October 12, 2021
by
AdvisorHub Employees
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A seven-advisor New York Metropolis workforce, with $8.9 million in annual income, left Citi’s small conventional brokerage enterprise on Friday for Morgan Stanley Wealth Administration, in accordance with registration information and sources aware of the strikes.
The workforce, led by two Citi Private Wealth Administration lifers, Robert Hanes, a 28-year veteran, and Josh Haber, a 21-year veteran, had managed $999 million in consumer belongings, the supply mentioned.
The duo constituted nearly all of the workforce’s manufacturing at Citi with Hanes and Haber every producing $three million in annual revenues on $300 million in consumer belongings, the identical supply mentioned.
The workforce, which is branded as The Hanes Haber Group, additionally consists of advisors:
- Adam Wooden, additionally a Citi lifer with 17-years within the business
- Dennis Lee, a 23-year veteran who started at Merrill Lynch in 1998, moved to UBS Wealth Administration USA in 2004, earlier than becoming a member of Citi in 2007
- Erez Avidan, a 12-year business veteran who joined Citi in 2016, after working at eight smaller corporations, beginning in 2009
- Dillon Walker, Citi lifer with 4 years within the business.
The advisors becoming a member of Morgan Stanley both didn’t reply to requests for remark made by social media, besides Avidan, who declined to remark, and Haber and Wooden, who couldn’t be reached.
They’d three assist employees, together with John Vigh, a monetary advisor affiliate, and consumer associates Brandon Lyons and Anchal Rana.
A spokesperson for Citi declined to remark.
At the least six advisors who’re listed on the workforce’s former web site seem to have remained on the agency, in accordance with registration information. They embody: Damian Pereira, Gonzalo Blanco, Lisandro Enferri, Mariano Pinto, Peter Nielsen, and Timothy Shaw.
Citi’s Private Wealth Administration unit consists of round 400 brokers who’re paid largely on fee and are separate from Citi’s salaried personal bankers, who work with shoppers with at the least $25 million. It was seeded from bank-based brokers who remained after Citi offered its core Smith Barney retail brokerage enterprise to Morgan Stanley in 2009.
The Citi unit final 12 months revamped its payout construction and pay schedule for senior PWM brokers who had been moved from a month-to-month fee payout to a quarterly grid pay supplemented by a month-to-month wage and credit score tied to subjective qualitative assessments.
Citi’s Chief Government Jane Fraser additionally in January merged the Private Wealth enterprise and the Non-public Financial institution right into a mixed Citi World Wealth unit because the financial institution restructured the wealth enterprise.
Morgan Stanley, which has been dangling top-tier signing bonuses since returning to veteran dealer recruiting over the previous two years, plucked one other Citi workforce and a solo practitioner in New York and Connecticut in April.
In March, one other Citi Private Wealth workforce that sources mentioned had produced $14 million in annual income in New York Metropolis and Boca Raton, Florida left for First Republic Non-public Wealth Administration.
Each Morgan Stanley and Citi exited the Protocol for Dealer Recruiting–the business hiring pact that enables departing brokers to solicit their former prospects–in 2017.