Morgan Stanley Loses Miami and Chicago Private Wealth Leaders
Two managers in charge of Morgan Stanley Private Wealth Management offices in Chicago and Miami left in the past two weeks, a sign that some observers say emphasizes the increasing vulnerability of middle-level field management.
Charles E. “Chuck” Rice, a 29-year brokerage industry veteran who joined Morgan Stanley as a complex manager in 2008, vacated his Chicago post overseeing brokers servicing ultra-wealthy clients on Monday, according to two well-placed sources.
Jose A. Salazar, who sources said managed about 80 private wealth advisors in Miami, left on January 7, according to his BrokerCheck history, which has no record of his being terminated.
In a brief phone call, Rice described his departure as voluntary, saying that he cannot elaborate on his plans or circumstances because he is subject to a 90-day “garden leave.”
Salazar, a 20-year industry veteran who spent the bulk of his career with UBS and who joined Morgan Stanley in 2013, could not be reached for comment.
Neither manager has disclosures of customer or other complaints on his BrokerCheck record. In a sign of the apparent unexpectedness of their departures, the firm had not named replacements as of Tuesday afternoon, the sources said.
A Morgan Stanley spokeswoman confirmed the departures but declined to comment further.
Morgan Stanley’s private wealth unit includes around 525 advisors who target clients with assets of $20 million and higher, a cohort that has become increasingly fruitful for bank-owned firms that aspire to increase their services to the very wealthy through sales of mortgages, business loans and cash-management products and services. The company has begun requiring its private wealth advisers to take internal courses aimed at helping them “deliver” the firm to their clients.
Prior to assuming management of the private wealth brokers in 2010, Rice had been director of Morgan Stanley’s Northwest Indiana complex of wealth management offices. He began his brokerage career in late 1987 at Kemper Financial Services—a predecessor firm to Wells Fargo Advisors—and also did stints at UBS PaineWebber, Prudential Securities and Bear, Stearns before joining Morgan Stanley in July 2008, according to his BrokerCheck history.
Salazar took the reins of the Miami private wealth unit in April 2015 when he shifted from overseeing a 31-advisor wealth management brokerage branch in Coral Gables. He started his career as an international financial advisor at UBS Financial Services in 1998, according to according to his LinkedIn profile.