Categories
Markets

Morgan Stanley has hired a huge Merrill Lynch Private Wealth Management team based in Florida and New Jersey

Morgan Stanley has hired a huge Merrill Lynch Private Wealth Management team based in New Jersey and Florida as it will add to the list of multi-million-dollar hires from the rival wirehouse.

The group includes Lawrence W. Mercedes Fonte, Erik Beiermeister, Steven, his son, and Catena in addition to three client associates. They had been generating $7.5 million in annual fees and commissions, according to an individual familiar with the practice of theirs, and also joined Morgan Stanley’s private wealth team for clients with twenty dolars million or more in the accounts of theirs.
The team had managed $735 million in client assets from 76 households which have an average net worth of fifty dolars million, as reported by Barron’s, which ranked Catena #33 out of 84 best advisors in Florida in 2020. Mindy Diamond, an industry recruiter which worked with the group on their move, said that their total assets were $1.2 billion when factoring in new clients and market appreciation in the 2 years since Barron’s assessed their practice.

Catena, who spent all but a rookie year of his 30-year career at Merrill, didn’t return a request for comment on the team’s move, which happened in December, according to BrokerCheck.

Catena decided to move after the son Steven of his rejoined the team in February 2020 and Lawrence started considering a succession plan for the practice of his, according to Diamond.

“Larry always thought of himself as a lifer with Merrill with no purpose to make a move,” Diamond wrote in an email. “But, when his son, Steven, came into the business he started viewing his firm with a new lens. Would it be good enough for the life of Steven’s career?”

The move comes as Merrill is actually launching a brand-new enhanced sunsetting program in November that can add an additional seventy five percentage points to brokers’ payout whenever they agree to leave their book at the firm, but Diamond said the updated Client Transition Program was not “on Larry’s radar” after he’d decided to make the move of his.

Steven Catena started his career at Merrill in 2016 but sojourned at Prudential Investment Management from 2017 until 2020 before rejoining, as reported by FintechZoom.

Beiermeister, that works individually from a part in Florham Park, New Jersey, began his career at Merrill in 2001, as reported by BrokerCheck. Fonte started the career of her at Merrill in 2015.

A spokesperson for Merrill did not immediately return a request for comment.

Morgan Stanley has hired a significant Merrill Lynch Private Wealth Management team based in New Jersey and Florida
Morgan Stanley has hired a significant Merrill Lynch Private Wealth Management team based in New Jersey and Florida

 

The group is at least the fifth that Morgan Stanley has hired from Merrill in recent months as well as seems to be the largest. In addition, it selected a duo with $500 million in assets in Red Bank, New Jersey last month as well as a pair of advisors producing about $2.6 million from Merrill in Maryland.

In December, Morgan Stanley lured a solo producer in California who had won asset growth accolades from Merrill and in October hired a 26-year Merrill lifer in a Chicago suburb which was producing much more than $2 million.

Morgan Stanley aggressively re entered the recruiting market last year after a three-year hiatus, and executives have said that for the first time recently it closed its net recruiting gap to near zero as the amount of new hires offset those who left.

It ended 2020 with 15,950 advisors – 482 more than twelve weeks earlier and 481 higher than at the conclusion of the third quarter. Most of the increase came out of the inclusion of around 200 E*Trade advisors that work largely from call centers, a Morgan Stanley executive said.

Merrill Lynch, which has stood by the freeze of its on veteran broker recruiting put in place in 2017, no longer breaks out the number of its of branch-based wealth management brokers from its consumer-bank-based Edge brokerage force.

Leave a Reply

Your email address will not be published. Required fields are marked *