Morgan Stanley (MS) says it has recruited two teams from UBS (UBS) and one advisor from HSBC with over $1.4 billion in combined client assets. Meanwhile, Raymond James (RJF) recently added a former Morgan Stanley duo to its independent channel with about $350 million in assets, and Cetera Advisors says it is now providing broker-dealer and fee-based investment advisory services to a group with about $150 million in assets that serves pro athletes.
Coming over to Morgan Stanley Private Wealth Management in Los Angeles Stanley from UBS are advisor Greg Fullmer and six other team members who collectively managed about $1.3 billion in assets. They now report to Los Angeles complex manager Greg Laetsch.
Also moving to Morgan Stanley from UBS is the Hanna/Stern Group, which includes advisors Phil S. Hanna Jr. and Brent M. Stern. They joined Morgan Stanley’s office in Louisville, Kentucky, with about $130 million in assets and yearly fees and commissions of over $1.55 million and report to complex manager Frank Roccisano.
Jimena Hails moved to Morgan Stanley’s Miami office from HSBC. She reports to complex manager Kevin McCarty and has prior assets of $200 million and yearly production of $1.25 million.
Raymond James says it recently recruited Jeffrey Collins and Brien Krank, CFP, from Morgan Stanley. The two advisors are now affiliated with the firm’s independent broker-dealer in Fargo, North Dakota.
Collins and Krank previously managed $350 million in client assets and had about $2.15 million in annual fees and commissions.
“Jeff and Brien are an exceptional team, and we are delighted they chose to affiliate with Raymond James,” said Kirk Bell, regional director for the Raymond James Financial Services Central region, in a statement. “Their decision to join our firm is proof that our broad platform and client-centered approach continues to attract some of the very best advisors in the industry, and we look forward to offering the support they need as they continue to serve their clients and further grow their business.”
Collins began his financial services career in 1997 at Piper Jaffray, while Krank started out in 1995 at Morgan Stanley Smith Barney.
“Brien and I sought out a firm with truly a client-first direction and one that gave us the ability to make impactful decisions on our clients’ behalf at a local level,” explained Collins, in a press release. “Raymond James fit that mold perfectly and offers us the support and independence we need to run our business the way we know works best.” Cetera Addition
On Thursday, Cetera Advisors – part of the Cetera Financial Group of independent broker-dealers – said it is now providing broker-dealer and fee-based investment advisory services to Masters Private Client Group in Asheville, North Carolina.
MPCG includes seven professionals and has roughly $150 million in total fee-based advisory and brokerage client assets. It is led by founder Peter Roe, a 23-year industry veteran, and focuses on clients who are current and former professional athletes, specifically National Football League and Major League Baseball players, as well as high-net-worth entrepreneurs.
As part of the arrangements, MPCG also will work with Horizon Wealth Management, an independent wealth management firm that is home to a Cetera Advisors Super-Office of Supervisory Jurisdiction, which offers business coaching services, marketing expertise and back- and middle-office resources.
“This transition once again underscores the value that the Cetera Advisors platform brings to the marketplace,” said Brett Harrison, executive vice president of advisor growth at Cetera Financial Group and CEO of Cetera Advisors, in a statement. “With independent practices increasingly becoming more focused on a particular business model or client segment, one of the ways independent financial advisory firms can realize their full potential is to leverage the scale and resources of a broad national network alongside the personalized service and expertise of like-minded teams of independent advisors such as Horizon Wealth Management.”