Morgan Stanley Pushes Out Chairman’s Club Broker in Boca Raton
Morgan Stanley has parted ways with a 31-year firm veteran in Boca Raton, Florida, who had been managing nearly a billion dollars in client assets, according to several sources familiar with the matter.
Altieri, who started his career at Morgan Stanley’s Smith Barney predecessor in 1989, according to BrokerCheck, could not be reached for comment. A spokeswoman for Morgan Stanley declined to comment.
The termination turned heads given his stature at the firm and because it followed a number of other high-profile departures of veteran producers in recent months over varying concerns.
Morgan Stanley last week let go a 34-year industry veteran in Texas over what sources said may have been outside business activity concerns, and in November terminated another Chairman’s Club broker and his team in Boston after the firm took issue with their use of a personal customer relationship management system.
It also in recent months terminated around a dozen brokers over issues with coding of production numbers on inherited accounts, and in October discharged the co-head of a top institutional team over a personal investment after the advisor “sign[ed] a memorandum referencing compensation” from a private company, according to the company’s U5 filing.
Veteran corner office producers once seen as “untouchable” have increasingly come under the compliance microscope as firms have become more proactive about risk management and avoiding negative headlines, said Brian Hamburger, Chief Executive of MarketCounsel, a legal and compliance consulting firm.
“In the past, they would have been treated as untouchable…They could do no harm, and as long as it didn’t hurt the client, the firm would try to find a way to justify keeping them in their seat,” said Hamburger, who was not familiar with Altieri’s departure. “Now, I don’t think that dynamic is present.”
Two of the sources said Altieri’s exit was surprising because he had a strong reputation and “did very well” for his clients.
Altieri, who earned the company’s top corporate title of managing director in 2013, had been managing $959 million in client assets for 574 households, according to Barron’s, which ranked him at #19 on its list of the top brokers in Florida in 2020.
He had led a team that included one junior advisor and five associates, all of whom remain at the firm, according to the team’s webpage and a person answering the phone at their office.
Altieri’s BrokerCheck report, which still reflects his registration with Morgan Stanley, shows four client disputes that had occured between 2005 and 2011. One was closed without any action, while three others from 2005, 2006 and 2009 settled for a combined $28,000.
(Corrects terms of the institutional broker’s termination in sixth paragraph.)