Categories
Markets

Morgan Stanley has hired a huge Merrill Lynch Private Wealth Management team based in Florida and New Jersey

Morgan Stanley has hired a significant Merrill Lynch Private Wealth Management team based in Florida and New Jersey as it contributes to the list of multi-million-dollar hires from the rival wirehouse.

The group includes Lawrence W. Mercedes Fonte, Erik Beiermeister, Steven, his son, and Catena and also 3 clientele associates. They’d been generating $7.5 million in annual fees and commissions, based on a person familiar with the practice of theirs, as well as joined Morgan Stanley’s private wealth team for clients with twenty dolars million or more in their accounts.
The staff had managed $735 million in client assets from seventy six households that have an average net worth of $50 million, based on Barron’s, which ranked Catena #33 out of eighty four top advisors in Florida in 2020. Mindy Diamond, an industry recruiter which worked with the team on their move, said that the total assets of theirs were $1.2 billion when factoring in new clients and market appreciation in the 2 years since Barron’s assessed the practice of theirs.

Catena, who spent all but a rookie year of the 30-year career of his at Merrill, didn’t return a request for comment on the team’s move, which happened in December, as reported by BrokerCheck.

Catena decided to move after his son Steven rejoined the team in February 2020 and Lawrence began considering a succession plan for the practice of his, according to Diamond.

“Larry always thought of himself as a lifer with Merrill with no objective to make a move,” Diamond wrote in an email. “But, when the son of his, Steven, came into the business he soon began viewing his firm with a brand new lens. Would it be good enough for the life of Steven’s career?”

The move comes as Merrill is actually launching a new enhanced sunsetting program in November that can add an additional 75 percentage points to brokers’ payout whenever they consent to leave the book of theirs at the firm, but Diamond said the updated Client Transition Program wasn’t “on Larry’s radar” after he’d decided to make the move of his.

Steven Catena started his career at Merrill in 2016 but sojourned at Prudential Investment Management from 2017 until 2020 before rejoining, as reported by FintechZoom.

Beiermeister, which works individually from a department in Florham Park, New Jersey, began the career of his at Merrill in 2001, based on BrokerCheck. Fonte started the career of her at Merrill in 2015.

A spokesperson for Merrill did not immediately return a request for comment.

Morgan Stanley has hired a big Merrill Lynch Private Wealth Management team based in Florida and New Jersey
Morgan Stanley has hired a huge Merrill Lynch Private Wealth Management team based in Florida and New Jersey

 

The group is a minimum of the fifth that Morgan Stanley has hired from Merrill in recent months and seems to be the largest. Additionally, it hired a duo with $500 million in assets in Red Bank, New Jersey last month as well as a pair of advisors producing about $2.6 million from Merrill in Maryland.

In December, Morgan Stanley lured a solo producer in California which had won asset-growth accolades from Merrill and in October hired a 26-year Merrill lifer in a Chicago suburb that was producing much more than two dolars million.

Morgan Stanley aggressively re-entered the recruiting market last year after a three year hiatus, and executives have said that for the very first time in recent times it closed its net recruiting gap to near zero as the amount of new hires offset those who left.

It ended 2020 with 15,950 advisors – 482 more than 12 weeks earlier and 481 higher than at the end of the third quarter. Most of the increase came out of the inclusion of around 200 E*Trade advisors who work largely from call centers, a Morgan Stanley executive said.

Merrill Lynch, that has stood by the freeze of its on veteran broker recruiting put in place in 2017, no longer breaks out the number of its of branch based wealth management brokers from its consumer-bank-based Edge brokerage force.

Leave a Reply

Your email address will not be published. Required fields are marked *