Morgans (Stanley and J.P.) Lure $4-Mln-Plus Teams from UBS and Merrill
Morgan Stanley Wealth Management’s renewed recruiting appetite yielded the firm a $5.4-million UBS team in Boston over President’s Day weekend, while J.P. Morgan Securities nabbed an 18-year wirehouse veteran in Florida whose team generated about $4.1 million for Merrill Lynch last year.
“We are extremely excited to serve our clients and grow our business with Morgan Stanley,” the two said in a prepared statement. Neither responded to requests for comment to expand on their decision to join another wirehouse.
Aside from a rookie-year stint with Ameriprise Financial successors IDS Life Insurance and American Express Financial Advisors, Bankhead spent his entire career at Dean Witter Reynolds, Smith Barney and UBS. Goodstein began his career at Smith Barney 16 years ago, and moved with Bankhead to UBS in 2007, according to his BrokerCheck history.
The J.P Morgan brokerage recruits in Palm Beach Gardens—five advisors and three associates led by 18-year industry veteran Justin Girard—oversaw about $575 million of client assets at Merrill Lynch, a J.P. Morgan spokeswoman said. They produced more than $4 million last year at Merrill, which Girard joined in 2010 after a career that began with Morgan Stanley in 2001.
The team also includes advisors Robert Danion, Theodore Peroulakis, Corey Brown and Ruben Rodriguez. Tom Kovarik, who was a “senior consultant” with the team following his entry into Merrill’s “client transition” retirement program, remains at the wirehouse.
Girard, who ranked #113 on Forbes’ 2020 Best-In-Florida list of top advisors, said his team evaluated 11 firms in a ten-month search before opting to join the legacy Bear, Stearns business that is part of J.P. Morgan’s newly reorganized U.S. Wealth Management group. He declined to discuss his choice, other than to cite the “superior service” and “unique platform” that J.P. Morgan touted in a news release about the team’s arrival.
The moves are part of a wave of hires by large firms that had shown only modest recruiting appetites until recently.
Morgan Stanley, which along with UBS withdrew from the Protocol for Broker Recruiting two years ago, last month recruited several multi-million-dollar producers from competitors, including a $2.5 million producer in New York from J.P. Morgan. In another sign of its new efforts to fill seats, Morgan Stanley last month also appointed veteran complex manager Ben Firestein to run recruiting.
Merrill Lynch remains in the broker pact but, with rare exceptions, has shifted from recruiting veteran advisers to compensation plans that strongly reward asset-accumulation and new-household-account openings. According to J.P. Morgan, it lost one of those culture-carriers on Friday.
“Girard & Associates is one of the fastest growing teams in Palm Beach and it’s easy to see why,” Rick Penafiel, regional director at J.P. Morgan Securities in Palm Beach said in a prepared statement. “Justin and his team are at the forefront of the next generation of wealth advisors, with an ability to deliver fresh ideas and exceptional service to ultra and high net worth clients.”
The moves were among many over the holiday weekend, including a $4.3 million team that left Wells Fargo Advisors for First Republic from Wells Fargo and a pair of $2-million producers at Morgan Stanley in Atlanta who joined Rockefeller Capital Management on Friday.