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Merrill, Morgan Stanley, RJ Lose Reps to Rivals

By Alex Padalka November 21, 2017

Stifel Financial has lured advisors from rivals Merrill Lynch and Raymond James while Morgan Stanley continues shedding brokers after its decision to exit the Broker Protocol, most recently losing three reps to Ameriprise.

Financial advisor Philip MacDonald, a 21-year veteran of the financial services industry, joins Stifel’s Melbourne, Fla., office from Merrill Lynch, where he oversaw $70 million, according to a press release from Ameriprise. He is joined by his father Guy MacDonald, a financial advisor associate, Stifel says. And in Indianapolis, Stifel scooped up Brandt Hakanson, another 21-year industry vet, from Raymond James, where he oversaw $41 million, according to the press release. In addition, Phillip Rogers joins Stifel in Memphis, Tenn. from Wunderlich Securities, where he managed $106 million, Stifel says.

John Pierce, Stifel’s head of advisor recruitment, says the company continues attracting reps because the firm is “a throwback to when our business was fun – advisor-focused, client-focused with limited bureaucracy while being agnostic to whether your business is fee- or commission-based.”

Stifel also recently picked up three reps from Morgan Stanley collectively managing over $325 million, following the wirehouse’s decision to exit the protocol effective November 2. Stifel is also growing its advisor base through acquisitions, most recently buying the wealth management unit of B.C. Ziegler & Co., which manages $4.8 billion.

Separately, three Morgan Stanley advisors jumped ship to Ameriprise, the firm says in a press release. They include Ryan Lurie of Scottsdale, Ariz., who managed around $69 million at Morgan Stanley, Jay Gordon of Westborough, Mass., who oversaw $73 million, and Paul Notermann of Edina, Minn., who managed $92 million, according to Ameriprise. Several advisors have left Morgan Stanley following the news about the protocol exit, although the departures haven’t all been tied to the firm’s decision.