Morgan Stanley lands $5.4M producers from UBS

Bess Adler/Bloomberg

Pursuing a selective approach to hiring, Morgan Stanley landed a UBS team that managed $780 million in client assets.

John Bankhead and Jeffrey Goodstein joined Morgan Stanley in Boston. The team had production of $5.4 million, a company spokeswoman confirmed.

Morgan Stanley reduced recruiting efforts and left the Broker Protocol in 2017, citing what it said were loopholes in the accord that eases advisor movement between member firms as a reason to quit.

UBS, like Morgan Stanley, is not a member of the Broker Protocol; it left the accord shortly after its wirehouse rival.

Since leaving, Morgan Stanley has sued some departing advisors for allegedly violating non-solicitation agreements. It has generally won these lawsuits.

Still, the wirehouse occasionally picks up new hires. Last month, it took on 10 advisors in four locations: Irvine, California; Bowling Green, Kentucky; Huntsville, Alabama; and Plantation, Florida. All those recruits came from Morgan Stanley’s three wirehouse rivals.

Recruiting

Gone in a New York minute: Morgan Stanley loses 9 teams, $6B in AUM

Four of the departures happened in New York following the firm's abrupt departure from the Broker Protocol.

By Andrew Welsch

November 2

Of the firm’s newest additions, Bankhead is the senior advisor. He started his career in 1991, according to FINRA BrokerCheck records. He worked at Dean Witter and Smith Barney before moving to UBS in 2007.

Goodstein began his career at Smith Barney in 2004, according to BrokerCheck.

The advisors report to Jeff Swartz, Morgan Stanley’s Boston complex manager.

A UBS spokesman could not be reached for immediate comment.