Advisor Duo Returns to Morgan Stanley
Roughly 15 years after leaving to join UBS, two longtime advisors, Tom Cleary and Robert Whittington, have returned to Morgan Stanley. They rejoined Morgan Stanley in January and are now part of the Southeast Wealth Management Group based in Orlando, Florida.
Both Cleary and Whittington were previously with Morgan Stanley and Dean Witter, with Cleary starting at Dean Witter in 1987 and Whittington in 1995. The move back to Morgan Stanley comes after a decade at UBS.
While Morgan Stanley and UBS have not disclosed asset under management totals for Cleary and Whittington, the return to their former firm marks a significant decision in their careers.
Why Return to Morgan Stanley?
Industry recruiter Ron Edde noted that it can be surprising for advisors to move from one wirehouse to another, especially returning to a firm they had previously left. Edde highlighted the tendency for people to gravitate towards the familiar, comparing it to buying the same brand of car repeatedly.
Wirehouses like UBS and Morgan Stanley have faced increasing competition from independent broker-dealers, offering advisors more autonomy in exchange for higher business costs. Despite the allure of independence, some advisors find comfort in the structure and support provided by traditional wirehouses.
UBS has experienced advisor losses following changes to its compensation system, leading to a decline in headcount. Recent departures include teams managing significant assets, highlighting the ongoing shifts within the wealth management industry.
Conclusion
Returning to Morgan Stanley after 15 years at UBS, Tom Cleary and Robert Whittington’s decision reflects the complex dynamics in the financial advisory sector. While the allure of independence persists, the familiar environment and resources offered by established wirehouses continue to attract experienced advisors.
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