$700 Million Morgan Stanley Team Mulled Independence For Three Years Before Jumping To HighTower

Friday, July 15, 2011 06:26
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$700 Million Morgan Stanley Team Mulled Independence For Three Years Before Jumping To HighTower

Member-owned advisor network HighTower has captured another big wirehouse team, this one managing $700 million in the Washington, D.C., area.

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The three-advisor team now known as VWG Wealth Management came together at Morgan Stanley and is already reportedly wooing clients over from their old employer.

 

All had roots at the Morgan Stanley side of the firm -- leader John Verfurth got started back in the Dean Witter days -- and started planning their move in 2008, before the industry upheavals transformed the company yet again.

 

They were initially planning on simply starting an independent IRA and as such were reluctant to meet with HighTower, but liked the way joining an existing firm "wiped out the learning curve" of doing everything on their own.

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