Morgan Stanley Smith Barney recently snatched a million dollar team from UBS Wealth Management Americas.
A Morgan Stanley spokesperson confirmed that last week, Art Martin, his son, Wade Martin, and John Rizzo joined the brokerage’s Lawrenceville, N.J office. The Martin Rizzo group, reports to branch manager Bob Beylickjian, managed $350 million in client assets and generated up to $3.3 million in combined annual production.
According to FINRA filings, Art Martin was part of UBS for nearly 34 years, while Wade Martin spent more than 23 years there and Rizzo was a 26-year UBS veteran.
A UBS spokeswoman confirmed the team had left the firm.
In the United States, Morgan Stanley Smith Barney has been expanding its wealth management and private banking footprint. Among other recent announcements, the wirehouse announced plans in June to hire 50 private bankers in Charlotte while the amount continued to grow in New York and Miami as well.
Aarti N. Maharaj writes for On Wall Street.