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
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
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