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Ex-Morgan Stanley Advisors Move Past Restraining Orders

March 13, 2018

At least two former Morgan Stanley advisors who were restrained from recruiting clients by temporary court orders in recent months are now working at new companies, AdvisorHub writes.

In Jacksonville, Fla., Daniel Abel is now operating as part of Abel Wealth Management, he tells the industry news website from his desk at the new firm. A U.S. District Court of the Middle District of Florida judge had granted Morgan Stanley’s temporary restraining order in January, as reported.

The issue has since been resolved in mediation, Abel tells AdvisorHub, instead of heading into arbitration as originally scheduled.

While the paperwork hasn’t been finalized, Abel tells AdvisorHub he’s satisfied with the outcome, adding that the agreement keeps him from saying whether he’s allowed to contact his former Morgan Stanley clients.

His practice has “a few clients,” he tells AdvisorHub, and is licensed for advice and brokerage supervisory services with independent broker-dealer American Portfolios Financial Services and its RIA.

Meanwhile, in Aventura, Fla., Doron Rachman — the first known former Morgan Stanley advisor to get a TRO issued against him after the wirehouse withdrew from the Protocol for Broker Recruiting last year — is working at Oppenheimer & Co., according to AdvisorHub.

Rachman first went to Leumi Investment Services after leaving Morgan Stanley in November, but left about 10 days later, after after he agreed to the TRO, AdvisorHub writes.

Rachman wouldn’t tell AdvisorHub whether he had reached an agreement with Morgan Stanley or about his ability to reach out to clients he served through that firm.

By Alex Padalka
  • To read the AdvisorHub article cited in this story, click here.