Skip to Main Content
SUBMIT A TIP RECEIVE DAILY NEWS
Menu AdvisorHub
  • News
      • Latest News
          • James Gorman, Chairman and CEO Morgan StanleyMorgan Stanley’s Gorman Tops Dimon as Best-Paid Big Bank CEO
          • Reading financial newsThis Week’s Top Stories: Morgan Stanley Boots Texas Broker, Merrill’s 2020 Growth Numbers and More
          • RIA DealsRIA Deal-making Hits Record Despite Pandemic
          • Advisor MoneyWells Fargo Recoups $2.5 Million from New Jersey Duo
        • Close
      • Advisor Moves
          • Boca Raton, FloridaRockefeller Lures Two Florida Teams with $9.8 Mln Revenue
          • Morgan Stanley, UBS Advisor movesMorgan Stanley Rehires $3.3-Mln UBS Team in North Carolina
          • Lars Olson of Sanctuary Wealth Partners in Marion, OHSanctuary Hires $435-Mln Merrill Team, Snowden Lures Another from Retirement
          • Stifel Investment CompanyStifel Hires 33-Year Brokerage Vet from Jefferies in Dallas
        • Close
      • Enforcement
          • Advisor MoneyWells Fargo Recoups $2.5 Million from New Jersey Duo
          • Businessman in prison, fraudWells Fargo Claws Back $3 Million from Jailed Ex-Broker
          • Finra signFinra Fines, Supends Ex-Ameriprise Broker Who Flipped ‘A’ Shares
          • Barred from the securities industry.SEC Puts Nail in Ex-Morgan Stanley Broker’s Career Coffin
        • Close
      • Markets
        • `Nothing Safer Than Cash’: Tech Rout Puts Silicon Valley on Edge
        • ‘Any News Is Bad News’ as Earnings Fail to Save Equity Bulls
        • ‘50 Cent’ Profited From Volatility Jump, Wells Fargo Says
        • ‘Beaten Down’ ETF Is a Way to Play Inverted Curve, BofA Says
        • Close
      • Opinion
          • Opinion-How-Will-The-Coronavirus-Affect-The-Stock-Market-Opinion: Coronavirus – What Advisors Need to Know
          • opinion-investors-conquered-fees-next-up-is-their-own-behaviorOpinion: Investors Conquered Fees but Not Their Own Behavior
          • Investor-Confidence-In-Stocks-Rightly-Declines-Opinion-772x485Investor Confidence in Stocks Rightly Declines: Opinion
          • Opinion-Schwabs-Zero-Commission-Decision-Challenges-Its-Ria-ClientsOpinion: Schwab’s Zero Commission Decision Challenges Its RIA Clients
        • Close
      • Fintech News
          • System outageMerrill Systems Hiccuped on Thursday as Stocks Slid
          • 7 dollar rolls‘The Rock’ Invests in Finance App Acorns, and New Users Get $7
          • TraderHigh-Frequency Traders Love Business With Robinhood
          • EtheriumJay Z, Charles Schwab-Backed Ethereum App Opens Doors to Public
        • Close
      • From the Publisher
          • 2021 PredictionsFrom the Publisher: Sirianni’s Predictions for 2021
          • Josh Rogers – 772×485Seven Questions with Tony Sirianni: Josh Rogers, Founder and CEO, Arete Wealth
          • Phil Hildebrandt — 772×485Seven Questions with Tony Sirianni: Phil Hildebrandt, Principal, CEO of Segall Bryant & Hamill
          • Christian Hyldahl, President of Varium Investment Partners-772×485An AdvisorHub Interview with Christian Hyldahl, President of Varium Investment Partners
          • John Peluso – 772×485Timely interview with John Peluso and AdvisorHub CEO Tony Sirianni
          • Louis Dworsky Coronacrash Interview-772×485Coronacrash Update: Hayden Royal’s Louis Dworsky & Tony Sirianni
          • Stratos_Jeff pic.jpg-772×485Coronacrash Update: Stratos Wealth Partners’ Jeff Concepcion & Tony Sirianni
          • coronacrash ben harrison – 772×485Coronacrash Update: BNY Mellon | Pershing’s Ben Harrison & Tony Sirianni
        • Close
    • Close
  • Deals & Comp
  • Recruiting Wire
  • Breakaway Center
  • Resources
    • resources-home-menuResources Home
    • PRACTICE MANAGEMENT RESOURCESPractice Management Resources
    • Transition ResourcesTransition Resources
    • Fintech ResourcesFintech Resources
    • menu fintechFintech Product Directory
    • Menu-Institute-772×485Institute
    • Boutique Wealth AdvisorsBoutique
    • EventsEvents
    • Asset Manager Hub
    • Close
  • AdvisorHub TV
  • Podcasts
  • RIA Center
  • Virtual Summit
close X
September 18, 2020

Morgan Stanley Picks Off Merrill Teams in NYC, Florida Managing $4.8 Billion

by Mason Braswell
|
Advisor Moves, News
|
Bank of America, Merrill Lynch, Morgan Stanley
|
Comments (10)
Share This
SUBMIT A TIP
Morgan Stanley Building

Morgan Stanley on Friday landed Merrill Lynch teams managing about $4.4 billion in New York and $400 million in Florida, part of a hiring haul that added dozens of advisors and staff to its national roster ahead of the weekend, according to people familiar with the moves.

The New York and Florida teams cumulatively produced more than $10 million in the previous 12 months, and were led by longtime Merrill brokers.

In New York, Louis Meltzer, Jacob M. Dunn and Hadi Fakhoury led a large team to Morgan Stanley that produced around $7 million within Merrill’s private wealth management group for ultra-wealthy clients, said people familiar with their practice. The trio, whose Merrill team website lists two other advisors and six associates, ranks in Forbes best-in-state lists of advisors with $3.3 billion in assets.

Dunn and Fakhoury were among 400 Merrill brokers who qualified for a special award that Merrill Wealth head Andy Sieg established in 2017 to goose new client and asset growth.

Arthur Vale, another New York advisor who previously worked with the Meltzer team and now has a solo private wealth practice, also joined Morgan Stanley on Friday. He managed $1.1 billion in client assets, according to a recent Forbes ranking.

Meltzer spent all but two years of his 27-year career with the Thundering Herd, while Vale, Dunn, and Fakhoury have spent their entire advisory spans of 16, 12 and 10 years, respectively, with the Bank of America-owned wealth firm. Dunn’s father, Daniel, retired from Merrill two years ago and, like Meltzer, had worked earlier in his career at Lehman Brothers.

In Fort Lauderdale, FL, Morgan Stanley plucked a nine-person team led by Merrill lifers John Foreman and Austin Cook, who have been brokers for 19 and 12 years, respectively. Their team, which includes Foreman’s son David, generated about $3.2 million in revenue in the previous 12 months on about $400 million of Merrill client assets, according to four people familiar with their practice.

A veteran Merrill advisor in Florida said John Foreman has frequently made internal presentations on his group’s investment and team-management strategies.

Morgan Stanley’s Fort Lauderdale branch last September recruited the $1.5 million team of Steve Kaufman and Jeffrey Millikin from the Merrill office that housed the Foreman team.

A Morgan Stanley spokeswoman confirmed the New York and Florida hires, but declined to discuss other arrivals that several sources said were in the works as of Friday morning. Morgan Stanley Chief Financial Officer earlier this week said the firm has been revving up its dormant recruiting culture.

Merrill Lynch has experienced a steady outflow of veteran advisors in recent years, some of whom said they were frustrated with continuing pressure from management to promote Bank of America services and credit products to their investment clients.

A Merrill spokeswoman declined to comment, or to confirm Friday’s departures.

Merrill, unlike Morgan Stanley and UBS Wealth Management USA, remains a member of the Protocol for Broker Recruiting that allows exiting advisors to bring client contact information with them when joining other Protocol firms.

Sieg has said that the firm has not actively recruited experienced brokers since 2017, but instead focuses on training internally and hiring novices.

—Jed Horowitz contributed to this story.

Like this article? Let AdvisorHub come to you!  Sign up

Share This
Comments (10)
  • on Sep 18 2020, So sad says:

    Merrill really is an awful place to work now I used to defend them, but no more.

    > Reply to So sad
    • on Sep 20 2020, Stealth says:

      Yeah. I’m sure they didn’t do it for the check. You all head hunters should get some new lines. You sound like a broken record.

      > Reply to Stealth
  • on Sep 18 2020, Thought I was a lifer says:

    And they really don’t care, which is sad. Was there for 25+ years, could not be happier since we left! It’s a shame how BAC has destroyed the culture.

    > Reply to Thought I was a lifer
  • on Sep 18 2020, So sad says:

    Well, that’s an understatement

    > Reply to So sad
  • on Sep 19 2020, Ron Edde Advisor Recruiting says:

    It is ironic how the B of A saved Merrill Lynch from going bankrupt in 2008-2009 but now is essentially overseeing the decimation of a once-proud franchise. What is surprising is that there are any advisors, outside of those in the Merrill Edge channel, still working there. For some apparently, the inertia of the status quo is clearly overwhelming.

    > Reply to Ron Edde Advisor Recruiting
    • on Sep 19 2020, wRONg Eduardo says:

      What is more shocking is that people actually choose to go to Wells Fargo, a once storied firm-turned-bucket shop. Good on you, though, Ron for steering them in the right direction!

      > Reply to wRONg Eduardo
      • on Sep 21 2020, RE says:

        FYI we represent over 30 firms, bucko.

        > Reply to RE
  • on Sep 19 2020, It was all yellow says:

    What a loss for the organization. The NYC team in particular was one of the most respected groups at Merrill. Andy Sieg is too arrogant to acknowledge how he allowed such an amazing brand to be completely decimated by Bank of America’s corporate bureaucracy. Left Merrill two years ago. Can’t believe all of the great teams that have left since. Hard to keep track.

    Andy should be ashamed of himself

    > Reply to It was all yellow
    • on Sep 21 2020, Bofadumpsterfire says:

      According to some rocket surgeons on here all the great teams that could have left any time during the last 20 years are leaving now only for a check.

      > Reply to Bofadumpsterfire
  • on Sep 21 2020, Diogenese says:

    You can say all you care to but by all measures this was only about the deal. These guys left protocol and joined what is nothing but another big amorphous wirehouse. A 90s kind of move with no rational value to clients.
    What fascinates me is why any large producer, focused on moving, would bypass independence. It makes no sense for quality of life or LT economics. This is an industry education failure and yes, I feel bad for the advisors who just sold their soul for what will probably be the balance of their careers.

    > Reply to Diogenese

Leave a Reply Cancel reply

Tony Sirianni Podcast Banner

CORONACRASH NEWS

  • Merrill Touts Success of Growth Strategy in Pandemic-Afflicted Year

    Merrill Touts Success of Growth Strategy in Pandemic-Afflicted Year

    Jan 19, 2021
  • Raymond James Slashes CEO Pay 17% in Turbulent Year

    Raymond James Slashes CEO Pay 17% in Turbulent Year

    Jan 8, 2021
  • Solomon Sees Vaccine Bringing Goldman Staff Back by End of Year

    Solomon Sees Vaccine Bringing Goldman Staff Back by End of Year

    Jan 5, 2021
  • J.P. Morgan Bank Broker Cleared of Coronavirus Crash Claim

    J.P. Morgan Bank Broker Cleared of Coronavirus Crash Claim

    Dec 4, 2020
  • Edward Jones Broker Count Up 5%, Firm Pauses Branch Growth

    Edward Jones Broker Count Up 5%, Firm Pauses Branch Growth

    Nov 5, 2020

NEWS

  • Morgan Stanley’s Gorman Tops Dimon as Best-Paid Big Bank CEO

    Morgan Stanley’s Gorman Tops Dimon as Best-Paid Big Bank CEO

    Jan 23, 2021
  • This Week’s Top Stories: Morgan Stanley Boots Texas Broker, Merrill’s 2020 Growth Numbers and More

    This Week’s Top Stories: Morgan Stanley Boots Texas Broker, Merrill’s 2020 Growth Numbers and More

    Jan 23, 2021
  • RIA Deal-making Hits Record Despite Pandemic

    RIA Deal-making Hits Record Despite Pandemic

    Jan 22, 2021
  • Wells Fargo Recoups $2.5 Million from New Jersey Duo

    Wells Fargo Recoups $2.5 Million from New Jersey Duo

    Jan 22, 2021
  • Former Wells Client Associate Files Overtime Class-Action Suit

    Former Wells Client Associate Files Overtime Class-Action Suit

    Jan 22, 2021

FINANCIAL INDUSTRY PODCASTS

AllIndependenceSuccess
The must listen-to podcast for financial advisors by Tony Sirianni. Guests to include:
-Ron Kruszewski
-Shirl Penney
-Penny Pennington
-Eric Clarke
and many more
Michael Kitces and Carl Richards discuss financial advising topics.
Suzanne Siracuse asks the questions nobody else asks, as influencers and interviewer collide in her new and truly unique podcast series The Big Reveal.
The “new advice value stack,” and how firms can use it to help maximize their own value propositions for their clients.
The Brighthouse Financial Insights Panel is a group of leading, independent experts providing powerful insights into the big challenges facing you and your clients.
Equipping independent financial advisors with the tips, insights, and knowledge needed to evolve in every aspect of his or her life
Powering Independence Podcast, insights and ideas for RIAs, presented by Dynasty Financial Partners. A podcast dedicated to presenting fresh ideas and best practices for the wealth management industry.
As an industry expert, Frank LaRosa provides guidance and advice on a host of topics from recruiting and transitions, succession planning, practice management, M&A and more.
Our goal is to unlock the challenges to reveal the opportunities and what it means to provide advice in the 21st century.
Our webcast is dedicated to helping our viewers get real insights by avoiding the cognitive dissonance of today’s media outlets and biased editorial filters.
Go behind the scenes with registered investment advisors and other related independent business model experts
As a nationally recognized recruiter and consultant to financial advisors, Mindy Diamond has unmatched experience in introducing advisors to the independent space.
The must listen-to podcast for investors, venture capitalists and financial advisors, with Tony Sirianni and Paul Dietrich.
An Introduction to Independence: 5 Key Episodes to Jumpstart Your Knowledgebase
Jay is an investment strategist, CERTIFIED FINANCIAL PLANNER™ and business consultant to financial advisors.
In this podcast business owners, entrepreneurs and executives reveal their top tips for success.
We interview top financial advisors and visionary voices to bring you the strategies, tips, and tools you need to make a difference in people’s lives.
A financial literacy and commentary show that features a number of investors, financial experts, professional athletes, business owners and more.
Join Sound Financial Group CEO Paul Adams and President Cory Shepherd every week, as they help you Design and Build a Good Life™.
The Kuderna Podcast, focusing on wealth in it's original meaning- a state of well being.
Timeless wisdom, actionable information you can use right now to make smarter investment decisions.
Made for and dedicated to those folks serious about their financial plan.
Latest News 
Advisor Moves 
Enforcement 
Opinion 
  • About Us
  • Contact Us
  • Advertise
  • Events
  • Careers

 get our newsletter

Industry focused content and breaking news.

SIGN UP

Contact Us

EMAIL US
1707 Post Oak Blvd.
#484
Houston, TX 77056

© 2021 AdvisorHub
  • |Terms of Use
  • |Privacy Policy
  • |Advertise
  • |Careers
  • Facebook
  • Linkedin
  • Twitter

Back to top