Over the weekend,
Barron's published its annual list of the top 100 financial advisers. While there were plenty of new names in the 2011 ranking, what really stood out is, that despite all the talk and the press reports about the turmoil at Morgan Stanley, the wirehouse remains the dominant force in the business.
Sure, MSSB has the largest brokerage force out there – and Morgan Stanley a huge private wealth management business – and therefore the firm should have a sizeable representation on the list. But this goes beyond sizeable. The No. 1 adviser, according to Barron's? Gregory Vaughan, a private wealth manager for Morgan Stanley. No. 2 on the list? Roger Coleman, who manages nearly $28 billion in assets for brokerage MSSB. After Ric Edelman, Morgan Stanley advisers occupy the next three slots. In fact, out of the top 30 advisers on the list, 13 work for Morgan Stanley. That ratio pretty much holds true for the rest of the ranking as well, with Morgan Stanley advisers and brokers (including those who work at Graystone Consulting) holding down 37 out of the 100 spots on the list.
Rival Merrill Lynch was well represented, too, placing 19 advisers in the top 100, while
UBS had ten.
A number of independent firms made Barron's top 100 as well. Ron Carson, who runs his own eponymously named wealth management group, placed seventh. Richard Saperstein, who works at upstart HighTower Advisors, was eighth in the ranking. Last year, Mr. Saperstein didn't even crack the top 100. As you may recall, he signed on with the Chicago-based HighTower in 2009, bringing a $10 billion book of business with him. The highly regarded adviser worked for years at Bear Stearns, but left not long after the embattled firm was acquired by JPMorgan during the financial crisis. As his ranking indicates, he seems to be prospering as an independent.
The same can be said for advisers like David Zier (No. 10) and Steve Lockshin (No. 13), both affiliated with Convergent Wealth Advisers. Essex Financial Services John W. Rafal, who Barron's picked as the top independent financial adviser in both 2007 and 2008, came in at No.14 on this year's list of top financial advisers. Martin Bicknell, a former A.G. Edwards adviser who founded the Leawood, Kansas-based Mariner Wealth Advisers in 2006, moved up one notch this year, to 17th.
The last name on the list: Karen McDonald, who didn't crack Barron's ranking last year but who has been named by the pub as one of the top female financial advisers. Her firm? MSSB.
