Oct 30 Los Angeles-based brokerage firm Wedbush
Securities has expanded its private client services group in
California with a veteran hire from Morgan Stanley Wealth
Adviser Richard Wright moved to Wedbush from Morgan
Stanley's U.S. brokerage, where he had been an adviser
for roughly three decades. Wright joined Wedbush as a senior
vice president of investments, based out of the firm's San Diego
"Over the last couple of years, I decided I really wanted to
find a firm that offered a culture and support ... that would
help me provide better client services," Wright said in an
Wright started at Dean Witter Reynolds, which later merged
with Morgan Stanley. Morgan Stanley Wealth Management, partially
owned by Citigroup, formed after the merger of Morgan
Stanley's wealth business and Citi's Smith Barney in 2009.
In his new role, Wright reports to Wedbush's San Diego
County manager Roc Willis.
"There are a lot of advisers out there who are similar to
Richard and had been at a larger firm for a longer period of
time," said Wedbush Executive Vice President Wesley Long, noting
that the firm has seen increased interest from veteran advisers.
Wedbush Securities' private client services group has
roughly 400 advisers, and plans to grow to 700 advisers over the
next five years, said Long, who heads the group. Eventually, he
said the firm plans to grow to 1,000 advisers.