Categories
Markets

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

Morgan Stanley has hired a significant Merrill Lynch Private Wealth Management team based in New Jersey and Florida 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 three clientele associates. They had been generating $7.5 million in annual fees and commissions, in accordance with a person familiar with the practice of theirs, and also joined Morgan Stanley’s private wealth team for clients with $20 million or more in the accounts of theirs.
The staff had managed $735 million in client assets from 76 households who have an average net worth of fifty dolars million, as reported by Barron’s, which ranked Catena #33 out of eighty four top advisors in Florida in 2020. Mindy Diamond, an industry recruiter who 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 however, a rookie year of his 30-year career at Merrill, did not return a request for comment on the team’s move, which took place in December, according to BrokerCheck.

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

“Larry always thought of himself as a lifer with Merrill with no goal to make a move,” Diamond wrote in an email. “But, when the son of his, Steven, came into the business he soon began to view his firm through a 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 which can add an additional seventy five percentage points to brokers’ payout when 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 his move.

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

Beiermeister, who works separately from a branch in Florham Park, New Jersey, began the career of his at Merrill in 2001, as reported by BrokerCheck. Fonte started her career at Merrill in 2015.

A spokesperson for Merrill didn’t 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 significant Merrill Lynch Private Wealth Management team based in New Jersey and Florida

 

The group is actually at least the fifth that Morgan Stanley has hired from Merrill in recent months and also appears to be the largest. It also employed a duo with $500 million in assets in Red Bank, New Jersey last month and a pair of advisors producing about $2.6 million from Merrill in Maryland.

In December, Morgan Stanley lured a solo producer in California who had won asset-growth accolades from Merrill and in October hired a 26-year Merrill lifer in a Chicago suburb which was producing more than $2 million.

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

It ended 2020 with 15,950 advisors – 482 more than twelve months earlier and 481 higher than at the end of the third quarter. A lot of the increase came from the addition of more than 200 E*Trade advisors who work primarily 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 its number 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 *