Morgan Stanley has hired a big Merrill Lynch Private Wealth Management team based in Florida and New Jersey
Morgan Stanley has hired a significant 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. Mercedes Fonte, Erik Beiermeister, Steven, his son, and Catena and also 3 customer associates. They'd been generating $7.5 million […]

Morgan Stanley has hired a significant 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. Mercedes Fonte, Erik Beiermeister, Steven, his son, and Catena and also 3 customer associates. They'd been generating $7.5 million in annual fees and commissions, in accordance with an individual familiar with their practice, and also joined Morgan Stanley's private wealth group for clients with $20 million or perhaps more in their accounts.
The staff had managed $735 million in client assets from 76 households that have an average net worth of $50 million, based on Barron's, which ranked Catena #33 out of eighty four top advisors in Florida in 2020. Mindy Diamond, an industry recruiter which 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 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 decided to move after the son Steven of his rejoined the team in February 2020 and Lawrence began considering a succession plan for his practice, based on Diamond.

"Larry always thought of himself as a lifer with Merrill-with no goal to create a move," Diamond wrote in an email. "But, when his son, Steven, came into the business he soon began viewing the firm of his through a 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 additional seventy five percentage points to brokers' payout once they consent to leave the book of theirs 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 the career of his at Merrill in 2016 but sojourned at Prudential Investment Management from 2017 until 2020 before rejoining, according to FintechZoom.

Beiermeister, that works individually from a department in Florham Park, New Jersey, started the career of his at Merrill in 2001, as reported by BrokerCheck. Fonte started the career of her at Merrill in 2015.

A spokesperson for Merrill did not immediately return a request for comment.

Morgan Stanley has hired a big Merrill Lynch Private Wealth Management team based in New Jersey and Florida
Morgan Stanley has hired a huge Merrill Lynch Private Wealth Management team based in Florida and New Jersey

 

The group is at least the fifth that Morgan Stanley has hired from Merrill in recent months and seems to be the largest. It also employed 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 who was generating more than $2 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 months earlier and 481 higher than at the end of the third quarter. A lot of the increase came from the addition of over 200 E*Trade advisors that 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.

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