If the wirehouses are busy jettisoning their regional managers, Washington Wealth is eager to give those reps a new home -- and a hybrid RIA platform to work with.
Tony Sirianni, formerly Morgan Stanley's D.C. branch manager, started the company back in December but has already grown it to three offices doing about $3.5 million in annualized production.
He recently lured John Simmons, ex-Morgan Stanley branch manager for San Diego, as the company's president.
Sirianni claims that Morgan Stanley and other wirehouses have "devalued" their management teams, making them prime for recruitment.
While there may be something in that, it's also true that after the industry consolidation of 2008-9 there are simply a lot fewer branches out there to manage, which means a lot of branch managers have been let go.
Either way, it's a smart targeted recruitment policy.