Wells Fargo Lands $386M-Asset Morgan Stanley Team in Utah
A high-ranking team of Morgan Stanley brokers in Salt Lake City, Utah, migrated to Wells Fargo Advisors’ private client group branch system on Thursday, the first move initiated by the team’s leader in his 23 years in the brokerage industry.
Clifford Coury, who was a managing director at Morgan Stanley, joined with his six-person team just before the Labor Day holiday, a team member said. The group, which includes advisors Mark Pyper, Tyler Kjesbo and three client associates, managed some $386 million in assets, according to a source familiar with the team.
Neither Coury nor a Wells Fargo spokeswoman returned calls for comment.
Coury has qualified for Morgan Stanley Wealth Management’s top appellation of managing director since 2011, according to his webpage at the firm. The title requires brokers to produce at least $8.8 million over three consecutive years, according to Morgan Stanley’s 2015 compensation plan.
Coury first registered as a broker at Lehman Brothers in 1988, and stayed with the firm as it was absorbed into Citigroup Smith Barney in 1993 and, again, into Morgan Stanley in 2009, according to Finra’s BrokerCheck database.
Pyper, who began his career at Smith Barney in 2004, was a senior vice president at Morgan Stanley, a title requiring a minimum of $1.1 million in annual revenue, according to the compensation plan. Kjesbo began his advisory career in 2012 at Morgan Stanley, according to BrokerCheck.