Morgan Stanley Manager Merry-Go-Round Keeps Spinning
Tim Byrnes, a 21-year Morgan Stanley veteran who once ran its Southeast region, is being shifted from his current post overseeing six offices in Palm Beach and Boca Raton to head a Pennsylvania complex.
The shift continues a whirlwind of branch management changes in the wirehouse’s south Florida market, where broker exits have been accelerating, according to headhunters.
Byrnes did not return a call for comment on his new role. His remit will be in central Pennsylvania, a Morgan Stanley spokeswoman confirmed.
His Florida post will be filled on an interim basis by Michael Higgins, Morgan Stanley’s North Palm Beach/Boca East manager, the sources said. The complex also includes offices in West Palm Beach, Stuart, Melbourne, Palm Beach Gardens and Vero Beach.
Byrnes had been running the complex since January 2017, after he stepped down from overseeing the Southeast region as part of a reorganization.
The change follows the departure of more than 12 south Florida advisors to Raymond James Financial in the past 15 months, as well as other exits that followed the expiration of retention bonuses to Smith Barney brokers earlier this year.
Eric J. Brief, a $1.5 million producer at the Palm Beach complex, left in April for Wells Fargo Advisors, along with the father-and-son team of J. Richard and R. Kyle Stewart, who had $1.3 million in production.
They were preceded in February by the departures of the $1.5-million team of Steven A. Rodman and Robert A. DeBlasio from a Boca office to Wells. In Naples, Fla., veteran Morgan Stanley complex manager Gregg Stupinski left in March for Raymond James.
The carousel kept spinning last month as Eduardo “Eddie” Ortea, manager of the Boca/Technology Way branch, stepped down from his post. In February, his branch became part of a 60-broker Boca subcomplex under the baton of Frank Novello, who moved to Florida from New York City to manage the two offices.