$2.2 billion adviser team defects from Morgan Stanley to go independent

The 13-person team felt they would have more flexibility outside the Morgan framework

Sep 12, 2016 @ 4:22 pm

By Greg Iacurci

A 13-person team managing $2.2 billion in assets has defected from Morgan Stanley to form an independent registered investment adviser, 6 Meridian, based in Wichita, Kansas, the new firm announced today.

The team, comprised of seven advisers and partners in the firm along with additional support staff, felt there was more flexibility available by operating outside the Morgan Stanley umbrella, in areas such as portfolio management, wealth-planning tools, technology providers and custodians, according to chief executive Margaret Dechant and chief investment officer Andrew Mies.

(More: See all the latest moves in the Advisers on the Move database)

That's been the case for many large wirehouse teams who leave to go independent — rather than being motivated by financial considerations, they're driven primarily by freedom from what some see as a fairly short leash.

“We were coming up against limitations that were prohibitive” in terms of the way the firm wanted to manage money in-house for clients, Mr. Mies said.

For example, the RIA has strategies that would be a logical fit inside a mutual fund structure, but registering and launching a mutual fund isn't something “you'd ever be able to do at Morgan,” Mr. Mies said. However, being an independent RIA allows for it, he said.

Morgan Stanley spokeswoman Christine Jockle declined to comment.

0
Comments

What do you think?

View comments

Most watched

Events

Finding innovation in your firm

Adam Holt of AssetMap explains how advisers understand they need to grow, but great innovation may be lurking right under your nose.

Events

Finding your edge from Tony Robbins

Guru Tony Robbins has helped a lot of people, but armed with his psychology Financial Advisor Josh Nelson has helped his practice soar.

Latest news & opinion

The growth of factor-based investing

Advisers are making decisions about clients' portfolios by using the same characteristics that govern factor-based ETFs.

Finra makes its list to target hundreds of rogue individuals

The regulator sees patterns in the behavior and disclosures of high-risk brokers.

LTC insurer offering co-pays to blunt soaring premium increases

John Hancock policyholders would get a discount on their premium in return for agreeing to pay a bigger portion of their claims in the future.

Goldman Sachs acquires United Capital

After a payday of $75 million or more, CEO Joe Duran plans to join Goldman in a senior position.

Private equity loves IBDs, but will that last?

Three big acquisitions in less than a year signals renewed life in the formerly beleaguered industry.

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