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

Morgan Stanley has hired a huge Merrill Lynch Private Wealth Management team based in New Jersey and Florida as it contributes 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 as well as three customer associates. They’d been generating $7.5 million in annual fees and commissions, according to an individual familiar with the practice of theirs, as well as joined Morgan Stanley’s private wealth group for clients with twenty dolars million or perhaps more in the accounts of theirs.
The staff had managed $735 million in client assets from 76 households that have an average net worth of fifty dolars million, based on Barron’s, which ranked Catena #33 out of eighty four top rated advisors in Florida in 2020. Mindy Diamond, an industry recruiter that worked with the team on their move, 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 the practice of theirs.

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

Catena made the decision to move after his son Steven 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 create a move,” Diamond wrote in an email. “But, when the son of his, Steven, came into the business he started viewing the firm of his through a brand new lens. Would it be good enough for the life of Steven’s career?”

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

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

Beiermeister, who works individually from a branch in Florham Park, New Jersey, started his career at Merrill in 2001, based on 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 significant 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 New Jersey and Florida

 

The group is actually at least the fifth that Morgan Stanley has hired from Merrill in recent months and also 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 about $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 who was producing more than two dolars 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 in recent times it closed its net recruiting gap to near zero as the number 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. A lot of the increase came from the inclusion of around 200 E*Trade advisors who 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 its number of branch based wealth management brokers from its consumer-bank-based Edge brokerage force.

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