Morgan Stanley Loses $175 Million FA to Stifel
Janet Stamato joins Stifel’s private client group in Hackensack, N.J., according to the firm. She started her career in the financial services industry in 1987 and worked at Merrill Lynch and UBS Financial Services before joining Morgan Stanley in 2009, according to her BrokerCheck profile.
Stifel had a particularly good run luring advisors from rivals last month when it picked up several representatives from Raymond James, Wells Fargo Advisors and Morgan Stanley who collectively managed over $1 billion. But earlier this month, Stifel lost a team of veteran advisors collectively overseeing $400 million to Janney Montgomery Scott.
Morgan Stanley, meanwhile, has been trying to make it harder for its advisors to leave the firm in recent months. Last fall, the firm withdrew from the Protocol for Broker Recruiting, which allows departing advisors to take some client data with them without threat of lawsuits.
Since then the firm has been seeking temporary restraining orders against representatives leaving for rivals. Advisor attrition at Morgan Stanley was at a record low in the first quarter of 2018, although its advisor ranks dropped from 15,712 at the end of 2017 to 15,682 at the end of the first quarter of 2018.