By David Wignall

Morgan Stanley Wealth Management has recruited an advisor team with more than $775 million in client assets from rival Merrill Lynch.

The five-member team, known as the Fischer Group, is led by advisors Billy Fischer and Jean Pierre "JP" Lemoine. Fischer was a longtime advisor for Merrill Lynch, having worked there since 1996. Lemoine, meanwhile, began his career at Merrill in 2014.

The team joined Morgan Stanley's wealth management office in Plantation, Fla., on June 8. The advisors report to branch manager Giliane Cannavo and market executive Billy Van Scoyoc.

Morgan Stanley and other large brokerage firms continue to aggressively recruit seasoned financial advisors from rivals. In April, Morgan Stanley recruited a billion-dollar advisor team from UBS; in January, the company picked up another $700 million team from Merrill Lynch. Morgan Stanley Wealth Management oversees roughly $6.1 trillion in client assets, according to its first-quarter financial report. It also operates the E*Trade brokerage platform, which it acquired in 2020.

Neither Merrill Lynch nor Morgan Stanley disclose advisor head count as part of quarterly earnings -- part of a growing trend among brokerage firms as advisor recruitment (and attrition) heats up.

A representative for Merrill Lynch didn't immediately respond to a request for comment. Merrill Lynch is the full-service brokerage unit of Bank of America.

Write to advisor.editors@barrons.com

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June 27, 2025 15:58 ET (19:58 GMT)

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