Indie Firm with 55 Brokers Hires Ex-Philadelphia Manager at Morgan Stanley
Rick Frick, who managed about 10 Morgan Stanley branches near Philadelphia before his abrupt departure in May, has been hired by an independent firm affiliated with LPL Financial in New Jersey to help it recruit.
Frick, who worked for most of his 21-year career at large broker-dealers, confirmed on Thursday that he registered late last month with Gladstone Wealth Group, a Bedminster, New Jersey brokerage and advisory firm founded in 2012 by Robert P. Hudson III. Gladstone is a network of 55 brokers and registered investment advisers who as of the end of 2017 oversaw $2 billion in brokerage and advisory assets, according to Frick.
“I joined because of Rob, and what he’s built and what we’re going to build,” said Frick, who began his career at Salomon Smith Barney in 1995 and also sojourned at Prudential Securities and its successor firm Wells Fargo Advisors before joining Morgan Stanley in 2011. He is working out of a Gladstone office in Red Bank, N.J.
In a brief interview on Thursday, Hudson said Gladstone aspires to build to $100 billion of brokerage and advisory assets within five years.“We’re looking to make it a national presence, and Rick is here to do just that,” he said.
Hudson in September also hired Robert Limmer, the former manager of a UBS complex in Long Island, with hopes of tapping the producer contact list he has built over 32 years of industry experience.
The arrival of the big-firm managers to a relative start-up illustrate the growing allure of independence at a time when wirehouses are requiring more regimentation of their brokers as well as the roadblocks that managers sometimes hit after years of experience.
Frick left Morgan Stanley as part of a “mutually agreed resignation stemming from employee’s manner of communications,” according to a U-5 separation agreement reviewed by AdvisorHub. Frick on Thursday characterized the issue as a “style-of-management” conflict with his boss. (His BrokerCheck record has no disclosures, indicating that there were no regulatory or customer issues provoking his departure.)
Gladstone currently operates about 20 small offices in Pennsylvania, New York, Texas, Florida and New Jersey, according to the December ADV filing of Gladstone Institutional Advisory, its RIA unit. The firm’s brokers have the option of managing advisory accounts through Gladstone or LPL but execute brokerage through LPL.
Morgan Stanley in June filled Frick’s position as Philadelphia complex manager by hiring Katie Flaherty from Merrill Lynch. She had overseen a Merrill complex in Fairfield County, Conn.