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Merrill, Morgan Stanley, JPMorgan Shed FAs

November 7, 2017

Wirehouses have been shedding advisors in recent days, particularly Morgan Stanley, which last week announced that it’s leaving the Broker Protocol.

JPMorgan lost three veteran advisors to First Republic Bank in Boston, according to a press release from First Republic. Jeff Sherman, Art Karabelas and Okita Sevi will work with individual clients as well as families, businesses, foundations and nonprofits, according to the press release. Sherman has been in the wealth management industry for 30 years and Karabelas for 28, while Sevi has been in the industry for 17 years, according to First Republic. The company did not disclose their assets under management.

Meanwhile, Janney Montgomery Scott has nabbed six Morgan Stanley reps in Delaware, Florida and New York, according to FA Magazine. Edward Duffy, Jr. joins Janney’s office in Greenville, Del., as does The Tidwell Group, which includes financial advisors Daniel Tidwell, Jeffrey Tidwell and Nicholas Shevland, according to the publication. In Melville, N.Y., Janney scooped up Colleen MacKenzie-Doino, and in Fort Lauderdale, Fla., it lured Victoria (Tory) Ricker, FA magazine writes.

Janney has also picked off a broker from Merrill Lynch, according to the publication. Matthew Cramer joins Janney’s Williamsport, Pa., branch, FA magazine writes. Janney’s recruits from Merrill Lynch and Morgan Stanley collectively have more than $400 million under advisement and produce over $3.3 million annually, according to the publication.

And Wells Fargo Clearing Services has lost four advisors to Steward Partners Global Advisory, the employee-owned independent partnership associated with Raymond James, according to a press release from Steward Partners.


Robert Baker, Edmund Iannaccone, Paul Sarama and Theodore Larson will open the company’s 12th office and operate as the Baker Iannaccone Sarama Financial Consulting Group in Paramus, N.J., the firm says. The advisors collectively managed around $400 million at Wells Fargo, according to the press release. Steward Partners has been steadily adding advisors from rivals, bringing on 27 new reps managing more than $3 billion in assets year to date, the firm says.

By Alex Padalka
  • To read the FA Magazine article cited in this story, click here.