Merrill Lynch Nabs $343M Morgan Stanley Team
Michael Greenstone, John Araneo, Margie Manning and Anita Srivastava are joining Merrill Lynch’s Glen Rock, N.J. office, according to a press release from parent company Bank of America cited by the newswire. A Morgan Stanley spokeswoman confirms the departures to Reuters without additional comment.
And that was the third Merrill team to leave for Raymond James just this month. Four other Merrill advisors collectively managing $473 million left for Raymond James earlier in March. The same month, a $150 million team left for Janney Montgomery Scott.
In February, Merrill lost three advisors collectively managing $602 million to Morgan Stanley. The same month, two veteran Merrill advisors producing $1.3 million in annual revenue were snapped up by Morgan Stanley.
Anonymous sources told an industry website that the move was in response to Merrill Lynch’s decision to stop offering commission-based retirement accounts in preparation for the Department of Labor’s fiduciary rule that was scheduled to go into effect April 10. There have been other reports that Merrill advisors are frustrated with the decision, but the wirehouse actually added 129 net advisors last year.
Meanwhile, Morgan Stanley lost a $610 million broker to Merrill earlier this month. And last month the wirehouse lost a team of six advisors collectively managing around $700 million to Raymond James.