Ex-Morgan Stanley Regional Boss Joins Indie Firm, Florida Broker Jumps to Ameriprise
(Updates with details of Struckman’s new role.)
Almost a year after stepping down as Morgan Stanley’s Southeast regional manager, Michael J. Struckman has found a new home.
The 27-year industry veteran joined Gladstone Wealth Group, an independent firm affiliated with LPL Financial on Wednesday, according to Gladstone CEO Richard Frick. Struckman is “head of national sales,” leading recruiting for Gladstone, according to Frick, another former Morgan Stanley manager.
Struckman was a well-regarded field leader at Morgan Stanley until he was ushered out abruptly in May 2018 as part of a restructuring. He was replaced by Ralph Balzano, another veteran manager who Morgan Stanley shifted from running its Northeast region.
Large brokerage firms have been redefining the roles of field management in parallel with their expense-minded reduction of hiring experienced advisers and rewarding managers for hitting retention, new asset and banking product sales goals. The changes have left branch, complex and regional management gaps at Merrill Lynch and at Morgan Stanley. The former recently replaced its Texas divisional head and the latter last month reconfigured its field management structure
Struckman first registered as a broker in 1991 with Dean Witter Reynolds, and also worked at First Union Brokerage Services before joining Morgan Stanley in 2000, according to his BrokerCheck history.
Morgan Stanley deployed Struckman in several regions, but transferred him to Atlanta in January 2017 from his previous post in San Francisco running its Northwest U.S. branches. Separately, Barry Dershaw, a Morgan Stanley broker who had worked at its Boca Raton, Fla., complex since 2008, left last Friday to join the employee channel of Ameriprise Financial Services. The 21-year industry veteran had been managing $52 million in client assets at Morgan Stanley, an Ameriprise spokeswoman said. Dershaw’s move follows that of several other brokers at Morgan Stanley’s Boca complex this year, including those with larger books who joined Raymond James Financial and Wells Fargo Advisors.