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?”
