Morgan Stanley Rehires $3.3-Mln UBS Team in North Carolina
Morgan Stanley Wealth Management this week welcomed a $3.3 million team in North Carolina that returned after almost a 10-year sojourn by its family-team leaders at UBS Wealth Management USA.
They had been managing $386 million in client assets, one of the sources said. When UBS hired them in June 2011, it said they were producing $3.9 million annually on $300 million of Morgan Stanley client assets, according to media reports at the time.
The Stoners, Lowe and their Morgan Stanley branch manager, Ebony Moore, did not return calls for comment.
A UBS spokesman declined to comment, and a Morgan Stanley spokeswoman did not immediately respond to a request for comment.
UBS and Morgan Stanley left the Protocol for Broker Recruiting three years ago in an effort to keep advisors from leaving at a time when they had cut their recruiting budgets. The Protocol allows advisors joining signatory firms to take client contact information with them to help them restart their practices.
Both wirehouses have brought court and arbitration claims against some departing brokers that allege violation of employment contract bars on client solicitation and use of confidential, proprietary information. Morgan Stanley on Wednesday asked a court to enjoin a $6 million team that joined RBC Wealth Management-U.S. in New Jersey from client solicitation, and UBS secured a temporary restraining order last month against a $14 million team that jumped to Morgan Stanley in Boca Raton, FL.
The Stoner advisors have spent their entire brokerage careers at the two wirehouses.
Charles C. Stoner joined Morgan Stanley in Huntersville, NC, in 1991, his wife began at the same branch in 1996, and their son joined in 2005, according to their BrokerCheck records. Lowe first registered as a broker at the Morgan Stanley branch in May 2011, one month before the team jumped to UBS.
“As a family team, we value our relationship with you and your family,” the Stoners’ UBS website says. Both Eileen Stoner and Lowe are listed as “certified divorce financial analysts.”
Charles Sr. and Eileen have a single disclosure mark on their BrokerCheck losses, a $1,500 arbitration award to a customer who sought $200,000 in damages over ‘B’ share mutual fund transactions. Their son and Lowe have clean records.