Memorial Day Moves: RayJay Adds Morgan Stanley Broker, LPL Hires from Ameriprise
A million-dollar Morgan Stanley broker in Dallas and an Ameriprise broker in Orlando jumped to the competition on Friday, maintaining a tradition of moving before long weekends to gain more time to contact clients.In Dallas, Robert D. Pearson, a 23-year industry veteran, joined Raymond James & Associates, Raymond James Financial’s employee branch network after 9 years with Morgan Stanley, according to his BrokerCheck record. A source familiar with his practice said that he had been generating around $1.7 million in revenue at a Morgan Staley branch in Plano as a solo practitioner.
Pearson, who started at Merrill Lynch in 1995, was not available for comment, according to a person answering the phone at his new office.
A spokeswoman for Morgan Stanley, which like Merrill Lynch and UBS Wealth Management USA has tightened its own recruiting budget, declined to comment. Spokespeople for St. Petersburg, Florida-based Raymond James did not return a request for comment.
Pearson knew the Raymond James Galleria Tower branch manager, Philip “Charlie” Eldemire, from their time at UBS Financial Services, according to the source. Pearson worked at UBS between 2001 and 2009 after Merrill and before joining Morgan Stanley, while Eldemire, a 40-year industry veteran, spent 21 years at UBS between 1991 and 2012, according to their BrokerCheck histories.
Eldemire, who joined Raymond James from RBC Wealth Management-U.S. in September, did not return a call for comment.
Also on Friday, Ameriprise Financial broker Mike Bensey shifted to independence with LPL. He had been managing $275 million in client assets and joined an office of supervisory jurisdiction called Good Life Company, according to a press release from LPL. He moved along with his son Drew Bensey and son-in-law Daniel Thornton, who are in client support and marketing roles.
A spokeswoman declined to provide production figures, and Bensey, who started his career at Heritage Financial Investments in 1987, according to BrokerCheck, did not return a call for comment. He also spent between six and 10 years at The Advisors Group, Walnut Street Securities, and NFP Securities before joining Ameriprise in 2012, according to the database.
“I’m happy to move to an independent model that offers increased support with the partnership of both Good Life and LPL Financial,” Bensey said in the press release.
A spokeswoman for Ameriprise did not immediately return a request for comment.
The moves coincided with the Friday jump of mega-Merrill broker Arif Ahmed, who had around $16 million in production and joined First Republic Bank’s private wealth unit in Palo Alto.