Ex-Morgan Stanley Manager Turetzky Joins Ameriprise
David Turetzky, a former Morgan Stanley manager in Manhattan who dallied with independence following a 17-year career at the wirehouse, has returned to branch management at an Ameriprise Financial branch in New Jersey.
Turetzky, who was in charge of Morgan Stanley’s 55 E. 52nd Street “Park Central” branch in New York City prior to his departure in 2017, confirmed that he began his new job on Wednesday but declined to discuss the motivation for his decision. He had been working since March at Liberty Partners Financial Services an independent broker-dealer in his hometown of Ramsey, New Jersey.
“I’m glad to be back in the game,” Turetzky said of his new post at an employee-channel branch of Ameriprise in nearby Saddle Brook.
The branch has 34 advisors, said Ameriprise spokeswoman Kathleen McClung.
Turetzky joined Morgan Stanley in 2000 as an advisor but moved quickly into management, advancing in 2002 to become an assistant branch manager followed by stints as a complex sales manager and New York City District sales manager, according to his LinkedIn profile. He became a branch manager in early 2008, steering the ship through the financial crisis and Morgan Stanley’s turbulent merger with Smith Barney.
The only disclosure on Turetzky’s BrokerCheck record is of a customer complaint in August 2018 alleging his failure to supervise an advisor’s sales of zero-coupon bonds from 2011 to 2016. Morgan Stanley settled the claim in November 2018 for $1.2 million, and the manager did not contribute to the settlement.
“The Firm did not conclude there was any merit to the allegation that there was a failure to supervise,” Turetzky said in a comment on BrokerCheck.
At Liberty Partners, which has about 100 independent brokers, Turetzky had hoped to recruit experienced wirehouse advisors but conceded last year that the firm could not offer substantial transition packages. Bradley Atkins, chief executive of Liberty Partners, did not return a call for comment.
In Turetzky’s new role, he is promoting the virtues of Ameriprise’s core financial planning business.
“The industry has changed a lot, but I’ve always held onto the notion that clients benefit most from a collaborative, financial-planning based approach,” Turetzky said in a prepared statement. “Ameriprise has long embraced that philosophy, and I’m energized by the opportunity to help our advisors deliver it to clients.”