NEW YORK, July 29 (Reuters) - Independent registered adviser Washington Wealth Management, a subsidiary of the independent broker-dealer NFP Advisor Services, said Tuesday a former Morgan Stanley broker joined its Westport, Connecticut office.
Michael Lee left Morgan Stanley to join Washington Wealth Management's boutique independent firm Pacilio Wealth Management in early July. While at Morgan Stanley, Lee managed $130 million in client assets.
A spokeswoman for Morgan Stanley confirmed Lee left the securities brokerage, but declined to comment further.
The San Diego, California-based Washington Wealth Management employs about 50 brokers and staff managing a combined $1 billion in assets.
The firm was founded by brokers who previously worked at the four largest U.S. brokerage firms: Morgan Stanley, Bank of America's Merrill Lynch, Wells Fargo Advisors, and UBS Financial Services.
Washington Wealth Management continues to recruit from those four securities brokerages, often called wirehouses.
Since it was acquired by NFP Advisor Services in March, chief executive officer Rob Bartenstein said he has hired a total of 7 brokers who previously managed a combined $460 million in client assets and produced $3 million in revenue over their final 12 months at their previous firms.
NFP Advisor Services is a part of National Financial Partners Corp (NFP), which provides life insurance and wealth management solutions for high net worth individuals. (Reporting by Elizabeth Dilts)