Wells Fargo nets $425 million Morgan Stanley adviser

Adviser has been in the industry for three decades and also worked at Merrill Lynch and UBS before joining Morgan in 2009

Jul 9, 2015 @ 4:01 pm

By Mason Braswell

Wells Fargo Advisors has picked up a long-time industry veteran from Morgan Stanley, where he managed some $425 million in client assets.

The adviser, Richard J. Bernstein, joined Wells Fargo on July 1 in Incline Village, Nev.

Mr. Bernstein had been at Morgan Stanley since 2009 and began his career in 1983 at Merrill Lynch. He also worked at UBS Financial Services Inc. from 2003 to 2009, according to registration records with the Financial Industry Regulatory Authority Inc.

Morgan Stanley spokeswoman Christine Jockle declined to comment.

Wells Fargo, which has around 15,100 advisers, picked up six teams with $2.2 billion in assets under management in the past quarter, according to moves tracked by InvestmentNews' Advisers on the Move database, which includes publicly reported moves. Over the same periond, the firm lost 11 teams with $1.5 billion in assets, according to the database.

Morgan Stanley also recruited six teams and around $1.8 billion in assets but lost 19 teams with $5.6 billion in assets, according to the data. The list of moves, however, is not exhaustive and may not include some advisers who opt not to announce their move or advisers with less than $100 million in assets.

0
Comments

What do you think?

View comments

Most watched

INTV

Young professionals see lots of opportunity to reinvent the advice experience

Members of the 2019 InvestmentNews class of 40 Under 40 have strategies to overcome the challenges of being young in a mature industry.

INTV

Young advisers envision a radically different business in five years

Fintech and sustainable investing are two factors being watched closely by some of the 2019 class of InvestmentNews' 40 Under 40.

Latest news & opinion

Target-date fund design may be wrong for retirees

Researchers suggest the funds don't adequately hedge against sequence-of-returns risk in retirement.

InvestmentNews' 2019 class of 40 Under 40

Our 40 Under 40 project, now in its sixth year, highlights young talent in the financial advice industry. These individuals illustrate the tremendous potential of those coming up in the profession. These stories will surprise, entertain, educate and inspire.

New Jersey fiduciary rule: Pressure leads to public hearing, comment deadline extension

Industry push results in chance to air grievances on July 17 and another month to present objections.

Galvin to propose fiduciary rule for Massachusetts brokers

The secretary of the commonwealth is proposing a fiduciary standard in response to an SEC investment-advice rule he views as too weak.

Summer reading recommendations from financial advisers

Here are some books that will keep you informed and entertained during summer's downtime

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print