Boca Raton Financial Advisor Terminated by Morgan Stanley
From the Desk of Jim Eccleston at Eccleston Law LLC:
Morgan Stanley has removed a 31-year veteran who managed $959 million in client assets. Richard Altieri qualified for the firm's "Chairman's Club" for being a top producer at the firm. The Florida based advisor managed a team of five associates and one junior advisor, all of whom remain with the firm.
The advisor's departure likely involved administrative or procedural issues with Altieri's practice, according to news sources. The termination followed several other high-profile departures of veteran producers over varying concerns. Morgan Stanley also cut ties with a 34-year industry veteran in Texas over concerns of outside business activity. In November, Morgan Stanley terminated a Chairman's Club broker and his team in Boston. In recent months Morgan Stanley has removed around a dozen brokers over issues with coding of production numbers on inherited accounts. The firm discharged a top institutional team's co-head over a personal investment that led to unauthorized payments to the advisor.
Veteran producers that many saw as untouchable have increasingly come under the compliance microscope as firms become more proactive about risk management and seek to avoid negative media attention.
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