Y’all Want a Bonus? Morgan Stanley Lifts Veteran Team from Merrill in Bayou
Recruiting veteran advisors may be a zero-sum game for wirehouses once those big bonuses are calculated, but the game continues.
The latest evidence: Morgan Stanley on Wednesday welcomed a six-person team in Louisiana led by Ira Feld and David Weinstein. The pair “built together one of the largest, most successful Merrill Lynch practices in the state,” according to an internal email about their arrival at the firm’s Baton Rouge branch.
Feld and Weinstein, who have been with Merrill in Baton Rouge since 1995 and 1997, respectively, oversaw more than $675 million of retirement assets as of October 2015, according to their recently dismantled team website at Merrill. Weinstein also has a large high-net-worth practice, according to the email penned by a local manager.
Joining them at Morgan Stanley are advisors Sergio Collette and Brandon Chagnard, as well as two client associates. Feld and Weinstein both had the highest production-level title of managing director at Merrill.
The highway between the firms remains heavily trafficked, despite a comment from Morgan Stanley Chief Executive James Gorman several years ago that the inter-brokerage recruiting game had to end because no firm benefits. Gorman at one time ran Merrill Lynch’s global private client business.
Morgan Stanley also this week hired a $3.1 billion team in Los Angeles from J.P. Morgan Securities.