Merrill bags $2.2B advisor duo from Morgan Stanley

Merrill bags $2.2B advisor duo from Morgan Stanley
The Oberheide-Schlesinger Group.
The two elite advisors, including a 30-year industry veteran, extend the firm's reach in Illinois and North Carolina.
SEP 12, 2024

Merrill Private Wealth Management has expanded its pool of elite advisors as it welcomes a multibillion-dollar team defecting from Morgan Stanley.

Founded in 2007, Merrill's newest advisory group is led by Jim Oberheide and Brandon Schlesinger, who reportedly managed $2.2 billion in client balances at their former firm. Supported by Dana Carbonneau and Kathryn Krauskopf, the team will operate as the Oberheide-Schlesinger Group, serving a clientele that includes Chicago, Illinois and Charlotte, North Carolina.

According to their website, which as of Thursday afternoon still reflected their affiliation with Morgan Stanley, Oberheide and Schlesinger's services include investment advice, active management, sustainable investing, and alternative investments. The two have earned recognition on both Forbes and Barron’s lists of top industry advisors. 

Oberheide has built a lengthy career in the industry going back three decades, which began with a near 15-year affiliation with Sanford C. Bernstein.

Along with the Oberheide-Schlesinger team, Merrill recently welcomed other notable advisors. Richard Marr and Shaheen Soltankhah joined from Wells Fargo with $300 million in client balances. They are based in Merrill’s Kingston, New York office, alongside wealth management specialist Marissa Interrante. In addition, Peter Scudner joined Merrill's Lancaster, Pennsylvania office from Stifel, where he reported overseeing $220 million in client assets.

Earlier in April, Merrill extended its presence in in Palm Beach Gardens, Florida with a $3.5 billion advisor team from JPMorgan Wealth Management. Shortly after in May, it lost a $28 billion powerhouse team to JPMorgan in a recruiting move that was widely regarded as the largest in wealth management history.

Over the past few years, Merrill Lynch has seen a steady decline in advisor attrition. Based on InvestmentNews data, the firm experienced a net loss of 1,043 financial advisors in 2021, a figure that dropped to 703 in 2022 and 445 in 2023. Merrill ended last year with a total of 18,916 client-facing advisors.

Latest News

JPMorgan tells fintech firms to start paying for customer data
JPMorgan tells fintech firms to start paying for customer data

The move to charge data aggregators fees totaling hundreds of millions of dollars threatens to upend business models across the industry.

FINRA snapshot shows concentration in largest firms, coastal states
FINRA snapshot shows concentration in largest firms, coastal states

The latest snapshot report reveals large firms overwhelmingly account for branches and registrants as trend of net exits from FINRA continues.

Why advisors to divorcing couples shouldn't bet on who'll stay
Why advisors to divorcing couples shouldn't bet on who'll stay

Siding with the primary contact in a marriage might make sense at first, but having both parties' interests at heart could open a better way forward.

SEC spanks closed Osaic RIA for conflicts, over-charging clients on alternatives
SEC spanks closed Osaic RIA for conflicts, over-charging clients on alternatives

With more than $13 billion in assets, American Portfolios Advisors closed last October.

William Blair taps former Raymond James executive to lead investment management business
William Blair taps former Raymond James executive to lead investment management business

Robert D. Kendall brings decades of experience, including roles at DWS Americas and a former investment unit within Morgan Stanley, as he steps into a global leadership position.

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.