Morgan Stanley has hired a big Merrill Lynch Private Wealth Management team based in Florida and New Jersey as it adds 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 as well as 3 customer associates. They’d been generating $7.5 million in annual fees and commissions, based on an individual familiar with the practice of theirs, and joined Morgan Stanley’s private wealth team for clients with twenty dolars million or even more in the accounts of theirs.
The team had managed $735 million in client assets from 76 households who have an average net worth of $50 million, according to Barron’s, which ranked Catena #33 out of 84 best advisors in Florida in 2020. Mindy Diamond, an industry recruiter who worked with the group on the move of theirs, said that their total assets were $1.2 billion when factoring in new clients and market appreciation in the two years since Barron’s assessed the practice of theirs.
Catena, who spent all though 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 occurred in December, based on 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 the practice of his, as reported by Diamond.
“Larry always thought of himself as a lifer with Merrill-with no purpose to make a move,” Diamond wrote in an email. “But, when his son, Steven, came into the business he soon started 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 a unique enhanced sunsetting program in November that can add an extra seventy five percentage points to brokers’ payout when they consent to leave their book at the firm, but Diamond said the updated Client Transition Program wasn’t “on Larry’s radar” after he’d decided to make his move.
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 part 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 didn’t 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 biggest. In addition, it employed a duo with $500 million in assets in Red Bank, New Jersey last month in addition to 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 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 amount 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 conclusion of the third quarter. A lot of the increase came from the inclusion of around 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 its number of branch based wealth management brokers from its consumer-bank-based Edge brokerage force.