Morgan Stanley loses $350M advisor to J.P. Morgan Securities
A Morgan Stanley advisor who managed over $350 million in client assets left the wirehouse to join rival J.P. Morgan Securities, a spokeswoman confirmed.
Scott Seltzer, an industry veteran of 21 years, joined the elite brokerage unit in New York where he reports to Mike Lee, regional director.
Seltzer said in a statement that he made the move because of J.P. Morgan's resources and the ability to serve his clients within a "boutique setting."
As a top producer at Morgan Stanley, Seltzer was named to the chairman's club at the firm, according to his biography on the company's website, which was still available as of Friday morning.
Seltzer had been with the wirehouse since 2010, according to FINRA BrokerCheck records. He previously worked at UBS.
He's the sixth advisor to leave Morgan Stanley in the past week; the other five departed to join Steward Partners, an independent firm affiliated with Raymond James Financial Services.
His departure also comes amid a shift in the recruiting landscape; three of the four wirehouses have scaled back on hiring efforts while regional and independent firms have ramped up.
For its part, J.P. Morgan Securities, a roughly 400-advisor unit of the giant bank that serves wealthy clients, hasn't announced new hires since May. But, earlier this year, the boutique unit picked up several large teams, including a $1 billion group that also previously worked at Morgan Stanley.
J.P. Morgan Securities has been operating under new leadership since March, when veteran insider Chris Harvey was named as CEO, replacing Greg Quental. Harvey has spent more than three decades at JPMorgan in various roles.