Rockefeller Capital Management has reached again into Morgan Stanley’s Atlanta complex to hire advisors for the growing wealth business overseen by former Morgan Stanley executives.
Edward Jeter, who generated $2 million in fees and commissions as a solo practitioner last year, moved with his two client associates on Friday, according to a well-placed source. He oversaw about $200 million of client assets under management.
Also joining from the Peachtree Road branch on Friday were brothers Eric and Chad Hermanson and fellow broker Jeffrey Sprock, with a client associate, the source said. The team also generated $2 million in annual revenue, on about $320 million of customer assets under management, the source said.
They had been part of Morgan Stanley’s private wealth management unit for ultra-wealthy clients, according to their former web page.
The hires continue a recruiting spree led by Michael Outlaw, the former Southeast regional head of Morgan Stanley’s private wealth offices who left in August 2018 after 20 years to join Rockefeller. The New York-based firm is run by former Morgan Stanley Wealth Management head Greg Fleming.
Rockefeller last month hired a $10-million team and two other sets of Morgan Stanley brokers producing about $5.5 million, all in Atlanta. That followed its reach into UBS and Merrill Lynch about a year ago for teams that had cumulatively produced about $28 million at their former employers.
A Morgan Stanley spokeswoman did not immediately return a request for comment about the new departures.
Jeter, who began his securities industry career in 2002 at Merrill Lynch, joined Morgan Stanley in 2011, according to BrokerCheck.
The Hermanson team’s advisors spent their entire careers at Morgan Stanley, according to the database. Eric, whose former firm’s biography says he was in the team’s President’s recognition club, began his brokerage career in 2006, with Morgan Stanley. His brother joined him and his father at the firm started at the firm six years ago, and works primarily as a financial planner, according to his former firm’s web writerup. Sprock as well had spent his 13-year brokerage career at the wirehouse, and has been affiliated with the Hermanson group since 2008, his web biography says.
Rockefeller pitches its marquee name, boutique feel and flexibility to prospects wary about its ability to fulfill its ambitions—together with upfront signing bonuses that can reach two times top producers’ trailing-12-month production, according to recruiters. The moves were part of a burst of multi-million-dollar moves at the start of a holiday weekend that gives brokers additional time to notify clients of their new addresses. First Republic on Friday hired a Wells Fargo private banking team with $4.3 million in annual revenue, while Merrill Lynch recruit4ed a $15-million private banking team from BNY Mellon on Thursday in California.
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