management and annual production of about $5.8 million.
Munster moves to Merrill with a nine-person team that includes partners John Paffendorf and David Freeman.
“Merrill Lynch is pleased to have Bruce Munster and his experienced team of wealth management advisors and analysts join our institution,” said Michael A. Rogers, managing director and head of Merrill Lynch’s Private Banking and Investment Group in Los Angeles, in a statement. “Mr. Munster has clearly demonstrated success in the marketplace based on his high level of personal service to clients, ability to lead clients through successful liquidity events and investment results.”
Munster began his financial career 16 years ago with UBS, while Paffendorf started at Merrill about 14 years ago and later moved to both UBS and Morgan Stanley, according to FINRA records. Freeman went into the business at UBS 10 years ago.
“Bank of America can be a party to any sized deal — whether a client needs corporate finance, investment banking or M&A counsel. Joining Bank of America/Merrill Lynch will help open even more meaningful relationships with new and existing clients,” said Munster in a press release.
According to Merrill Lynch, Munster’s team focuses on wealthy families, and its client base includes 60-plus entrepreneurs, inventors and M&A professionals.
Earlier this week, Merrill announced that Haris Hot joined its office in Red Bank, New Jersey, from Morgan Stanley. Hot has managed over $223 million in client assets and has more than $883,200 in annual production. He began work as an advisor in 2003 at Morgan Stanley.
In early January, Morgan Stanley said it recruited the Stephans Van Liew and the Oiler Group, an eight-member team focused on institutional consulting and private wealth management, to its Graystone Consulting office in Chicago from Merrill. The team has helped manage some $6.5 billion in institutional and private client assets.
Stratos Wealth Recuiting
