Merrill Lynch advisors in Grand Forks switch firms

The entire staff of the Merrill Lynch office in Grand Forks has left the firm to open a Grand Forks office of Morgan Stanley Smith Barney.

Mark Gherity, who oversees Morgan Stanley operations in Minnesota, North Dakota and South Dakota, said Monday that the six staff members are currently working out of Morgan Stanley’s Fargo offices until a temporary Grand Forks office is established in the next few weeks. Two of the staff members are financial advisors.

A separate permanent location for the office is expected to be finalized in the next few months, he said.

“Morgan Stanley Smith Barney does not have an office in Grand Forks,” Gherity said. “We look at this as a great opportunity to serve clients in that part of the country. (Morgan Stanley Smith Barney) is interested in all the growth going on in North Dakota.”

A reporter who visited the mostly-empty Merrill Lynch office in a Grand Forks strip mall on Monday was directed to the firm’s Fargo office for comment.

Officials at Merrill Lynch’s Fargo office and Bank of America, the parent company, would not say if the firm will retain an office in Grand Forks.

On Monday, Bank of America released the following statement attributed to Matt Engen, senior resident director of Merrill Lynch’s Fargo office: “Merrill Lynch is committed to North Dakota and our clients and community in Grand Forks. As always, we continue to serve them and deliver a superior client experience.”

Gherity said the firm’s new financial advisors rank among the state’s best.

Morgan Stanley’s new Grand Forks office will offer wealth management services. The firm has offices in Fargo and Bismarck.

Schuster covers business. Reach him at (701) 780-1107; (800) 477-6572, ext. 107; or send email to rschuster@gfherald.com. Read his business blog at www.areavoices.com/bizbuzz.

Tags: morgan stanley smith barney, merrill lynch, gf and egf, grand forks, news, money, business, stockbrokers