June 4 Morgan Stanley Wealth Management,
the largest U.S. brokerage, said on Tuesday it has expanded its
adviser force in Florida with hires from rival brokerages Wells
Fargo Advisors and UBS Wealth Management Americas.
Ricardo Kent joined Morgan Stanley's Plantation, Florida
office from Wells Fargo, the St. Louis-based brokerage owned by
Wells Fargo & Co.. Kent managed $100 million in client
assets at the firm and generated more than $1 million in annual
revenue. He now reports to branch manager Giovanni Renteria and
complex manager Billy Van Scoyoc.
Kent spent a decade at Wells and its predecessor firms,
according to regulatory filings. A spokeswoman for Wells Fargo
confirmed Kent's departure but declined to comment further.
In Miami, Morgan Stanley hired Arturo Castelo Lopez,
Jennifer Sierra and Marion Tettke from UBS, where the trio
managed $375 million in client assets and produced $3.5 million
in annual revenue. The team now reports to complex manager Kevin
Lopez and Sierra joined UBS in 2009, while Tettke had been
there since 2005, regulatory filings show. A spokesman for UBS
declined to comment on the team's move.
Morgan Stanley Wealth Management, which is minority-owned by
Citigroup Inc., was formed out of the merger of Morgan
Stanley's wealth division and Citi's Smith Barney in 2009. The
combined unit created the largest U.S. brokerage by adviser
headcount and client assets under management.
Last year Morgan Stanley lost several top adviser teams to
rivals because of frustrations with the firm's technology
platform and cultural differences with senior management.
But speaking at the Reuters Wealth Management Summit on
Tuesday, Morgan Stanley wealth management head Greg Fleming said
attrition is down throughout the firm, especially among the top
40 percent of advisers as measured by revenue production. That's
happened as wealth management has grown into one of Morgan
Stanley's core businesses, he said.