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

Merrill to pay $39 million in cash sweep settlement
Merrill to pay $39 million in cash sweep settlement

The financial advice industry has been facing inquiries into its cash sweep programs for years now.

SEC accuses fund advisor of defrauding SpaceX, OpenAI investors
SEC accuses fund advisor of defrauding SpaceX, OpenAI investors

Investor money allegedly went to strip clubs, exotic cars, and landscaping

RIA moves: Savant enters Thousand Oaks as Procyon lands in New Jersey
RIA moves: Savant enters Thousand Oaks as Procyon lands in New Jersey

Procyon adds $415 million in assets under management in New Jersey while Savant picks up a $213 million Southern California planning firm

Beyond sell or inherit: A third exit for appreciated property
Beyond sell or inherit: A third exit for appreciated property

With a growing number of real estate-rich Baby Boomers aging into retirement, some advisors may be failing to consider all the options available for those clients' assets.

AI marketing adoption gap costs financial firms revenue
AI marketing adoption gap costs financial firms revenue

Cornerstone Advisors study reveals compliance bottlenecks stall campaigns weeks after customer opportunities close.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains