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In the News

Morgan Stanley Hires $7.5 Mln Merrill Private Wealth Team

Posted by Mindy Diamond

February 9, 2021
Mindy Diamond Quoted
By Mason Braswell

Morgan Stanley Wealth Management has hired a big Merrill Lynch Private Wealth Management team based in Florida and New Jersey as it adds to the list of multi-million-dollar hires from the rival wirehouse.

The group includes Lawrence W. Catena, his son, Steven, Erik Beiermeister, and Mercedes Fonte as well as three client associates. They had been generating $7.5 million in annual fees and commissions, according to a person familiar with their practice, and joined Morgan Stanley’s private wealth group for clients with $20 million or more in their accounts.

Catena decided to move after his son Steven rejoined the team in February 2020 and Lawrence began considering a succession plan for his practice, according to Mindy Diamond, an industry recruiter who worked with the team on their move.

“Larry always thought of himself as a lifer with Merrill–with no intention to make a move,” Diamond wrote in an email. “But, when his son, Steven, came into the business he began to view his firm through a new lens. Would it be good enough for the life of Steven’s career?”

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About Mindy Diamond

CEO – By counseling advisors on how to ask the right questions and “dig deep”, she helps them look at all of the opportunities available to find the one that allows them to reach their full potential. That is, to best serve their clients and live a life that is in sync with their own beliefs and values. Learn more...

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