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December 20, 2012 at 08:24 AM
Broker-dealer recruiters kept up their hiring momentum through the final days of the year, with Morgan Stanley and Merrill Lynch in particular seeing a flurry of activity—both in and out the door—before the 2013 compensation plans take effect. Still, the wirehouses weren’t the only BDs to experience some significant movement in December, as several independent broker-dealers nabbed new reps and managers.
During the past few weeks, Bank of America-Merrill Lynch (BAC) said it added eight advisors from rivals Morgan Stanley (MS), Credit Suisse (CS) and RBC (RY). The new advisors have managed close to $920 million in assets and have produced some $6.4 million in yearly fees and commissions.
Thus, the latest Merrill reps have an average of $800,000 in yearly production and $115 million in assets under management.
The four reps joining from Morgan Stanley are David Vallie of Grand Blanc, Mich.; Christine Reilly of Fort Lauderdale, Fla.; Dan Sandlin of Chicago, and Jason Lloyd of Ventura Coast, Calif.
Craig Weinstein, formerly of Credit Suisse, came on board Merrill Lynch in Dallas, while ex-RBC reps Emory Ragsdale, Wade Myatt and Lynde Jackson are now representing Merrill in College Station, Texa.
For its part, Morgan Stanley Wealth Management says it recently recruited five Merrill FAs with about $3 million in yearly fees & commissions and close to $400 million in assets. This represents an average production level of about $600,000 and $80 million in AUM.
Nancy Buttweiler, Kristopher Schultz and David Peterson joined Morgan Stanley in St. Paul, Minn., while Richard Prybyl, Richard Farr and Steve Headrick are now part of the MSWM office in Ithaca, N.Y.
RJ, LPL and Securities America
Raymond James (RJF) said its employee broker-dealer added three financial advisors from Morgan Stanley in mid-December: Scott Cutliff, Donald Horras and Patricia Polster joined the Fort Lauderdale branch of Raymond James & Associates.
“We are pleased to welcome this team to Raymond James,” said Ira Federer, director of RJA’s eastern division, in a statement. “With years of experience, the team has developed a strong understanding of how to help clients. We are delighted they chose Raymond James to support their efforts and practice.”
The team, also known as Sunset Financial Group, has managed more than $204 million in client assets and had annual fees and commissions of about $1.5 million.
