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Morgan Stanley terminates 3 New York-based financial advisers

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Morgan Stanley terminates 3 New York-based financial advisers

Morgan Stanley's wealth management division has terminated three brokers that were part of a New York City-based five-member adviser team that called itself PC Wealth Management Group, AdvisorHub reported.

Michael Paesano was terminated in December 2016 based on concerns regarding "exercise of discretion and investment strategy," the news outlet reported, citing a U5 termination form filed with the regulators. Jeffrey Cadan and Richard Perkins were also discharged in December 2016, the report noted, citing "two people familiar with their practice."

Paesano, Cadan and Perkins joined Morgan Stanley in 2011 from UBS Group AG's unit UBS Financial Services Inc.