April 3 Two former Morgan Stanley Wealth Management advisers have left the largest U.S. brokerage to join independent broker-dealer Prospera Financial Services Inc in Dallas.
Advisers Stephen Shipley and John Rubottom moved to Prospera last week from Morgan Stanley Wealth Management, where they managed $121 million in client assets and had annual revenue production of $925,000. They were based out of Morgan Stanley's Arlington office in Texas.
Morgan Stanley Wealth Management, majority owned by Morgan Stanley and partially owned by Citigroup, is the largest U.S. brokerage by client assets and adviser headcount. Shipley had been with the firm for two decades before making the move last Thursday, while Rubottom had been with the firm for 10 years.
Morgan Stanley declined to comment on the departures.
The two advisers moved as a team to Prospera and are now based out of Dallas, where the firm is headquartered. Prospera, founded in 1982, caters to independent financial advisers.
Shipley and Rubottom are among the latest departures from Morgan Stanley, which has lost at least 68 veteran advisers who managed more than $10 billion at the firm since Jan. 1, based on moves tracked by Reuters.
Reuters tracks the moves of individual advisers or teams that manage around $100 million or more in client assets, which typically translates to $1 million or more in annual revenue production.