September 6, 2019
Mindy Diamond Quoted
by Mason Braswell
A team of Goldman Sachs brokers in Seattle with $10 million in production have joined Morgan Stanley’s private wealth group, a sign of wirehouses’ willingness to selectively hire mega-producers even as they tighten their operational belts.
David Midgley, who was responsible for about 90% of his three-advisor team’s revenue in the past 12 months, arrived at the wirehouse two weeks ago. He had been with Goldman since 2005, according to his BrokerCheck history.
Midgley was interested in finding more flexibility in product choice and succession planning, according to Mindy Diamond, a recruiter who helped facilitate his move. He was frustrated with Goldman’s reluctance to allow him to make Sarem Mukhtar, who had worked with him for eight years, a partner on the team, among other reasons, she said.
“In years prior it used to be very rare to see a Goldman team leave,” said Diamond, who said she has moved six teams from the white-shoe investment bank in the past two years. “Goldman is a wonderful place and has the best imprimatur on the Street, but a lot of folks get to a place where they have outgrown this.”