Morgan Stanley’s Brett Cohen joins Evolve Private Wealth citing ‘structural’ issues with wirehouse model

Evolve Private Wealth is continuing its rapid national expansion with the recruitment of a senior advisor from Morgan Stanley, strengthening leadership while deepening its presence on the East Coast.

The Los Angeles based independent wealth management firm recently rebranded from SLK Private Wealth Management and has hired Brett Cohen as a managing partner, an advisor who managed approximately $800 million in client assets and experience building one of Morgan Stanley’s fastest-growing next-generation advisory teams.

Evolve oversees more than $2.5 billion in assets and employs 22 people and Cohen will lead the continued development and day-to-day management of the firm’s New York office while also contributing to broader firmwide strategy alongside existing managing partners.

“Brett’s decision to join Evolve reflects the strength and flexibility of the platform we’ve built,” said Jonathan Lewis, managing partner at Evolve Private Wealth. “Our partnership is intentionally multigenerational, combining deep experience with the perspective of emerging leaders. Brett’s leadership and client-first mindset fit naturally within that structure as we continue to grow.”

Wirehouse constraints

During nearly a decade at Morgan Stanley, Cohen developed a national client base focused on private business owners and affluent families navigating liquidity events, succession planning and sophisticated tax considerations.

But he told InvestmentNews that as those needs expanded, structural constraints within large institutions became more apparent.

“Large wirehouse platforms operate within a captive framework where the investment menu, technology stack and implementation process are pre-determined. That works well for standardized portfolios, but as client situations become more complex it can slow down the ability to adopt new planning tools or integrate specialized tax strategies.”

He added that approval processes and platform limitations could complicate coordination across outside investments or planning strategies for clients whose finances extend beyond a single institution.

“Compliance oversight is obviously essential, but within large institutions the number of layers involved can slow execution at exactly the moment when clients need flexibility most, particularly around liquidity events or concentrated positions,” Cohen said.

Founded in 2022 by senior advisors who departed Wells Fargo, Evolve completed its transition to full independence in January 2025 and has expanded through organic growth and selective partner additions. The firm operates as an employee-owned partnership emphasizing long-term alignment among advisors and clients.

Cohen said independence ultimately offered the structural flexibility he was seeking as client complexity increased.

“At this stage of my career, the question wasn’t just scale, it was structure,” he said. “I wanted a firm that could support sophisticated families through liquidity events, multigenerational planning and complex tax considerations without being constrained by a legacy platform. Evolve has built that environment deliberately, and it was clear this was the right place for my clients and me for the long term.”

He noted that an independent structure allows advisors to build planning and investment solutions around a defined client profile rather than a national platform’s standardized offerings.

“Independence allows us to build intentionally around a defined client profile instead of around the needs of a broad national platform,” Cohen said. “At Evolve we can select planning tools, investment solutions and technology purely based on whether they improve outcomes for our clients.”

Outsourced family office model

That flexibility is particularly important when delivering an outsourced family office model, which Cohen said increasingly depends on rapid implementation and access to specialized resources.

“The biggest change is access and implementation speed,” he said. “When clients face major transitions such as selling a business or structuring wealth across generations, the optimal solution often requires integrating specialized investment strategies, tax-aware technology and outside advisory teams.”

Under an independent structure, he added, advisors can conduct diligence and implement solutions more quickly as new planning technologies and tax-aware investment strategies emerge.

“As financial technology and tax-aware investment solutions continue advancing quickly, the ability to adapt in real time becomes central to delivering a modern outsourced family office experience,” Cohen said.

While wirehouses offer brand recognition and scale, Cohen said independence ultimately provides stronger alignment with client priorities.

“Large firms offer strong brand recognition. Independence offers a true alignment with client interests,” he said. “Clients today are choosing advisors based on judgment, access, and the ability to solve complex problems across their entire financial lives.”