Morgan Stanley lost a veteran adviser of nearly four decades to Steward Partners, a fast growing independent firm affiliated with Raymond James.
Sandy Kafetz, who had been with the wirehouse since 1978, joined Steward Partner's office in Bethesda, Maryland. Kafetz is partnering with two former Morgan Stanley colleagues, Rodger Friedman and Joe Wong, at Steward Partners.
The Washington-based firm has been on a recruiting push this year, adding 25 advisers who oversaw a combined $2.75 billion in client assets, according to Steward Partners. Those advisers generated more than $19 million in annual revenue, the firm says.
-
The three recruits joined the independent firm from Wells Fargo and Edward Jones.
November 7 -
Three advisers opened a new office for the independent firm, which is affiliated with Raymond James.
September 26 -
Two veteran advisers joined the independent firm, which is affiliated with Raymond James.
May 31
Steward Partners, which was founded in 2013, has eight offices in total. The firm opened new locations this year in Manchester and Keene, New Hampshire, and Albany, New York.
Collectively, this year’s mega movers managed more than $23 billion in client assets.
Kafetz said in a statement that he made the move in part so that Friedman and Wong would be the successors one day to his book of business.
"I looked long and hard to find the right local talent to make this part of my continuity plan. Rodger and Joe were the perfect solution and Steward made it easy for us to reunite," he said in a statement.
Together, Friedman and Wong manage almost $150 million in assets and generated over $1.3 million in revenue at Steward Partners, the firm said.
"The formation of this team here in Bethesda allows all three advisors to complement each other’s talents and skillsets. It’s also the perfect opportunity for Sandy to make this his legacy move in about three years," Jeff Gonyo, divisional president of Steward Partners, said in a statement.
A Morgan Stanley spokeswoman declined to comment.
