Ex-Morgan Stanley Brokers in Florida Emerge from TRO Battles
Two advisers who Morgan Stanley successfully sued in the opening days of its exit from the Protocol for Broker Recruiting have emerged with new businesses.
Daniel Abel, the Ponte Vedra-based advisor who was temporarily shuttered by a judge from contacting clients in a response to an innuendo-laced Morgan Stanley complaint in January that questioned his his skills, said Friday that the issue has been resolved in mediation. The case had been scheduled for arbitration, raising the possibility of a long wait for him to operate freely in his new business.
“The paperwork isn’t signed yet, but we’ve come to an agreement,” he said from his desk at Abel Wealth Management in Jacksonville. “I’m satisfied.”
The broker, who worked at Morgan Stanley for almost four years following eight years with Merrill Lynch and Bank of America, said he was prohibited from discussing details such as whether he can contact any clients he knew from his former team. His advisory firm has a few clients and is licensed for brokerage supervisory and advisory services with independent broker-dealer American Portfolios Financial Services and its American Portfolios Advisors RIA.
“My new business website is up!” Abel wrote on LinkedIn on Friday.
Separately, Doron Rachman, the first broker known to have incurred a temporary restraining request from Morgan Stanley two weeks after it left the Protocol, has landed at a branch of Oppenheimer & Co. in Aventura, Fla., according to his BrokerCheck report.
It is at least the second landing for him.
He worked for about ten days at Leumi Investment Services in Aventura, Fla. following the Nov. 15 departure from Morgan Stanley that triggered its request for a temporary restraining order blocking him from contacting clients for a year. He left the Israeli bank unit on November 29 after agreeing to the TRO.
Reached at his Oppenheimer office, Rachman declined to comment on his status or discuss whether he and Morgan Stanley have resolved their issues or will continue with a scheduled arbitration.
Rachman, who had worked at Morgan Stanley for about five years and has been with nine firms over a 17-year career, registered with Oppenheimer on Wednesday, according to Broker Check.
A Morgan Stanley spokeswoman said she could not immediately comment on the cases involving Abel or Rachman.
The brokerage firm had prevailed in at least four attempts to win TROs against departing brokers since November, but retreated from pursuing a large team in Michigan now affiliated with Raymond James’ independent broker-dealer and lost an attempt last month to prevent a Washington State broker from calling former clients from his new office at RBC Wealth Management.