Slideshow Advisors on the Move: Morgan Stanley Loses Advisors to Raymond James and Wells Fargo

Published
  • May 19 2014, 10:40am EDT
8 Images Total

Advisors on the Move: Morgan Stanley Loses Advisors to Raymond James and Wells Fargo

UBS and Morgan Stanley shook up their executive ranks, while Morgan lost several advisors managing more than $700 million in assets to Wells Fargo, Raymond James and independent firm Steward Partners. Click through our slideshow to read about the latest moves, recruitments and promotions.

Raymond James Lands Wirehouse Advisor

A Morgan Stanley advisor who managed more than $360 million in client assets joins Raymond James & Associates.


Stephen Besse moves to Raymond James’ Walnut Creek, Calif. office.

Content Continues Below


Advisors on the Move: Morgan Stanley Loses Advisors to Raymond James and Wells Fargo

Wells Fargo Grabs Former Morgan Stanley Advisor Team

The Lev Sher Group has left Morgan Stanley, where the team managed $236 million in client assets, to join Wells Fargo Advisors.


The Woodbury N.Y.–based team includes advisors Norman Lev, Glen Sher and Michael Jeshiva, and client associates Roberta Lev and Helen Cardona.

Advisors on the Move: Morgan Stanley Loses Advisors to Raymond James and Wells Fargo

Raymond James Recruits Team With More Than $280 Million in AUM

Raymond James & Associates lured away a Merrill Lynch team that managed more than $280 million in client assets while at the wirehouse.


Advisors Jeffery Tomaszewski and Gary Rigby generated about $1.6 million in annual revenue while at Merrill Lynch.

Advisors on the Move: Morgan Stanley Loses Advisors to Raymond James and Wells Fargo

Morgan Stanley Appoints New Head of Private Wealth Management

Morgan Stanley is shaking up its executive ranks. Eric Benedict, an 18-year industry veteran, will head private wealth management at the wirehouse, which serves ultra-high-net-worth clients.

Content Continues Below


Advisors on the Move: Morgan Stanley Loses Advisors to Raymond James and Wells Fargo

UBS Reshuffles the Executive Deck

UBS brought in former Morgan Stanley executive Paul Hatch to become group managing director and head of advice and solutions, in addition to shifting some responsibilities among its upper management, a move that brass says will bring executives closer to UBS advisors.


Bob Mulholland, head of UBS Wealth Management Americas Client Advisory Group, says grabbing Hatch is a "real coup" for UBS.

Advisors on the Move: Morgan Stanley Loses Advisors to Raymond James and Wells Fargo

Steward Partners Picks Up Two Morgan Stanley Advisors

Advisors Joe Wong and Rodger Friedman left Morgan Stanley to join Steward Partners Global Advisory, an independent firm founded last year by several former Morgan Stanley managers.


Wong and Friedman managed more than $170 million in assets and generated about $1.5 million in annual revenue while at the wirehouse.

Image: Joe Wong and Rodger Friedman

Advisors on the Move: Morgan Stanley Loses Advisors to Raymond James and Wells Fargo

Three Wirehouse Advisors Join Forces With Raymond James

Former Wells Fargo advisors James Tharin and Clint Sorenson and former UBS advisor Robert Leggett have formed Emerald Asset Management, an RIA, which is affiliating with Raymond James' Investment Advisors division.


The partners considered some of the bigger custodians, like Fidelity, Charles Schwab and Pershing, Sorenson says, but were attracted to Raymond James' technology platform and its increased focus on RIAs. "They seem to have more full service than the other custodians," says Sorenson of Raymond James IAD. "We thought it was a good cultural fit."


Prior to joining forces with Raymond James, the trio collectively managed more than $200 million in client assets; they had combined annual revenue in excess of $1.9 million.