Morgan Stanley Nabs Citi Personal Wealth Brokers in NY, CT
A five-advisor New York City team and a solo broker in Stamford, Connecticut have left Citi Personal Wealth Management for Morgan Stanley Wealth Management, according to registration records and sources familiar with the moves.
The Stamford members report to branch manager Doug Fodor while the New York-based advisors fall under Morgan Stanley’s Fifth Avenue Complex branch manager Bill DeMatteo.
The solo advisor, Nicholas R. Crocitto, a 31-year industry veteran in Stamford who had been with Citi since 1997, joined Morgan Stanley the same day, his BrokerCheck said. He also reports to Fodor in Stamford.
A Morgan Stanley spokeswoman confirmed the hirings but declined to comment further.
“Having spent over 20 years at another firm, I did not make this decision lightly,” Marcus said in a LinkedIn post about the move. He did not return a request for additional comment.
Marcus in 2017 had managed about $516 million in client assets and generated $2.2 million in annual production, according to a 2018 “Financial Planning” article in which Marcus ranked 13th among bank advisors by revenue. He joined Morgan Stanley as an executive director, according to his LinkedIn profile.
Marcus’ BrokerCheck shows four denied client dispute ‘disclosures’ and one complaint over alleged unsuitable mutual fund investments that settled for $70,000 of the $240,000-plus in damages sought.
Tuites had also spent his entire brokerage career with Citi, where he had been registered since 1993, according to the database. Rivadeneira spent his rookie year in 2000 with Murphy & Durieu and did stints at Metlife Securities and Dreyfus Service Corporation before joining Citi in 2003, his report said.
Nellissen started her brokerage career in 1995 with Dean Witter Reynolds before joining Citi in 1997, while Hill, who spent a rookie year in 2011 with Advanced Equities, Inc., joined Merrill the next year and moved to Citi in 2017, according to their BrokerChecks.
Crocitto, who entered the industry in 1988 with Drexel Burnham Lambert, did 1- to 2-year stints with Fundamental Brokers, Nomura Securities International and Invest Financial Corporation before joining Citi. He could not be reached for comment.
Last month, another Citi Personal Wealth team that sources said had produced $14 million in annual revenue in New York City and Boca Raton, Florida left for First Republic Private Wealth Management.
Citi’s Personal Wealth Management unit includes around 400 brokers who are paid largely on commission and are separate from Citi’s salaried private bankers, who work with clients with at least $25 million. It was seeded from bank-based brokers who remained after Citi sold its core Smith Barney retail brokerage business to Morgan Stanley in 2009,
The Citi unit has undergone change this year, including a revamp of its payout structure and pay schedule for senior PWM brokers who were moved from a monthly commission payout to a quarterly grid pay supplemented by a monthly salary and credit tied to subjective qualitative assessments.
Citi’s recently installed Chief Executive Jane Fraser also in January merged the Personal Wealth business and the Private Bank into a combined Citi Global Wealth unit as the bank restructured the wealth business.
Moves out of the unit had previously been relatively uncommon, in part because of its small size, but also because customers of bank-based brokers are more likely to be tethered to the bank through other services and, therefore, harder to move.
Citigroup exited the Protocol for Broker Recruiting in early 2018, and had only granted the pact’s protections–allowing brokers to take customer contact information to their new firm–to its PWM unit.