Wirehouses Lose California, Florida Brokers with 612 Mln AUM to Stifel, RayJay

20 Feb    Investing News

Stifel Financial hired California brokers from Merrill Lynch and Morgan Stanley who were each managing at least $200 million of customer assets late last week, while Raymond James Financial said it lured a 21-year Wells Fargo Advisors veteran in Florida with $180 million under management.

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In Los Angeles, Marie Steinman shifted to Stifel Nicolaus’ 19-advisor branch last Wednesday from Merrill, where she was managing $232 million for clients in a solo advisor practice, according to Stifel and her former Merrill website.

The native of France, who became a financial advisor in 2004 when she joined UBS in Beverly Hills in 2004, did not return a request for comment on her decision. She had been with Merrill for almost seven years.

In nearby Newport Beach, Stifel added Michael Reimer to its 22-advisor office there. Reimer arrived on Friday after spending his 34-year brokerage career at Morgan Stanley. He was overseeing $200 million in client assets at the wirehouse, according to a Stifel announcement.

The brokers joined a flurry of advisors who made moves prior to the long President’s Day weekend, a window of opportunity for contacting former clients. Merrill, Rockefeller Capital, First Republic and UBS each lured multimillion-dollar-producing advisors from competitors late last week.

Steinman and Reimer did not return calls for comment, and a Stifel spokesman declined to comment on their production numbers.

Raymond James’ new addition in its home state was John Malatino, who was managing $180 million in client assets at Wells’s private client group, the company said in a press release. He joined the firm’s employee advisor channel in Rockledge, Fla., with two associates on January 17.

Malatino was a career veteran of Wells Fargo Advisors and predecessor firm Wachovia Securities, which he joined more than 21 years ago, according to his BrokerCheck history.

“I plan on staying here for the long run, so it needed to be the perfect fit in terms of shared integrity and values,” Malatino said in a prepared statement.

The advisor, who began his career as a business analyst at Wachovia Bank, did not respond to a request for comment.

Stifel added a net 76 advisors to its ranks in 2019, ending the year with a force of 2,222 in 382 branches. John Pierce, Stifel’s former recruiting head, left the St. Louis-based company last week.

Raymond James supplemented its advisor force across its employee and independent channels by a net 245 advisors last year, ending 2019 with 8,060 brokers.

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