Morgan hires longtime Merrill broker

Morgan Stanley Wealth Management picked up a 32-year veteran of Bank of America Merrill Lynch as part of a round of October hiring. Thomas Forma had been with Merrill Lynch his entire career, having started in 1982, according to registration records. He and his partner, Kevin Nichols, managed more than $300 million before moving to Morgan Stanley in West Hartford, Conn., according to Morgan Stanley spokeswoman Christine Jockle. Mr. Nichols had been with Merrill Lynch since 2011, according to Financial Industry Regulatory Authority Inc. records. The two joined Morgan Stanley on Friday. (See all of Morgan Stanley's latest hires from the Advisers on the Move database.) Separately, Morgan Stanley also added two advisers from J.P. Morgan Securities last Tuesday. The firm picked up Michael Zalkind and John Williams who previously managed $175 million and brought in $2.1 million in annual revenue. They join an office in Aventura, Fla., and report to complex manager Bill Van Scoyoc. The firm has added 10 veteran financial advisers to its Aventura complex this year, according to Ms. Jockle. Another adviser, Robert Phelps, joined Morgan Stanley from UBS Wealth Management Americas in Louisville, Ky. He previously managed $90 million and produced $1 million in annual revenue, according to Ms. Jockle. Morgan Stanley reported last week that the average adviser brought in around $932,000 in annual revenue. The firm had 16,162 advisers at the end of the third quarter.