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 Management.
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 office.
"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 interview.
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.