Wire Wars: Morgan Stanley Nabs $4-Mln ‘Broad Group’ from UBS in NYC
Morgan Stanley has recruited a pair of advisors who had been generating $4 million in annual revenue at UBS Wealth Management USA, according to a source familiar with the move.
They moved along with a junior advisor, Brett Richter, who had been a wealth strategy associate on the team at UBS, according to his LinkedIn, and has been registered as a broker since 2017.
A source said that they began considering a move after UBS had cut ties with a couple of their family office accounts months ago as part of a firm-wide client review of some of its customer relationships, although UBS had offered them a revenue credit for the lost accounts.
Neither Kriedman nor McLaughlin returned a call for comment. A Morgan Stanley spokesperson declined to comment as did a UBS spokesperson.
The three joined Morgan Stanley’s midtown Manhattan market located on the Avenue of the Americas and overseen by complex manager Damon Gallagher.
Kriedman and McLaughlin, who partnered in 2005 at Lenox Advisors, an insurance brokerage, focused on real estate executives and built a book of wealthy clients, which mushroomed thanks to referrals, according to a 2019 profile in “Think Advisor,” which said they served 25 multi-generational clients at the time.
“We showed our strengths around financial planning and credit planning with clients that had families with balance sheets that had large illiquid assets,” Kriedman told the publication.
A 2011 photo at a New York City cocktail event shows them with real estate inverter Kayvon Hakim of Carnegie Hill Properties.
Kriedman started her career at Prudential Securities in 2001, moved to Wachovia in 2003 by way of acquisition and also worked at MML Investor Services and Lenox Advisor before joining J.P. Morgan Securities in 2007, according to BrokerCheck. She had been with UBS since 2014.
McLaughlin first registered as a broker in 2007 at MML Investor Services and moved at the same time to J.P. Morgan Securities, according to the database.
UBS and Morgan Stanley, which both had pushed to reduce hiring expenditures and retreated from broker recruiting in 2016 and 2017 respectively, in the past 18 months have revived their broker efforts and been trading high-end teams.
The recruiting battle spilled over into a courtroom when UBS won a restraining order against another $4 million team who jumped to Morgan Stanley in Garden City, New York, according to an order filed this week.