Merrill Lynch has notched another a win in its effort to restart its veteran broker recruiting efforts and nabbed for its upper-echelon private wealth unit a $3 million producer from Morgan Stanley’s Los Angeles office.
Aubrey Sharfman, a 29-year industry veteran, had managed $500 million in client assets, according to multiple sources. He had previously worked at Merrill from 2004 to 2015 before moving to Morgan Stanley, according to BrokerCheck. He ranked #38 this year on Forbes’ best-in-state roster and joins Merrill’s Los Angeles Market led by Matt McCormack.
Sharfman at Morgan Stanley had the title of global entertainment sports and entertainment director and his firm bio touted his work with clients in the music and film industry. Outside the firm, he writes songs and owns a stake in a Latin music label, according to his LinkedIn and BrokerCheck record.
A Merrill spokesperson confirmed the hire and said Sharfman joined with support staff Toni F. Brock and Letty Miramontes.
A Morgan Stanley spokesperson declined to comment. Heath Seltzer, a junior advisor listed on The Sharfman Group’s former website, remains with the wirehouse, according to BrokerCheck. Neither broker had a private wealth title listed on their Morgan Stanley website.
Sharfman, who did not return a request for comment sent through LinkedIn, started his career as a commodities trader at Lance Capital, a New York futures trading company, according to a 1991 New York Times wedding announcement. He spent four years at Sanford Bernstein before joining Merrill for his first tour, according to his BrokerCheck record.
In May, Merrill sweetened the pot for outside recruiters to help it hire veteran brokers—hiking their referral fee by 2 percentage points to 10% of the annual revenue of successful placements. The move is the latest in Merrill’s effort to accelerate its veteran broker recruiting over the past six months.
After a five-year freeze, Merrill made a tepid return to hiring in 2022 with little success. It at the end of last year supercharged those efforts with high-end offers for veteran brokers. The renewed effort has borne some fruit, including a $3.5-billion ex-First Republic team in Florida in April and another $300 million ex-First Republic broker who rejoined Merrill in May in San Francisco.