Wire Wars: Morgan Stanley Sweeps Up $3.7-Mln UBS Team in Louisiana and Florida
Morgan Stanley has recruited a UBS Wealth Management USA team generating about $3.7 million in annual revenue in Lafayette, Louisiana, and Naples, Florida, according to a source familiar with the move.
A Morgan Stanley spokeswoman confirmed the hire but declined to comment on assets or production.
Fisher, a 28-year industry veteran who splits his time between Naples and Lafayette, had qualified for UBS’ Presidents Council–its second-highest production-based recognition club–seven times, according to his former firm bio. He ranked 114th on Forbes’ 2021 list of “Best-in-State” wealth advisors in Florida, while Woodring, with 20 years in the business, ranked 23rd on the same list for Louisiana.
The two had been with UBS since 2007, having joined from Morgan Stanley predecessor Smith Barney, according to their BrokerCheck reports. Fisher, who entered the industry via Lehman Brothers in 1993 joined Smith Barney that same year, while Woodring started with Smith Barney in 2001, the database said.
Fisher and Woodring carried their senior vice president titles from UBS to Morgan Stanley, according to their firm bios. They did not respond to a call for comment at their new office and Fisher did not respond to a separate request sent via social media.
Zornes, joining Morgan Stanley as a vice president, had started his brokerage career in 2007 with Ameriprise Financial Services and moved to Chase Investment Services Corp. in 2011 and J.P. Morgan Securities in 2012 before jumping to UBS in 2015, according to his BrokerCheck report.
The brokers are joined at Morgan Stanley by associates Susan Delcambre and Lauren Beck.
A UBS spokeswoman declined to comment on the move or if there are any relevant customer non-solicitation agreements it could seek to enforce–as it had done in at least two other recent cases.
A $4 million team in Garden City, New York that had made the UBS-to-Morgan Stanley transition in April agreed last month to their former firm’s request in state court for a customer solicitation ban pending the outcome of a hearing before the Financial Industry Regulatory Authority.
UBS has also recently gone to court to seek a temporary restraining order against a Princeton, New Jersey broker whose seven-person team defected to RBC Wealth Management-U.S. That group had been generating around $7.6 million in revenue, the wirehouse said.
Both UBS and Morgan Stanley in 2017 withdrew from the Protocol for Broker Recruiting, which permits advisors to retain some client-contact information when moving to signatory firms. Lawsuits have been relatively sparse but have been cropping up as both firms revived their recruiting efforts over the past year-and-a-half and have been trading high-end teams.
Morgan Stanley on Friday hired a Merrill team in Dallas with $5.4 million in revenue.