What’s In the Drinking Water at Morgan Stanley’s Jersey Offices?
William Shinners, the complex manager in charge of Morgan Stanley Wealth Management’s Morristown, New Jersey-area offices is leaving, the sixth middle manager in the Greater New York City metropolitan area to walk since March.
Shinners, who has led the complex since 2003 and oversees about 250 brokers, gave notice on Monday, several sources confirmed. The 60-year-old veteran, who began his brokerage career at Dean Witter Reynolds in 1984, told brokers he will stay in his role until a replacement is named.
His move follows the unexpected resignation last month of Lawrenceville, NJ branch manager Robert Beylickjian, who had reported to Shinners. Four other Morgan Stanley branch and complex managers in Manhattan and northern Jersey have departed since March, a sign of the increasingly challenging environment for middle-managers at big brokerage firms.
The middle-management changes at Morgan Stanley and other firms are occurring as the wirehouses are curtailing recruiting, which had represented a key part of managers’ incentive packages, holding them more responsible for their underlings’ compliance infractions and asking them to adopt new performance standards tied to branch profitability.
Shinners has been registered in the securities industry for 33 years, beginning his career at Dean Witter Reynolds in 1984, according to his Finra BrokerCheck report. He worked at PaineWebber from 1992 to 1998 before shifting to Morgan Stanley.