Morgan Stanley Lures Back Michigan Manager, Loses Six Advisors
(Corrects in eighth and ninth paragraph approximate assets advisors managed at Morgan Stanley to lower figures.)
Morgan Stanley on Thursday landed a longtime complex manager who had left the wirehouse six years ago, but the firm continued in recent days to lose advisors.
Mark J. Feiler, who had been managing seven Michigan branches for the employee channel of Ameriprise Financial since early 2013, left on Thursday to become manager of the wirehouse’s branch in the wealthy Detroit suburb of Bloomfield Hills.
Feiler’s peripatetic career began as a PaineWebber broker in the Detroit area, and extended to manager positions for Smith Barney in Miami and at its southern Arizona complex. Prior to taking the Ameriprise post, he was overseeing Morgan Stanley’s Scottsdale, Ariz., branch.
A Morgan Stanley spokeswoman confirmed that Feiler has rejoined as a non-producing manager, and an Ameriprise spokeswoman said a replacement has not yet been named. The 23-year industry veteran could not be reached, but two sources said that while his domain has shrunk he will receive higher compensation at Morgan Stanley. The firm’s Bloomfield Hills branch has 46 advisors, according to its website.
Feiler has replaced William Eastin, whose BrokerCheck history said he left the firm two weeks ago. Eastin, a 32-year industry veteran who joined Morgan Stanley in 2008 from Oppenheimer, could not be reached for comment.
Morgan Stanley and other wirehouses in recent months have been juggling managers in an effort to fill empty slots and invigorate branches at a time when the firms have trimmed their recruiting budgets.
The challenge has grown in recent weeks at Morgan Stanley amid some accelerated advisor departures. A Houston team managing more than $6 billion left last week to set up an independent advisory firm, while three multi-million-dollar producers in a Boca Raton, Fla., office joined Wells Fargo Advisors.
Several other moves also occurred last Friday. Paul Schmitz III, a 26-year industry veteran who had been with Morgan Stanley’s Arlington, Tex., branch for 11 years, shifted to Wells Fargo Advisors’ nearby branch in Southlake, according to his BrokerCheck history. Schmitz, who did not immediately respond to a request for comment, oversaw about $80 million of customer assets at Morgan Stanley, said a person familiar with his practice.
In Morristown, N.J., 16-year industry veteran Tim Starkey left Morgan Stanley to become an independent contractor at Private Advisor Group, the LPL Financial-affiliated hybrid brokerage and advisory mega-practice with more than 600 advisors. Starkey, who a source said oversaw about $60 million of client assets, did not return calls for comment.
Other Morgan Stanley exits in the past two weeks include:
- James “Jay” Bann, a 24-year industry veteran who left the firm’s Naperville, Ill., branch last Friday for Wells Advisors’ private client group office in Lisle, IL;
- Julie Knight, who joined Janney Montgomery Scott’s Allentown, Pa., branch last Friday after beginning her career in that city with Morgan Stanley. She was producing about $800,000 on client assets of $108 million, a Janney spokesman said;
- Paul Strong, who joined Ameriprise’s Daytona Beach, Fla., employee channel branch two weeks ago after more than 23 years with Morgan Stanley in Ormond Beach, Fla.;
- Christos Dikos, who joined Janney Montgomery in Allentown after eight years at Morgan Stanley’s Wyomissing, Pa., branch. He oversaw about $41 million in customer assets, and had previously worked at Janney for ten years.
A Morgan Stanley spokeswoman confirmed the advisor departures, but declined further comment.