Morgan Stanley Hires Two $1.3 million JP Morgan Private Bank Professionals

Morgan Stanley is continuing to hire salaried private banking teams to support its wirehouse broker hiring initiatives.

According to BrokerCheck records and a source familiar with the change, former banker Gabriel Grossman, who is based in Boston, and his New York City-based partner Hilary Goldsmith made the salary-bonus to grid-based pay shift on August 2 after serving out their garden leave durations.

According to the source, the two made about $1.3 million in yearly income and managed $170 million in customer assets.

Grossman, who joined JP Morgan as a broker in 2011, and Goldsmith, who joined the firm in 2016, could not be reached for comment right away.

Their move occurred three days after UBS Wealth Management USA's Michael Douvadjian, a $3.74 million-earning broker, was hired by Morgan Stanley's Boston office.

Their departure follows the departure of over a dozen J.P. Morgan Private Bank teams since October of last year, which included several local managers. Although Morgan Stanley recruited a $7 million team in Salt Lake City in May, UBS has been the major benefactor.

As the market for seasoned brokers has heated up, wirehouses have begun exploring outside their regular hiring pools. Despite working with ultra-wealthy clients on a regular basis, private bankers were usually neglected since their garden leave policies and clients' tight relationships to the bank made it difficult to shift their client assets.

Even registered financial advice companies, on the other hand, have increased their employment efforts.

Christine Leong Connors, a 22-year J.P. Morgan veteran and manager of the firm's private bank operations in Northern California, has taken a three-month vacation leave to join a San Francisco-based multi-family business, according to a statement.

After her registration with J.P. Morgan legally lapsed on July 15, Connors joined EPIQ Capital Group as president. EPIQ was founded in 2018 by Chad Boeding, a co-founder of Iconiq Capital, a hedge fund with links to Silicon Valley billionaires such as Mark Zuckerberg.

According to the announcement, EPIQ focuses on clients with at least $100 million in assets and has locations in Dallas and Reno, Nevada.