Merrill adds team with more than $1B in client assets

Plus, Morgan Stanley's Graystone Consulting gets new executive director, financial adviser.
OCT 21, 2013
Merrill Lynch Wealth Management has hired advisers managing more than $1 billion in assets, according to a statement released Thursday by the brokerage. A team with more $1 billion in assets and $11 million in production moved to Merrill's White Plains, N.Y., complex from UBS Financial Services Inc. on Sept. 27, Merrill spokeswoman Ana Sollitto said. That team comprises advisers Stephen Ruvituso, Lee Konopka, Robert Matluck and Todd Stankiewicz. Merrill also announced that adviser Robert Brust moved from Wells Fargo Advisors to the firm's Ponte Verda, Fla., office. Mr. Brust generated $871,605 in production on more than $110 million in client assets, Ms. Sollitto said. Erica Van Ross, a spokeswoman for Wells Fargo, confirmed Mr. Brust's departure, declining to comment further. A spokesman for UBS declined to comment. Also announced Thursday, Garry W. Bridgeman joined Morgan Stanley's Graystone Consulting unit as executive director, financial adviser and institutional consulting director in Atlanta on Sept. 26. Ms. Sollitto, the Merrill Lynch spokeswoman, confirmed Mr. Bridgeman's departure, declining to comment further. Mr. Bridgeman is a 34-year veteran of Merrill Lynch and generated $1.9 million in production over the past 12 months, Christy Jockle, a Morgan Stanley spokeswoman, said in a statement.

Latest News

SEC charges Chicago-based investment adviser with overbilling clients more than $2.5M in fees
SEC charges Chicago-based investment adviser with overbilling clients more than $2.5M in fees

Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.

Apella Wealth comes to Washington with Independence Wealth Advisors
Apella Wealth comes to Washington with Independence Wealth Advisors

The Harford, Connecticut-based RIA is expanding into a new market in the mid-Atlantic region while crossing another billion-dollar milestone.

Citi's Sieg sees rich clients pivoting from US to UK
Citi's Sieg sees rich clients pivoting from US to UK

The Wall Street giant's global wealth head says affluent clients are shifting away from America amid growing fallout from President Donald Trump's hardline politics.

US employment report reactions: Overall better than expected, but concerns with underlying data
US employment report reactions: Overall better than expected, but concerns with underlying data

Chief economists, advisors, and chief investment officers share their reactions to the June US employment report.

Creative Planning's Peter Mallouk slams 'offensive' congressional stock trading
Creative Planning's Peter Mallouk slams 'offensive' congressional stock trading

"This shouldn’t be hard to ban, but neither party will do it. So offensive to the people they serve," RIA titan Peter Mallouk said in a post that referenced Nancy Pelosi's reported stock gains.

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.