Rockefeller Hires $2.1-Mln Stephens Broker, Morgan Stanley Nabs $1-Mln Merrill Producer
The veteran broker recruiting parade marches on as two aggressive hiring firms, Rockefeller Capital Management and Morgan Stanley Wealth Management, bolstered their Southern flanks this week.
Moore reports to Michael Outlaw, a former Morgan Stanley manager and Eastern divisional manager at Rockefeller. Outlaw one week ago hired a $7.8-million UBS team led by John R. Montgomery and Andrew A. Levin in the same city.
This week’s move is an unusual step outside of the wirehouse hiring pool for Rockefeller, which in the past three years has drawn the vast majority of its management and its 59 teams from Morgan Stanley, Merrill Lynch and UBS Wealth Management USA.
Moore had joined Stephens in 2012 from Merrill Lynch, where he had worked since 2003. He spent a rookie year at MML Investor Services, according to BrokerCheck. He could not be reached for comment.
A spokesperson for Stehens declined to comment. Both Stephens and Rockefeller are signatories to the Protocol for Broker Recruiting, an industry pact that allows brokers to solicit their former customers when changing firms without fear of litigation.
Little Rock, Arkansas-based Stephens’ Private Wealth Management business has around 110 advisors across 18 offices, according to its website.
Meanwhile, Morgan Stanley continued its pursuit of teams from its rival wirehouse Merrill, and on Thursday landed a 29-year industry veteran George W. Holden in Raleigh, North Carolina, a Morgan Stanley spokeswoman confirmed. The solo practitioner had been generating around $1 million in annual revenue, according to a source familiar with the practice.
Holden, who had joined Merrill from UBS Wealth Management USA in 2015, did not respond to a request for comment sent via social media.
The broker started out with Wells Fargo predecessor firms First Union Capital Markets and Wachovia Securities from 1992 until 2009, when he moved to UBS, according to his BrokerCheck report.
A Merrill spokesperson did not immediately return a request for comment. The firm has seen a raft of departures across the country in recent years, including a number that have decamped for Morgan Stanley as the wirehouse has opened its wallet for new recruits over the past 18 months or so.
Morgan Stanley in mid-August had pulled from Merrill a Fort Lauderdale, Florida team generating $3 million in annual revenue, adding to a list of departures for Merrill in that market over the past year.
Morgan Stanley in 2017 withdrew from the Protocol for broker recruiting amid a pause in hiring aimed at cutting costs associated with high-end bonuses. Merrill has remained in the agreement despite maintaining a freeze on veteran broker recruiting. Both firms must be signatories for departing brokers to claim its protections.