Morgan Stanley has hired a big Merrill Lynch Private Wealth Management team based in New Jersey and Florida as it adds 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 and also three clientele associates. They had been generating $7.5 million in annual fees and commissions, based on a person familiar with the practice of theirs, and also joined Morgan Stanley’s private wealth group for clients with twenty dolars million or perhaps more in their accounts.
The group had managed $735 million in client assets from seventy six households which have an average net worth of fifty dolars million, according to Barron’s, which ranked Catena #33 out of 84 top advisors in Florida in 2020. Mindy Diamond, an industry recruiter who worked with the team on the move of theirs, said that the total assets of theirs were $1.2 billion when factoring in new clients and market appreciation in the two years since Barron’s assessed their practice.
Catena, who spent all though a rookie year of the 30-year career of his at Merrill, didn’t return a request for comment on the team’s move, which happened in December, according to BrokerCheck.
Catena made the decision to move after the son Steven of his rejoined the team in February 2020 and Lawrence began considering a succession plan for the practice of his, as reported by Diamond.
“Larry always thought of himself as a lifer with Merrill with no objective to come up with a move,” Diamond wrote in an email. “But, when the son of his, Steven, came into the business he began to view his firm through a whole new lens. Would it be good enough for the life of Steven’s career?”
The move comes as Merrill is launching an innovative enhanced sunsetting program in November that can add an extra 75 percentage points to brokers’ payout whenever they agree to leave the book of theirs at the firm, but Diamond said the updated Client Transition Program wasn’t “on Larry’s radar” after he’d decided to make the move of his.
Steven Catena started the career of his at Merrill in 2016 but sojourned at Prudential Investment Management from 2017 until 2020 before rejoining, as reported by FintechZoom.
Beiermeister, who works individually from a part in Florham Park, New Jersey, started the career of his at Merrill in 2001, according to 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 a minimum of the fifth that Morgan Stanley has hired from Merrill in recent months as well as seems to be the largest. It also selected a duo with $500 million in assets in Red Bank, New Jersey last month as well as a pair of advisors producing aproximatelly $2.6 million from Merrill in Maryland.
In December, Morgan Stanley lured a solo producer in California that had won asset-growth accolades from Merrill and in October hired a 26 year Merrill lifer in a Chicago suburb which was producing 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 very first time recently it closed its net recruiting gap to near zero as the number of new hires offset those that left.
It ended 2020 with 15,950 advisors – 482 more than 12 months earlier and 481 higher than at the conclusion of the third quarter. A lot of the increase came from the inclusion of over 200 E*Trade advisors that work largely from call centers, a Morgan Stanley executive said.
Merrill Lynch, which has stood by its freeze on veteran broker recruiting put in place in 2017, no longer breaks out its number of branch-based wealth management brokers from its consumer-bank-based Edge brokerage force.