Six Morgan Stanley reps with $700M in combined AUM join Steward Partners

In a little over three years, Steward has established offices in New Hampshire, New York, Albany, Washington, D.C., and Andover, Mass.
FEB 21, 2017

The latest expansion by Steward Partners Global Advisory moves six Morgan Stanley reps and nearly $700 million across the street in Clearwater, Florida to Steward's first office outside the Northeastern U.S market. The moves, involving three separate teams from the same Morgan Stanley office, have been in the works for more than a year, according to Jim Gold, founding partner and chief executive of Steward Partners. The transferring reps, each claiming to bring with them the majority of the clients, pushes Steward Partners' total assets to nearly $6 billion with more than 40 advisers and 90 total partners. In a little over three years, Steward Partners has established offices in New Hampshire, New York, Albany, Washington, D.C., and Andover, Mass. But the Clearwater office is especially unique for its proximity to Tampa-based Raymond James Financial Services. Steward Partners is structured as an employee-owned independent partnership associated with Raymond James for platform and technology support services. "Eventually, we plan on having 13 or more advisers in our Clearwater office," Mr. Gold said. The teams moving over from Morgan Stanley include Frank Hibbard and Amy Rosa, with $140 million under advisement; Angela Helmus-O'Brien, Travis Hadwin and Todd Seymour, advising on $270 million, and Todd Hoffman, advising on $280 million.

THREE CONVERSATIONS

Mr. Gold described the months-long negotiation and transition process as involving "three separate conversations, simultaneously." Each former rep had spent between nine and 15 years at Morgan Stanley. "We wanted to get away from the big wirehouse mentality to a place where more of the decision making about servicing clients is more locally driven," said Mr. Hadwin, who has been in the business for 26 years, including 10 a Morgan Stanley. "My clients here in Florida have different needs than clients in New York," he added. Mr. Hoffman, who spent 15 years with Morgan Stanley, and 10 years with Smith Barney before that, said he was attracted to the technology and service model, but succession planning was also a factor. "I don't expect to retire for another 12 or 15 years, but I need to build out my team so down the road I have some options, and Steward Partners is offering to help me with that," he said. "I want to be with a firm that will support my efforts at gaining scale." Morgan Stanley did not respond to a request for comment for this article, beyond confirming the rep departures.

Latest News

Why more Americans are raiding their retirement savings for emergencies
Why more Americans are raiding their retirement savings for emergencies

New Vanguard and FINRA data show Americans increasingly vulnerable to financial shocks, with hardship withdrawals and cash-outs reaching a new high.

Retirement plans in flux: Why more Americans are reconsidering their exit timeline
Retirement plans in flux: Why more Americans are reconsidering their exit timeline

Many people have already continued working past their planned retirement date

Married retirees could be in for an $18,100 Social Security cut by 2032, CRFB says
Married retirees could be in for an $18,100 Social Security cut by 2032, CRFB says

A new analysis finds long-running fiscal woes coupled with impacts from the One Big Beautiful Bill Act stand to erode the major pillar for retirement income planning.

SEC bars New Jersey advisor after $9.9M fraud against Gold Star families
SEC bars New Jersey advisor after $9.9M fraud against Gold Star families

Caz Craffy, whom the Department of Justice hit with a 12-year prison term last year for defrauding grieving military families, has been officially exiled from the securities agency.

Navigating the great wealth transfer: Are advisors ready for both waves?
Navigating the great wealth transfer: Are advisors ready for both waves?

After years or decades spent building deep relationships with clients, experienced advisors' attention and intention must turn toward their spouses, children, and future generations.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.