Back in the Game: Morgan Stanley Adds Brokers with More than $14 Mln
Despite markets that were tanking and a worldwide medical crisis inhibiting normal business practice, Morgan Stanley attracted three seasoned teams of East Coast advisors late last week.
In Manhattan, three advisors who had been producing $9.5 million at J.P. Morgan Securities returned to Morgan Stanley on Friday.
Jonathan Madrigano, Jared Samos and Benjamin April, who market themselves as The Hillrock Group, work primarily with family office accounts and have joined Morgan Stanley’s private wealth unit working with ultra-wealthy clients, said a person familiar with their practice.
Reached at the team’s new quarters on E. 52nd Street in Manhattan, Madrigano declined to discuss his reasons for returning to the firm they had left in October 2012.
In Doylestown, Pa., Eric Lankin led his four-person team that produced $4.5 million from a Wells Fargo Advisors office on Friday to a Morgan Stanley branch in the Philadelphia suburb. The move was also a homecoming for Lankin, who began his career at Morgan Stanley Dean Witter in October 2002 and stayed for just under five years before joining Wells Fargo in the summer of 2007.
The group, which includes Lankin’s brother Rob and two client associates, oversaw about $500 million for Wells’ clients, said the person familiar with the practice. Lankin did not return a message left with one of his associates, who confirmed that they moved on Friday.
Furthering evidence of its revived recruiting drive, Morgan Stanley attracted Patrick Huge to its Pennsylvania Ave. office in Washington, DC, from Merrill Lynch. Huge, who had been with Merrill for more than 22 years of his 25-year brokerage career, declined to discuss the reasons for his move or his production and AUM statistics.
The branch is managed by Shaun Fulton, who moved into the role in January after it was ceded to him by Jed Woelfle, manager of the five-branch complex in DC, Virginia and Maryland. Fulton joined Morgan Stanley in 2017 after five years at Merrill.
A Morgan Stanley spokeswoman confirmed the arrivals.
The venerable investment bank, which re-signaled its commitment to working with retail investors with its plan to buy E*Trade Financial for $13 billion, has returned to active recruiting of veteran advisors after a three-year hiatus.
It recently appointed veteran New York complex manager Ben Firestein to head national recruiting.
A $14 million team of four advisors from UBS Wealth Management USA two weeks ago joined the East 52nd Street branch that houses the new trio from J.P. Morgan. (The branch is managed by Dwayne Barberis, a millennial who has had the role for three years.)
Several outside recruiters said the Morgan Stanley hires are remarkable in the face of the market turmoil. Shifting firms and urging clients to follow is stressful at any time, one said, but is truly anxiety-producing when clients are focused on losses and when traveling to meet them face-to-face is virus-challenged.
“And don’t forget about the calls being made from their old firms about them leaving now,” said the headhunter, speaking on condition of anonymity. “I’m sure it’s being used against them.”