Morgan Stanley has recruited advisors managing more than $650 million in combined assets and generating nearly $7 million in annual revenue.
In the largest of four moves, Morgan picked up two New York-based advisors from Neuberger Berman on September 15, according to a spokesperson for the firm. Advisors Joseph Stein, Jr., and his son, Jeffrey, managed $320 million in assets and had a combined production of more than $3.5 million while at their previous employer. Father and son report to Ben Firestein, a complex manager for Morgan.
Joseph Stein has nearly 50 years of industry experience, having started his career in 1966 with First Manhattan, according to FINRA records. He moved to Neuberger in 2002, with the younger Stein joining him at the firm in 2004.
On the same day that Morgan Stanley picked up the Stein team, the wirehouse recruited a J.P. Morgan advisor managing $100 million in assets. Advisor Carolyn Sanderson had been at J.P. Morgan since 2006. Sanderson generated $1 million in annual revenue while at the firm. She joins Morgan Stanley at the firm's Lawrenceville, N.J., office where she will report to branch manager Robert Beylickjian.
Morgan also grabbed a UBS advisor managing $110 million in assets and generating about $1.1 million in annual revenue. On September 16, Richard Wilson joined Morgan's Louisville, Ky., office where he now reports to branch manager Chris Hudson and complex manager Frank Roccisano. Wilson started his financial services career in 1979 when he joined Paine Webber, according to FINRA records.
In the most recent move, Morgan nabbed a Merrill Lynch advisor on September 19. Richard Potashner managed $130 million in assets and generated about $1.2 million in assets while at Merrill, where he had been since 1988. Potashner now operates from Morgan's Salt Lake City office where he reports to branch manager Paul Shoemaker.
Prior to Merrill, Potashner worked at brokerage firm E.F. Hutton.
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