NEW YORK, July 29 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)