An adviser who quit Morgan Stanley to join Merrill Lynch in September, changed his mind and returned to work for his former employer this month, according to BrokerCheck records.
A Morgan spokeswoman confirmed that Brad Weinman rejoined Morgan Stanley in West Palm Beach, Florida.
When
Bill Willis, a Los Angeles-based recruiter, says it's "extremely rare" to see an adviser make such a turnaround.
"First there's the financial end of it, but secondly there's having to move your clients twice. It's tricky at best. I don't know him or his clients. Maybe he has just a few and it's easier, but it sounds like he put himself through a pretty complicated few months," Willis says.
"The whole thing is pretty unusual," Willis adds. "The competition for talent is strong enough that I guess they would take him back."
Plus: A Morgan Stanley grab totals $410 milllion in combined AUM and more than 30 other job changes.
Weinman, an industry veteran with nearly 30 years of industry experience, had been with Morgan Stanley and Smith Barney for 18 years before he made the move, per FINRA BrokerCheck records.
A month after he joined Merrill, the wirehouse announced that it would
The regulation, which is set to become effective on April 10, governs how brokers advise clients on retirement assets.
CEO Ron Kruszewski received praise for leading the firm's wealth management unit to a record for revenue, despite costly legal setbacks.
As Vice President, Underwriting Research and Development, Jackie Waas is involved in investigating and developing underwriting innovations, with an emphasis on concept development, research, presenting new ideas, and participating in concept validation activities.
She started her career with RGA in 2018 as Director of Underwriting Services, where she supported direct-to-consumer accelerated offerings, including assisting with the auditing of the e-underwriting program and helping develop digital health scores while supporting the Digital Health Data team.
Prior to joining RGA, Jackie was an Underwriting Business Consultant and automated underwriting systems subject matter expert with Legal & General America for four years after working in an underwriting capacity with the company for nine years. She also had five years of underwriting experience with AXA Equitable and formerly worked as a marketing manager for Steele Rubber Products.
Jackie received a Bachelor of Arts with a major in communications and a minor in psychology from Lenoir-Rhyne University in North Carolina. She is a Certified Fellow of the Academy of Life Underwriting, a Fellow of the Life Management Institute, and a Fellow of the Financial Services Institute. She is also an Associate, Reinsurance Administration; Associate, Insurance Agency Administration; and an Associate, Insurance Regulatory Compliance. Jackie also holds the Professional, Customer Service Institute designation, and she is a member of the Association of Home Office Underwriters.
Guizhou Hu is Vice President, VP, Head of Risk Analytics at RGA, where he supports global RGA underwriting initiatives and produces internal and external thought leadership pieces based on RGA's in-depth risk analytics. Before joining RGA in 2018, Guizhou served as Vice President, Chief Decision Analytics, for Gen Re and as a Senior Vice President for BioSignia Inc. Guizhou holds a medical degree from Beijing Medical University and a Ph.D. in Philosophy from Cornell University.
Merrill has placed greater emphasis on goals-based planning in recent years. And Merrill has noted that clients looking for a commission-based offering, have other solutions at the firm, such as the self-directed service Merrill Edge and a forthcoming robo adviser.
Weinman, however, decided that he didn't want to lose such business and chose to return to Morgan, according to a person familiar with the matter and who asked not to be named. The wirehouse will continue to offer clients that option under the rule's best interest contract exemption.
Meanwhile, the fate of the fiduciary rule is uncertain. President Trump has promised a
If the rule stays, Willis says that some firms might restrict their use of the BIC exemption.
"I wonder how long firms will allow it because, for me, it looks like a gateway to lawsuits. I think firms will be very careful on their oversight of those accounts," he says.
