Categories
Markets

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

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

The group includes Lawrence W. Catena, his son, Steven, Erik Beiermeister, and Mercedes Fonte and also 3 customer associates. They had been generating $7.5 million in annual fees and commissions, based on a person familiar with the practice of theirs, and also joined Morgan Stanley’s private wealth team for clients with $20 million or more in their accounts.
The team had managed $735 million in client assets from seventy six households which have an average net worth of fifty dolars million, as reported by Barron’s, which ranked Catena #33 out of eighty four best advisors in Florida in 2020. Mindy Diamond, an industry recruiter which worked with the group on the move of theirs, said that the total assets of theirs were $1.2 billion when factoring in new clients and market appreciation in the two years since Barron’s assessed their practice.

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

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

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

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

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

Beiermeister, which works separately from a part in Florham Park, New Jersey, started his career at Merrill in 2001, according to BrokerCheck. Fonte started the career of her at Merrill in 2015.

A spokesperson for Merrill didn’t immediately return a request for comment.

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

 

The group is actually at least the fifth that Morgan Stanley has hired from Merrill in recent months as well as appears to be the biggest. It also hired a duo with $500 million in assets in Red Bank, New Jersey last month as well as a pair of advisors producing aproximatelly $2.6 million from Merrill in Maryland.

In December, Morgan Stanley lured a solo producer in California that had won asset growth accolades from Merrill and in October hired a 26 year Merrill lifer in a Chicago suburb which was producing 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 very first time in recent years it closed its net recruiting gap to near zero as the number of new hires offset those who actually left.

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

Merrill Lynch, that 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 *