Morgan Stanley has hired a big Merrill Lynch Private Wealth Management team based in Florida and New Jersey as it contributes to the list of multi-million-dollar hires from the rival wirehouse.
The group includes Lawrence W. Catena, his son, Steven, Erik Beiermeister, and Mercedes Fonte in addition to 3 clientele associates. They’d been generating $7.5 million in annual fees and commissions, in accordance with a person familiar with their practice, and also joined Morgan Stanley’s private wealth group for clients with twenty dolars million or perhaps more in their accounts.
The team had managed $735 million in client assets from 76 households which have an average net worth of fifty dolars million, according to Barron’s, which ranked Catena #33 out of eighty four best advisors in Florida in 2020. Mindy Diamond, an industry recruiter which worked with the group on their move, said that their total assets were $1.2 billion when factoring in new clients and market appreciation in the 2 years since Barron’s assessed their practice.
Catena, who spent all however, a rookie year of the 30-year career of his at Merrill, did not return a request for comment on the team’s move, which happened in December, as reported by BrokerCheck.
Catena made the decision to move after his son Steven rejoined the team in February 2020 and Lawrence started considering a succession plan for his practice, based on Diamond.
“Larry always thought of himself as a lifer with Merrill with no goal to come up with a move,” Diamond wrote in an email. “But, when his son, Steven, came into the business he soon started to view the firm of his with a brand new lens. Would it be good enough for the life of Steven’s career?”
The move comes as Merrill is launching a unique enhanced sunsetting program in November which can add an extra seventy five percentage points to brokers’ payout when they agree to leave their book at the firm, but Diamond said the updated Client Transition Program was not “on Larry’s radar” after he had decided to make the move of his.
Steven Catena started his career at Merrill in 2016 but sojourned at Prudential Investment Management from 2017 until 2020 before rejoining, based on FintechZoom.
Beiermeister, which works individually from a department in Florham Park, New Jersey, started his career at Merrill in 2001, based on BrokerCheck. Fonte started the career of her at Merrill in 2015.
A spokesperson for Merrill did not immediately return a request for comment.
The group is actually at least the fifth that Morgan Stanley has hired from Merrill in recent months and appears to be the biggest. In addition, it selected a duo with $500 million in assets in Red Bank, New Jersey last month and a pair of advisors producing aproximatelly $2.6 million from Merrill in Maryland.
In December, Morgan Stanley lured a solo producer in California who had won asset growth accolades from Merrill and in October hired a 26 year Merrill lifer in a Chicago suburb which was generating much more than two dolars million.
Morgan Stanley aggressively re entered the recruiting market last year after a three-year hiatus, and executives have said that for the first time in recent times it closed its net recruiting gap to near zero as the number of new hires offset those who left.
It ended 2020 with 15,950 advisors – 482 more than 12 weeks earlier and 481 higher than at the conclusion of the third quarter. Most of the increase came out of the inclusion of around 200 E*Trade advisors who work primarily from call centers, a Morgan Stanley executive said.
Merrill Lynch, which has stood by the freeze of its on veteran broker recruiting put in place in 2017, no longer breaks out the number of its of branch-based wealth management brokers from its consumer-bank-based Edge brokerage force.