Former Morgan Stanley Manager in New York Flogs Independence
A former branch manager who spent the last 17 years of his 19-year career at Morgan Stanley, is singing the praises of the independent brokerage model.
David Turetzky, who was overseeing Morgan Stanley’s 55 E. 52nd Street branch until last March, is searching for experienced brokers to join Liberty Partners Financial Services, an independent broker-dealer that clears through RBC Capital Markets.
Operating from his hometown of Ramsey, N.J., Turetzsky’s ambition is to recruit 15 to 20 brokers in the Greater New York City area within three years to build Liberty’s national force of approximately 100 brokers. The carrot for those who take the deal: A payout of 60% to 80% of revenue produced that betters what employee-model broker-dealers offer and “personal management support” that is absent at larger independent firms, he says.
“This is truly their business, and these are truly their clients,” Turetzky said, noting that Liberty Partners does not penalize brokers for offering discounts to their customers if they want and doesn’t fiddle with the comp plan. “There are no moves by the firm every year to mess with your payout and make it harder to feel like its your business.”
But he knows that recruiting the former wirehouse colleagues he knows best won’t be easy. Although his non-compete agreement with Morgan Stanley ended in November, it and UBS’s withdrawal from the Protocol for Broker Recruiting has made it tough to convince brokers from those firms that they will easily be able to convince customers to move with them without risking a temporary restraining order.
What’s more, Liberty Partners is not offering a “transition package” with loans and signing bonuses to ease the move.
“Obviously I don’t have the pocketbook,” Turetzky said. “And if I recruit from those places, we have to focus on the potential risk of a TRO.”
Turetzky began his brokerage career at First Institutional Securities in 1997 and registered with Morgan Stanley in early 2000, according to BrokerCheck. He described his departure from Morgan Stanley as “quick but amicable,” but declined to provide details.