Raymond James has nabbed a $1.2 million producer away from Merrill Lynch, according to the regional BD.
Michael Rosner, 38, was overseeing $110 million in client assets when he left the wirehouse, Raymond James reports in a prepared statement released Tuesday.
The move happened in mid-December, as the Department of Labor began resetting the rules for the deals advisers take to switch employers. Guidelines on the department's fiduciary rule released in October specifically target how back-end comp offers are made to those recruits.
Rosner joined Raymond James' office in Farmington Hills, Michigan, less than 30 miles northwest of Detroit, under the leadership of Complex Manager Alp Onder, according to Dominic Prioli, Raymond James' Great Lakes regional director.
Rosner will operate as Rosner Private Wealth Management of Raymond James.
A Merrill Lynch spokesman was not immediately available for comment.
With his move to Raymond James, Rosner ended his second stint at Merrill Lynch, according to FINRA BrokerCheck records. He originally had been with the wirehouse from 2000 to 2002, and left in 2002 to go to Morgan Stanley. He then rejoined Merrill in 2005, BrokerCheck records show.
Rosner started his career in 1998 with the former Equitable Life Assurance, now AXA Life Insurance.
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