Dec 11 Morgan Stanley Wealth Management lured
two teams collectively managing nearly $400 million in client
assets and producing $1.8 million of revenue from Bank of
America's Merrill Lynch.
In Ithaca, New York, three advisers led by Richard Prybyl
-who had been with Merrill for 26 years and generated $1.1
million of fees and commissions in the past year - made the move
to Morgan Stanley on Dec. 7, according to the firm.
"It's a lot of work to move but we believe it will be a
better place for our clients," said Prybyl, 57, who focuses much
of his practice on retirement plans for individuals and
companies. "We preferred not to work for a place that was a
subsidiary of a bank."
Prybyl declined to elaborate, but some Merrill advisers have
chafed at what they perceive as higher levels of bureaucracy and
pressure to sell mortgages and other banking products since Bank
of America bought Merrill Lynch in January 2009.
Prybyl's team includes 11-year Merrill veteran Richard Farr,
Steve Headrick, who joined Merrill in 2010 and two sales
assistants. Together, they oversaw $248 million of client assets
at Merrill. They report to Dean Wallace, Morgan Stanley's
Central-Eastern New York complex manager.
A week earlier, a three-person team headed by Nancy
Buttweiler migrated to Morgan Stanley's St. Paul, Minnesota,
office from Merrill, according to Morgan Stanley. She and her
colleagues, Kristopher Schultz and David Peterson, had combined
revenue in the previous 12 months of $1.3 million and oversaw
$141 million of client assets, according to Morgan Stanley.
Buttweiler worked at Merrill for more than 30 years,
according to records filed with the Financial Industry
The team reports to St. Paul branch manager Michael Junker.
A Merrill Lynch spokeswoman declined to comment on the
The moves occurred just before Merrill and Morgan Stanley
unveiled their 2013 compensation packages for retail advisers.
Both companies kept the revenue-based percentage payouts that
brokers receive the same, but tweaked the formulas to reward
those who sell more so-called annuitized fee products, such as
Including these moves, at least 113 advisers or teams who
had overseen a total of $16.6 billion of client assets joined
Morgan Stanley this year, according to adviser moves tracked by
Reuters. Another 236 advisers who managed more than $38.4
billion of client assets have left Morgan Stanley through
Merrill Lynch has lost at least 180 advisers or teams
managing about $28.5 billion in client assets and has hired at
least 31 advisers managing more than $3.8 billion this year.
Reuters tracks the moves of individual advisers or teams
that manage at least $100 million or more in client assets,
which typically translates to $1 million or more in annual