Morgan Stanley Gives Walking Papers to Another Billion-Dollar Broker: Source
Morgan Stanley has terminated a nationally ranked broker who had been with the firm and predecessors for more than 30 years in the wealthy New Jersey town of Florham Park.
Weinerman had been managing around $1 billion in assets and was generating $4 million in annual revenue, the person said, another signal of large firms’ intolerance with policy inconsistencies once overlooked.
Weinerman, whose production metrics earned him the title of managing director and a #6 ranking on Forbes’ list of top New Jersey advisors this year, could not be reached for comment. He has no customer complaints or regulatory events disclosed on his BrokerCheck record.
A spokeswoman for Morgan Stanley declined to comment.
Weinerman is at least the second billion-dollar-asset broker the wirehouse appears to have ousted in as many months. A 31-year veteran in Boca Raton, Fla., advisor producing around $4 million was dismissed over the use of personal email for business presentations in February.
Morgan Stanley also has recently discharged around a dozen brokers for allegedly miscoding inherited accounts to deprive retired advisors of commissions, and has ushered out others over outside business policy concerns.
Weinerman had worked at Lehman Brothers since 1988, staying with the firm through its integrations into Smith Barney and then Morgan Stanley, according to BrokerCheck. He first registered as a represent in 1987, and was briefly with L.F. Rothschild and Oppenheimer.
Weinerman’s Morgan Stanley partner Michael J. Ricca, who has worked with him since 1997 and is also a managing director, remains at the firm. The team has a speciality in advising executives on managing their corporate stock holdings, according to their website. They manage about $4.7 billion in assets, according to Forbes.
Ricca declined to comment when reached at the Morgan Stanley office.
Weinerman also was a member of Morgan Stanley’s top recognition club, the ‘Chairman’s Club,’ and has ranked on the Financial Times’ “Top 400 U.S. Advisers” list annually since 2013 and on Barron’s “Top 1,200 Advisors” list from 2014 to 2020, according to his former Morgan Stanley website.