Stifel Financial continues poaching financial advisors from Merrill Lynch, according to Stifel.

The Metcalf, Cole & Masopust Group, which includes advisors Chris Metcalf, Jeff Cole and Alison Masopust, has joined Stifel, Nicolaus & Co., the company’s broker-dealer subsidiary, in a new private client group office in Southbury, Conn., the company says in a press release.

The team previously managed $497 million at Merrill Lynch, according to Stifel. The new office is the company’s fifth in the state and its seventeenth new office opened this year across the country, Stifel says.

In October, Stifel added two Merrill Lynch brokers in New York who managed $250 million and two more in Texas who oversaw $341 million.

The same month, Stifel picked up a pair of advisors from UBS and Jefferies. Stifel’s advisor count stood at 2,193 at the end of the third quarter, which was unchanged from the previous quarter and up 2% from the same period last year. But most of Stifel’s recent departures were advisors retiring, and their assets have been staying with the firm, CEO Ronald Kruszewski told analysts on an earnings call last week, as reported.

Merrill Lynch, meanwhile, grew its advisor ranks to 17,657 by the end of the third quarter, up from 17,508 in the second quarter and 17,456 in the third quarter of 2018.


But in October, in addition to shedding the brokers to Stifel, Merrill Lynch lost an advisor in Beverly Hills to Raymond James, as reported, as well as several teams in Denver, Nevada and Connecticut to RBC Wealth Management; a team in Florida to Lido Advisors; three veteran brokers in Michigan to Ameriprise and a pair of advisors to First Republic.