May 8, 2020
Boston, MA John Coletti/The Image Bank/Getty Images
Morgan Stanley has hired a 24-year Merrill Lynch and Bank of America veteran to run a large branch in downtown Boston.
Cheryl Vozzella confirmed that she was named manager this week of Morgan Stanley’s 125 High Street branch after a Merrill career that culminated with her serving as associate complex manager of five Boston branches.
In her new post, she oversees more than 100 brokers overseeing about $35 billion of client money and producing about $200 million of annual revenue, according to her LinkedIn profile. She declined to comment on the reasons for her move.
After a retreat from hiring veteran advisors that was accented by its withdrawal from the Protocol for Broker Recruiting two-and-a-half years ago, Morgan Stanley has resumed its effort to fill desks. Vozzella wouldn’t comment on her specific mandate, but her resume lists “recruiting and retaining top-performing Financial Advisors” as one of her primary skills.
Vozzella is the second veteran woman to leave a Merrill managerial post in as many weeks. Gina Sorrells, who spent all but 10 months of her 23-year brokerage career with the Thundering Herd, left last week to join J.P. Morgan Securities as a regional director in Atlanta. Merrill remains in the Broker Protocol but wealth management President Andy Sieg has said the company continues to focus on working with its Bank of America parent to develop brokers rather than hiring experienced brokers from competitors.
Vozzella, who began her career in 1996 as an analyst at a former Bank of America mutual fund company, served in several sales strategy roles at Merrill and at BofA’s U.S. Trust private bank before becoming associate market executive of Merrill’s five-office Boston complex two years ago, according to her resume.
The Morgan Stanley branch management post at 125 High Street role had been vacant since September, when Jeff Swartz was elevated to oversee a redrawn downtown Boston complex.
A Merrill Lynch spokeswoman did not return a request for comment on whether Vozzella will be replaced at its complex, which includes about 250 Boston advisors producing about $225 million in revenue, according to Vozzella’s LinkedIn profile.