Welcome to Financial Advisor IQ
Follow

Merrill Loses $400M Veteran Broker to Raymond James

May 3, 2017

Raymond James has nabbed a veteran Merrill Lynch broker managing more than $400 million, the Wall Street Journal writes.

Michael Jeppson, who left Merrill in February, started his career at the wirehouse in 1985, left to work at Lehman Brothers Holdings Inc. and Smith Barney and came back to Merrill in 2008, according to the paper. He generated about $1.8 million per year in fees and commissions, the Journal writes.

Jeppson chose Raymond James for more flexibility in running his practice and because it “encourages us to make decisions in our clients’ best interests,” according to a statement cited by the paper. Jeppson and a client associate will run their own practice in Manhattan Beach, Calif., the Journal writes.

Merrill has lost several advisors to Raymond James in recent months: a team overseeing $400 million left in April and three teams collectively managing $825 million jumped ship in March. Merrill also lost a team overseeing $150 million to Snowden Lane Partners late last month. In March, however, Merrill snatched six Morgan Stanley advisors collectively managing $1.3 billion, although it lost three brokers collectively managing $602 million to Morgan Stanley in February.

(Getty)

Meanwhile, HighTower has scooped up a $300 million team of advisors from Wells Fargo Advisors Financial Network, according to a press release from HighTower.

Managing director Mark Burns, who began his career in 1982, will lead Synergy Capital Solutions, a 15-person practice with offices in Chicago, Naples, Fla., and Bloomfield Hills, Mich. The team was previously known as BIG Planning, established in 2005 as an independent practice, according to the press release.

The team chose HighTower in part for its “steadfast commitment to the fiduciary standard,” Burns says in the press release.

By Alex Padalka
  • To read the Wall Street Journal article cited in this story, click here.