Advisor moves: Morgan Stanley pulls from Merrill, Fifth Third from TIAA

November 8, 2024 5:34 PM

Advisor recruiting is constantly roiling the wealth management industry.

This past week was no different. Scroll down for a list of some of the biggest advisor and executive moves in recent days.

Morgan Stanley pulls $1.5B team from Merrill

A trio of advisors overseeing roughly $1.5 billion at Merrill has jumped over to Morgan Stanley.

Morgan Stanley has brought over MM & Associates, an advisory firm based in Boca Raton, Florida. The firm is led by the advisors and managing directors Michael Halperin, Michael Passeroff and Matthew Liebman, according to Barron's.

Before joining Morgan Stanley, Halperin had spent all 23 years of his career at Merrill. Passeroff started at Citi in 1999 and moved to Merrill in 2008. And Liebman joined Merrill in 1999 after a few months at another firm.

Merrill has repeatedly gone to Morgan Stanely for advisor recruits in recent months. Earlier in October, for instance, Merrill announced it had recruited a team formerly managing $700 million for its Wall Street rival. In September, Merrill said it had brought over advisors formerly managing $2.2 billion for Morgan Stanley.

Luke Sharrett/Bloomberg

Fifth Third draws advisors with $2B AUM from TIAA-CREF

Fifth Third Wealth Advisors has recruited three advisors formerly managing roughly $2 billion at TIAA-CREF.

Fifth Third Wealth Advisors, the recently formed wealth management arm of Fifth Third Bank, announced this week it had recruited Scott Bailey, Scott Cislo and Murray Kinlaw from TIAA. TIAA, short for the Teachers Insurance and Annuity Association of America, specializing in working with clients employed in academia, government, medicine and other professions.

Fifth Third Bank started its RIA in 2022. It now has nine advisor teams in eight states. They are in Naples and Tampa, Florida; Springfield, Illinois; Westchester, New York; and Pittsburgh, Dallas and Atlanta.

Exec moves: Cetera Financial CEO stepping down

Cetera Financial Group CEO Adam Antoniades plans to retire at the end of the year.

Cetera, the No. 4 largest independent broker-dealer in Financial Planning's latest IBD Elite ranking, announced this week that Antoniades plans to retire on Dec. 31. Taking his place as CEO will be Mike Durbin, the current CEO of Cetera Financial's parent company, Cetera Holdings.

Antoniades will continue to serve on Cetera's board. During his time as CEO, starting in 2019, the firm either bought or entered into deals to acquire nine companies, and its AUM rose by 200%.

"There are many chapters in every exceptional organization," Antoniades said in a statement. "I am proud to have served as both a turnaround and expansion CEO, guiding the company through crucial phases of growth and transformation."