A high-producing Morgan Stanley advisor brought his $1 billion business to a new RIA firm after a fracas with his former partner. David S. Weinerman, who produces nearly $4 million in annual revenue, recently joined Summit Financial. 

A few weeks prior, Weinerman fled Morgan Stanley after the firm alleged that Weinerman had placed a hidden listening device in his former partner's office. According to sources, Weinerman may have hid the listening device based on suspicion that his partner, Michael Ricca, was pondering a transition to another firm. 

The dilemma illustrates the pandemic-era challenges that have strained team partnerships. Additionally, the incident shows that even the most successful advisors are not immune to policy violations at large firms. Weinerman's team ranked #6 on Forbes' 2021 list of top advisors in New Jersey by managing nearly $4.7 billion in assets. According to the firm's most recent Form ADV, the New Jersey-based Summit Financial manages $4.1 billion in assets.