Morgan Stanley Smith Barney pumps up recruiting packages to lure top producers

Morgan Stanley Smith Barney LLC is entering into the recruiting wars with its guns blazing and is creating a potential pay package for new advisers that will match that of its rival Merrill Lynch & Co Inc.’s Global Wealth Management unit. Morgan Stanley Smith Barney will offer top advisers recruiting packages that could amount to as much as 330% of their prior year’s production to join the firm. That offer is in line with the Merrill Lynch package, which that firm unveiled over the summer. Dow Jones yesterday first reported the news of the Morgan Stanley Smith Barney recruiting plan. The deal is an increase over the 230% to 250% of gross production that Morgan Stanley Smith Barney currently offers to recruits. Spokeswoman Christy Pollak said the firm’s recruiting is as competitive as any other’s on Wall Street. She declined to comment on specifics about the package.