Morgan Stanley picked up a J.P. Morgan Securities team managing $385 million in client assets and generating $3.3 million in production.
The addition builds on a series of recent hires at the wirehouse, which had reduced recruiting efforts in recent years.
The firm’s newest advisors are David Johnson, an industry veteran, and his sons Damon and Derek. A Morgan Stanley spokeswoman confirmed the hires.
The team is based in Newport Beach, California, where they report to Lance Million, complex manager.
Damon Johnson said in a statement that the team chose Morgan Stanley in part because of its investment in innovative technologies and banking services.
David Johnson has five decades of experience in the business, having worked at firms including E.F. Hutton and Merrill Lynch. He joined J.P. Morgan Securities in 2012, according to FINRA BrokerCheck records.
The moves also indicate advisors are more willing to make a career change following a recruiting slowdown due to the coronavirus.
His sons Damon and Derek started their careers at Smith Barney in 1998 and 2005, respectively. They moved with their father to Merrill Lynch and later J.P. Morgan Securities.
A JPMorgan spokeswoman declined to comment.
Morgan Stanley’s other recent hires include
