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Morgan Stanley has hired a big Merrill Lynch Private Wealth Management team based in New Jersey and Florida

Morgan Stanley has hired a significant Merrill Lynch Private Wealth Management team based in Florida and New Jersey as it adds to the list of multi-million-dollar hires from the rival wirehouse.

The group includes Lawrence W. Mercedes Fonte, Erik Beiermeister, Steven, his son, and Catena in addition to 3 clientele associates. They had been generating $7.5 million in annual fees and commissions, in accordance with a person familiar with their practice, and also joined Morgan Stanley’s private wealth team for clients with twenty dolars million or even more in their accounts.
The group had managed $735 million in client assets from seventy six households that have an average net worth of $50 million, according to Barron’s, which ranked Catena #33 out of eighty four top advisors in Florida in 2020. Mindy Diamond, an industry recruiter which worked with the group on the move of theirs, said that their total assets were $1.2 billion when factoring in new clients and market appreciation in the 2 years since Barron’s assessed their practice.

Catena, who spent all though a rookie year of the 30 year career of his at Merrill, didn’t return a request for comment on the team’s move, which occurred in December, as reported by BrokerCheck.

Catena made the decision to move after the son Steven of his rejoined the team in February 2020 and Lawrence started considering a succession plan for the practice of his, as reported by Diamond.

“Larry always thought of himself as a lifer with Merrill-with no objective to make a move,” Diamond wrote in an email. “But, when the son of his, Steven, came into the business he started to view the firm of his through a whole new lens. Would it be good enough for the life of Steven’s career?”

The move comes as Merrill is actually launching an interesting enhanced sunsetting program in November which can add an additional seventy five percentage points to brokers’ payout when they agree to leave their book at the firm, but Diamond said the updated Client Transition Program was not “on Larry’s radar” after he’d decided to make the move of his.

Steven Catena started his career at Merrill in 2016 but sojourned at Prudential Investment Management from 2017 until 2020 before rejoining, according to FintechZoom.

Beiermeister, that works separately from a part in Florham Park, New Jersey, started the career of his at Merrill in 2001, according to BrokerCheck. Fonte started her career at Merrill in 2015.

A spokesperson for Merrill did not immediately return a request for comment.

Morgan Stanley has hired a big Merrill Lynch Private Wealth Management team based in Florida and New Jersey
Morgan Stanley has hired a huge Merrill Lynch Private Wealth Management team based in Florida and New Jersey

 

The group is actually a minimum of the fifth that Morgan Stanley has hired from Merrill in recent months and appears to be the biggest. It also employed a duo with $500 million in assets in Red Bank, New Jersey last month in addition to a pair of advisors producing aproximatelly $2.6 million from Merrill in Maryland.

In December, Morgan Stanley lured a solo producer in California that had won asset growth accolades from Merrill and in October hired a 26 year Merrill lifer in a Chicago suburb which was producing more than two dolars million.

Morgan Stanley aggressively re-entered the recruiting market last year after a three-year hiatus, and executives have said that for the very first time in recent times it closed its net recruiting gap to near zero as the number of new hires offset those who actually left.

It ended 2020 with 15,950 advisors – 482 more than twelve weeks earlier and 481 higher than at the end of the third quarter. Most of the increase came from the inclusion of over 200 E*Trade advisors who work largely from call centers, a Morgan Stanley executive said.

Merrill Lynch, which has stood by the freeze of its on veteran broker recruiting put in place in 2017, no longer breaks out the number of its of branch-based wealth management brokers from its consumer-bank-based Edge brokerage force.

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