Merrill Lynch strengthened its presence in key wealth markets this week as it recruits a triplet of accomplished advisors from Morgan Stanley.
In a statement, Merrill Lynch announced that Scott Davis and Thomas Benedict have joined its Northbrook, Illinois office from Morgan Stanley. Together, the two oversaw a hefty book of assets, reportedly managing $900 million in client balances. They’ve also earned a reputation as top-ranked advisors, having been featured on the prestigious Forbes "Best-in-State Advisors" list.
Davis and Benedict are accompanied by teammates Candice McLaws and Lisa Papageorge and will operate within the Chicago North market under market executive Marcus Jean-Simon.
Merrill also revealed that Tony Rodriguez recently moved to Merrill's Roseville office from Morgan Stanley, where he reportedly oversaw $250 million in client balances.
Alongside wealth management client associate Sara Rodriguez, he’s joining the contingent of advisors in Sacramento, California under the leadership of market executive Theresa Schnetz.
A veteran of the industry, Tony Rodriguez’s experience spans over two decades in wealth management. Prior to Morgan Stanley, his career took an early turn into the walls of Wells Fargo, according to his BrokerCheck profile.
Over that time, he cultivated skills and expertise across multiple areas including portfolio management, corporate equity analysis, insurance planning, estate planning services, and private banking and lending solutions.
“The industry is facing the largest asset gathering opportunity in decades,” said Kenneth Correa, head of business and client development. “Merrill is well positioned to capture a large share of this growth."
Merrill’s latest hires build on several other boosts to its private wealth management division during the second quarter, including a 12-person team from JPMorgan Sal Tiano and John Smyth that brought $3.5 billion in client assets to its Palm Beach Gardens, Florida office.
The firm welcomed other multibillion-dollar defectors from JPMorgan in Q2, including Brandt Daniels who joined its Century City with $9 billion in client assets. Geoff Berlin, Lara Magnusen, and Ken Esman also joined the Century City office from JPMorgan, adding $7 billion in client assets.
It’s worth mentioning at this point that JPMorgan also scored an emphatic blow against Merrill in the war for top talent in May when it signed the $28 billion Gray-Polverini team, a headline-catching deal that set a new high watermark in the advisor recruitment space.
Merrill's latest hires span Colorado to Louisiana, even as industry-wide recruiting data suggests the firm is losing almost as many advisors as it gains.
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