Yet another large team in a money center city at J.P. Morgan Securities just left the firm for Morgan Stanley. We doubt you’ll be surprised as to why they decided to migrate to their new firm.
Joel Bodner and Mark Horowitz have taken their $750M in client assets and more than $5M in annual production to Morgan Stanley based on the chasm that exists between the two firms with respect to technology, platform, and client service.
Prior to joining J.P. Morgan in 2015, Mark served as Principal at Bernstein Global Wealth Management for nearly 12 years. A is known as a talented advisor who is very highly respected in his community from wealth management and his philanthropy, writing books, and speaking series. Mark dedicates a significant portion of his free time to poverty alleviation. Through the Mesila organization, a nonprofit focused on guiding families toward fiscal responsibility, he has traveled around the world, raising public awareness about the importance of financial stability and independence. Mark is also involved with Sister-to-Sister, a group founded to help widows and divorcees regain their financial footing. He volunteers with Professional Career Services, a nonprofit that offers low-cost career training and education. In addition, Mark serves as Chairman of the Board of BINA, whose mission is to provide guidance and support to thousands of brain injury survivors and their families.
Joel joined J.P. Morgan in 2015, as a Vice President and Wealth Advisor with J.P. Morgan Wealth Management. As the key Portfolio Manager with over 15 years of experience in the financial services industry, Joel creates tailored investment strategies and comprehensive wealth management plans for high-net-worth individuals, families, and institutions. Joel began his career as an Associate at Merrill Lynch in 2002. Joel is an active member of his community on the South Shore of Long Island, New York, where he lives with his wife and three kids. Joel sits on the board of his Temple and on the board of TOVA, an organization that provides adult guidance and mentoring services for children who need additional supportive, caring adults in their lives.
Mr. Bodner and Mr. Horowitz will be joining Jeff Reiss, Complex Manager, Morgan Stanley in Long Island, NY. Mr. Reiss is known amongst his colleagues as an ‘advisors manager’ who aims to work tirelessly on behalf of the advisors he is charged with leading.
Over the past decade, there has been a common theme at J.P. Morgan Securities – disappointment. JPMS has taken a back seat in every meaningful category as a forgotten division within the global investment bank. Technology is lacking, offices and facilities are outdated, and the ability to cut through red tape is nearly impossible. Other than the name of the firm, there is little reason for teams the size of Mr. Bodner and Horowitz to remain.
One specific issue that was noted recently was the looming and ongoing problems associated with the JPM Private Bank taking larger accounts away from JPMS advisors. See article from AdvisorHub.
Irrespective of long-term relationships with one client or another, JPM Private Bank advisors are prioritized and handed accounts directly out of the book of JPMS teams. That is certainly enough to drive ambitious advisors into the welcoming arms of competitors like Morgan Stanley.