August 13, 2021
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AdvisorHub Employees
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Morgan Stanley Wealth Administration has scooped up a $3-million group led by a producing supervisor for Merrill Lynch in Sea Girt, New Jersey.
The group consists of Kevin Holt, who had been a resident director overseeing a Merrill workplace in close by Manasquan in addition to advisors Laura H. Sweeney, William (Invoice) Molloy, and Michael Riley. That they had managed round $600 million in belongings and moved together with two shopper associates, in accordance with two sources near their observe.
A spokesperson for Morgan Stanley confirmed the transfer however declined to touch upon the group’s asset or manufacturing figures.
A Merrill spokesperson didn’t instantly return a request for touch upon the transfer or whether or not it has named a brand new supervisor for its Manasquan workplace, which one of many sources stated was one of many bigger satellite tv for pc branches with $30 million in income.
The 4 brokers, who known as themselves the Holt & Sweeney Group at Merrill and whose transfer had not been beforehand reported, modified corporations in mid-June. Their shift underscores Morgan Stanley’s aggressive hiring and got here throughout 1 / 4 when Merrill management acknowledged an uptick in veteran dealer attrition.
To counter these departures, Merrill has been bolstering its shopper retention efforts, together with using groups of “shopper expertise specialists” to name clients to introduce them to their new dealer and provide price reductions when their dealer strikes to a different agency.
One of many sources stated that Merrill had deployed the groups on this case, however that the Holt & Sweeney group was nonetheless totally on goal with slightly over 50% of their clients’ belongings already moved and extra have been anticipated to comply with. Delays have been largely resulting from transferring buyer loans and vacationing purchasers, the supply stated.
The group had evaluated hanging out on their very own or becoming a member of different broker-dealers however finally opted for Morgan Stanley, the most important of the 4 wirehouse corporations by its roughly 16,000 brokers, as an alternative as a result of they needed follow a big group and wanted customized lending capabilities and a few structured merchandise that have been widespread amongst their purchasers, in accordance with the identical supply.
Holt had spent all however seven months of his 19-year profession at Morgan Stanley, in accordance with BrokerCheck. Sweeney started her profession at Merrill in 2013, in accordance with BrokerCheck.
Molloy began at Dean Witter in 1989 and had labored at 10 corporations over his 30-year profession, in accordance with BrokerCheck. He had joined Merrill in 2010 from UBS.
Riley, a Merrill lifer, began his profession there in 1986, in accordance with BrokerCheck.