By David Wignall

A former Merrill Lynch financial advisor team that oversaw roughly $1 billion in client assets left the company to join Morgan Stanley, according to a person familiar with the matter.

The Manhattan-based five-member team, known as the Lewkowitz-Gersten Wealth Management Group, is led by advisors Harry Lewkowitz and Jeffrey Gersten. Both are industry veterans, according to BrokerCheck, a database maintained by industry self-regulator Finra. Lewkowitz first registered in 1979, while Gersten broke into the industry in 1999.

The team joined Morgan Stanley's wealth management office on 52nd Street, which has added other seasoned advisors in recent months. In March, Morgan Stanley recruited an ex- UBS team that previously managed roughly $1.6 billion in client assets to the midtown office. The bank also lured a $700 million team there from Merrill in January.

Morgan Stanley had a strong third quarter. Total client assets for its wealth management unit rose 18% year over year to $7.05 trillion. Revenue for the unit climbed 13%. Elsewhere at the bank, the equities trading unit raked in more revenue than archrival Goldman Sachs for the first time since the fourth quarter of 2022.

Morgan Stanley's wealth arm is also modifying its stance on cryptocurrencies. Under the firm's previous policy, wealth advisors could only recommend crypto products to clients with aggressive risk tolerances and $1.5 million in assets. On Wednesday, the bank removed those restrictions -- and permitted clients to put crypto funds in any of their accounts, including retirement accounts.

A representative for Merrill Lynch didn't immediately respond to a request for comment. AdvisorHub previously reported on the move.

Merrill Lynch, the wealth unit of Bank of America, is currently embroiled in a high-profile lawsuit involving a very large team of breakaway advisors who were part of a division managing $129 billion in client assets.

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October 17, 2025 13:22 ET (17:22 GMT)

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