Jackpot! Morgan Stanley Lands $10M JP Morgan Team In NYC
Morgan Stanley recruiting is on a serious roll right now. And they just might have Ben Firestein to thank. Ever since Mr. Firestein took over as the National Recruiting Director for Morgan Stanley, the firm has brought in better than $25M I’m recruited revenue – and in less than six months.
A year ago Morgan Stanley was navigating a deeply unpopular protocol exit and non-existent recruiting wins. Cue the ‘money talks and bullshit walks’ memes.
This past weekend a cadre of JP Morgan advisors in NYC hit the bid, landing another $10M of client assets for Morgan Stanley.
Per media reports:
”Jonathan Madrigano, Jared Samos and Benjamin April, who market themselves as The Hillrock Group, work primarily with family office accounts and have joined Morgan Stanley’s private wealth unit working with ultra-wealthy clients, said a person familiar with their practice.”
Morgan Stanley and others have been feasting of late on JP Morgan Advisors stung by changes to the JPMS brand and the spectre of being folded into the private bank division. In fact, reports of an ‘integration unit’ stealing larger client accounts have really raised eyebrows.
In other words, defecting JP Morgan advisors isn’t necessarily news, but the building momentum and recent success for Morgan Stanley certainly is.
And as we hear it… expect more from $MS in the weeks to come.