Stifel recruited three veteran Morgan Stanley advisors with $303 million in combined client assets, according to the new firm.
The St. Louis-based brokerage firm has revved up recruiting efforts in the last few months.
Among the new recruits is Rick Shibel, who joins the firm’s Skaneateles, New York, office. Shibel has 32 years of industry experience and managed $103 million in client assets at Morgan Stanley, according to Stifel.
Shibel had been with Morgan Stanley since 2009, according to FINRA BrokerCheck records.
Advisor Mark Sullivan was responsible for more than $100 million in client assets while at Morgan Stanley, his new employer says. He has 34 years of experience and joins the regional firm’s office in Gainesville, Florida.
Sullivan began his career with brokerage firm E. F. Hutton in 1985, before eventually landing with Morgan Stanley in 2009.
New hire Steve Dailey joins the Bozeman, Montana, office. He managed more than $100 million in client assets at Morgan Stanley. Dailey started working at Morgan Stanley in 2009. He began his career with Merrill Lynch in 2000.
Morgan Stanley did not respond to requests for comment.
The wirehouse has lost several advisors recently.
Just this week, a mega team managing $1.6 billion in combined client assets bolted for J.P. Morgan Securities — only days after a $350 million team left for the same boutique firm. Morgan Stanley also lost two teams overseeing more than $375 million to independent firm Steward Partners.
The moves reflect a changed recruiting landscape; Morgan Stanley and rivals Merrill Lynch and UBS have announced cuts to hiring, while their smaller regional and independent rivals have stepped up such efforts.
The wirehouses have recruited advisors managing more than $14 billion in client assets so far this year, according to hiring announcements. Their smaller rivals have announced new hires managing about $60 billion year to date.
Register or login for access to this item and much more
All On Wall Street content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access